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Europe’s Biggest Bank Dares To Ask: Is The Fed Preparing For A “Controlled Demolition”
Europe’s Biggest Bank Dares To Ask: Is The Fed Preparing For A “Controlled Demolition” Why did we focus so much attention yesterday on a post in which the IMF confirmed what we had said since last October, namely that the BOJ’s days of ravenous debt monetization are coming to a tapering end as soon as 2017 (as […]
Don’t Forget China’s “Other” Spinning Plate: Trillions In Hidden Bad Debt
Don’t Forget China’s “Other” Spinning Plate: Trillions In Hidden Bad Debt To be sure, there’s every reason to devote nearly incessant media coverage to China’s bursting stock market bubble and currency devaluation. The collapse of the margin fueled equity mania is truly a sight to behold and it’s made all the more entertaining (and tragic) […]
Global Economic Fears Cast Long Dark Shadow On Oil Price Rebound
Global Economic Fears Cast Long Dark Shadow On Oil Price Rebound After bouncing around, oil prices finished off the week with just a bit less volatility than when it started the week. WTI stayed at around $46 per barrel as of midday on September 4, with Brent holding at $50 per barrel. Aside from supply […]
China’s Central Bank Chief Admits “The Bubble Has Burst”
China’s Central Bank Chief Admits “The Bubble Has Burst” In a stunningly honest admission from a member of the elite, Zhou Xiaochuan, governor of China’s central bank, exclaimed multiple times this week to his G-20 colleagues that a bubble in his country had “burst.”While this will come as no surprise to any rational-minded onlooker, the fact […]
“This Time May Be Different”: Desperate Central Banks Set To Dust Off Asia Crisis Playbook, Goldman Warns
“This Time May Be Different”: Desperate Central Banks Set To Dust Off Asia Crisis Playbook, Goldman Warns Early last month, Bloomberg observed that plunging currencies were “handcuffing bankers from Chile to Colombia.” The problem was described as follows: Central bankers in commodity-dependent Andes economies aren’t even considering interest-rate cuts to revive growth, even as prices for oil, […]
Meet QT; QE’s Evil Twin
Meet QT; QE’s Evil Twin There is a growing sense across the financial spectrum that the world is about to turn some type of economic page. Unfortunately no one in the mainstream is too sure what the last chapter was about, and fewer still have any clue as to what the next chapter will bring. […]
The IMF Just Confirmed The Nightmare Scenario For Central Banks Is Now In Play
The IMF Just Confirmed The Nightmare Scenario For Central Banks Is Now In Play The most important piece of news announced today was also, as usually happens, the most underreported: it had nothing to do with US jobs, with the Fed’s hiking intentions, with China, or even the ongoing “1998-style” carnage in emerging markets. Instead, […]
Why Capital Is Fleeing China: The Crushing Costs of Systemic Corruption
Why Capital Is Fleeing China: The Crushing Costs of Systemic Corruption What China will be left with a poisoned land stripped of talent and capital. Corruption isn’t just bribes and influence-peddling: it’s protecting the privileges of the few at the expense of the many. Rampant pollution is corruption writ large: the profits of the polluters are being protected […]
Exorbitant Privilege: “The Dollar is Our Currency but Your Problem”
Exorbitant Privilege: “The Dollar is Our Currency but Your Problem” The Global Monetary Architecture: Change is on the Horizon There is no better way to descibe the international monetary system today than through the statement made in 1971 by U.S. Treasury Secretary, John Connally. He said to his counterparts during a Rome G-10 meeting in […]
“It’s A Tipping Point” Marc Faber Warns “There Are No Safe Assets Anymore”
“It’s A Tipping Point” Marc Faber Warns “There Are No Safe Assets Anymore” Markets have “reached some kind of a tipping point,” warns Marc Faber in this brief Bloomberg TV interview. Simply put, he explains, “because of modern central banking and repeated interventions with monetary policy, in other words, with QE, all around the world by […]
Why Did Oil Prices Just Jump By 27 Percent In 3 Days?
Why Did Oil Prices Just Jump By 27 Percent In 3 Days? Oil prices have posted their strongest rally in years, jumping an astounding 27 percent in the last three trading days of August. While much of the recent price movement defies reason and is enormously magnified by speculativemovements by traders to take and cover their […]
The Case for Outlawing Cash
The Case for Outlawing Cash Losing Confidence GUALFIN, Argentina – September is here. As expected, market volatility is increasing. The Great Zombie War is intensifying. And investors are getting scared. On Tuesday, the Dow lost 470 points – a nearly 3% drop. Bloomberg: “U.S. stocks joined a worldwide sell-off, after equities’ worst month in more […]
The “Great Accumulation” Is Over: The Biggest Risk Facing The World’s Central Banks Has Arrived
The “Great Accumulation” Is Over: The Biggest Risk Facing The World’s Central Banks Has Arrived To be sure, there’s been no shortage of media coverage regarding the collapse in crude prices that’s unfolded over the course of the past year. Similarly, it’s no secret that commodity prices in general are sitting near their lowest levels […]
Biggest Crash In South Korea Exports Since 2009 Confirms Global Trade In Freefall
Biggest Crash In South Korea Exports Since 2009 Confirms Global Trade In Freefall While the market’s attention overnight was focused on China’s crumbling manufacturing and service PMI, data which was already hinted in the flash PMI reports earlier in August, the real stunner came not from China but from South Korea, which last night reported […]
