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Tag Archives: fed
Time to Keep Your Cash in the Microwave?
Time to Keep Your Cash in the Microwave? The Fed’s Big Pivot NORMANDY, France – “Now, I think I’ve seen everything” is an expression that – like “this is the end of history” and “I’ll never leave you” – usually turns out to be premature. But it is what we found ourselves saying yesterday. Not […]
Dear Janet, Seriously!!
Dear Janet, Seriously!! The Fed’s confidence trick this week was, once again, the Keyser Soze gambit (via Beaudelaire)- “convincing the world of Yellen’s hawkishness, when no such character trait exists.” However, unlike the movies, stocks and FX markets have already seen through the con, leaving Fed Funds futures alone to believe the hype. As we noted previously, “The Fed Can’t Raise […]
Professor Bernanke’s Bogus Contra-factual, Part 2: Why The Friedman/Bernanke Thesis About The Great Depression Was Dead Wrong
Professor Bernanke’s Bogus Contra-factual, Part 2: Why The Friedman/Bernanke Thesis About The Great Depression Was Dead Wrong In explaining to the FT’s Martin Wolf why he bailed out the Wall Street gamblers at Goldman Sachs and Morgan Stanley while crushing millions of ordinary American savers and retirees, Bernanke typically repaired to his go to argument. It had nothing to do with […]
Lost in Extrapolation
Lost in Extrapolation Phillips Curve Fail In the late 1970s the impossible happened. Inflation and unemployment simultaneously went vertical. The leading economists of the day were flummoxed. Larry Summers favors us with his “eternal stagnation” shrug. The man is a sheer inexhaustible fount of truly atrocious ideas. As we have previously pointed out, when he’s […]
One Trader Loses It Over Draghi And Yellen’s Lies
One Trader Loses It Over Draghi And Yellen’s Lies Epsilon Theory’s Ben Hunt is one of our favorite commentators and market analysts. He is a very rational, even-keeled and objective observer and trader of the capital markets, no matter how broken or centrally-planned they may be. Which is why we were disappointed to see that […]
The Federal Reserve: Illusion of Understanding, Illusion of Control
The Federal Reserve: Illusion of Understanding, Illusion of Control The net result is nonsensical policies that fail to achieve their stated objectives. We live in an era of illusion: the illusion of understanding, and the illusion of control. Few institutions reflect these illusions better than the Federal Reserve, though the Pentagon, Congress, the Imperial Presidency, the […]
Can the Fed Print Money?
Can the Fed Print Money? Every morning is the dawn of a new error – Anonymous It Can and it Does In light of the upcoming October Fed (non-)decision, we want to briefly revisit a subject that still appears to be causing some confusion. We most recently encountered this confusion again in a quarterly update by […]
Professor Bernanke’s Bogus Contra-factual, Part 1: The Myth Of Great Depression 2.0
Professor Bernanke’s Bogus Contra-factual, Part 1: The Myth Of Great Depression 2.0 It took no “courage” whatsoever to inflate the Fed’s balance sheet from $900 billion to $2.3 trillion during just 17 weeks in September-December 2008. What it actually took was an epochal con job by a naïve Keynesian academic whose single idea about economics was primitive, self-serving, borrowed and […]
Something Happened
Something Happened Ben Bernanke’s memoir is out and the chatter about it inevitably turns to the sickening moments in September 2008 when “the world economy came very close to collapse.” Easy to say, but how many people know what that means? It’s every bit as opaque as the operations of the Federal Reserve itself. There […]
Jeffrey Snider: Kuroda’s Rebuke Came Awfully Swift
Jeffrey Snider: Kuroda’s Rebuke Came Awfully Swift There must be a universal speech template included in the monetary textbook that is shared among the various central banks. On September 28, 2015, Haruhiko Kuroda, Governor of the Bank of Japan, delivered a speech that wasn’t just similar to the press conference Janet Yellen had endured only a week […]
Things Fall Apart
Things Fall Apart “Things fall apart”is an apt sub-title for historians to apply to the first half of the 21st century. The phrase properly describes the collapse of the domestic and foreign policy of the United States. Further, it also is appropriate to describe the happenings in Europe, the Middle East and Asia. Things fall apart describes the economy […]
Has The Market Trend Shifted From Bull To Bear?
Has The Market Trend Shifted From Bull To Bear? Why the recent volatility may mark a secular shift Emotions are running high for the investment community in the wake of recent market volatility. Up until August, we had been in the third longest period in market history without a 10% correction. Since then, stock indices […]
The End of the World Has Already Begun
The End of the World Has Already Begun Disappearing Growth Nothing much to report from the stock market yesterday. Investors are regaining their calm. A few weeks ago, it looked as though the end of the world had begun. We are talking, of course, about the world in which credit, stocks, and central bank reputations […]
