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The Central Banks Face Unwelcome Realities: Their Policies Boosted Wealth Inequality and Failed to Generate “Growth”
The Central Banks Face Unwelcome Realities: Their Policies Boosted Wealth Inequality and Failed to Generate “Growth” Rather than be seen to be further enriching the rich, I think central banks will start closing the “free money for financiers” spigots. Take a quick glance at these charts of the Federal Reserve balance sheet and bank credit […]
Unaware and Misinformed–Exactly How They Like Us
UNAWARE AND MISINFORMED – EXACTLY HOW THEY LIKE US I should start this out with a disclaimer. I worked as a financial planner and stock broker for 25 years and really didn’t begin to grasp the true mechanics of the financial system until nearly 10 years in. It took even longer for the magnitude of […]
This is How Consumers Turn into Debt Slaves
This is How Consumers Turn into Debt Slaves The Fed likes the word “credit.” Sounds less onerous than “debt.” Consumer debt rose by $19.3 billion in September to $3.71 trillion, another record in a five-year series of records, the Federal Reserve’s Board of Governors reported on Monday. Consumer debt is up 6% from a year ago, […]
Hell To Pay
SkillUp/Shutterstock Hell To Pay The final condition for a market crash is falling into place Sometimes I wonder if I’m ever going to run out of new things to say about the economy. Nothing interesting has happened in a long time. Our liquidity-drunk “markets” remain over-priced due to the chronic intervention of the global central […]
China Relies On Property Bubbles To Prop Up GDP
China Relies On Property Bubbles To Prop Up GDP Carl Mydans Sharecropper’s family in Mississippi County, Missouri 1936Lots of China again today. Most of it based on warnings, coming from the BIS, about the country’s financial shenanigans. I’m getting the feeling we have gotten so used to huge and often unprecedented numbers, viewed against the backdrop of […]
The Bank For International Settlements Warns That A Major Debt Meltdown In China Is Imminent
The Bank For International Settlements Warns That A Major Debt Meltdown In China Is Imminent The pinnacle of the global financial system is warning that conditions are right for a “full-blown banking crisis” in China. Since the last financial crisis, there has been a credit boom in China that is really unprecedented in world history. […]
Why the Coming Wave of Defaults Will Be Devastating
Why the Coming Wave of Defaults Will Be Devastating Without the stimulus of ever-rising credit, the global economy craters in a self-reinforcing cycle of defaults, deleveraging and collapsing debt-based consumption. In an economy based on borrowing, i.e. credit a.k.a. debt, loan defaults and deleveraging (reducing leverage and debt loads) matter. Consider this chart of total credit […]
Negative Interest Rates and the War on Cash (1)
Negative Interest Rates and the War on Cash (1) Irving Underhill City Bank-Farmers Trust Building, William & Beaver streets, NYC 1931 It’s been a while, but Nicole Foss is back at the Automatic Earth -which makes me very happy-, and for good measure, she starts out with a very long article. So long in fact that […]
Hamilton’s Curse (Reprised)
HAMILTON’S CURSE (REPRISED) The following article is (after very light editing) something your author wrote early in October of 2008, when the padlocks on the Lehman office building doors were still swinging. The reader will, he hopes, find that most of the presentiments expressed and the analysis submitted sadly turned out to be more accurate than otherwise. It […]
Alan “Bubbles” Greenspan Returns to Gold
Alan “Bubbles” Greenspan Returns to Gold Under a gold standard, the amount of credit that an economy can support is determined by the economy’s tangible assets, since every credit instrument is ultimately a claim on some tangible asset. […] The abandonment of the gold standard made it possible for the welfare statists to use the […]
Governments Change, the Corporatocracy Endures
Governments Change, the Corporatocracy Endures Ultimately, the dominance of global capital (the Corporatocracy) is not financial– it’s political. One little-remarked consequence of the central banks’ policies of near-zero interest rates and quantitative easing is the unrivaled dominance of mobile global capital, i.e. the Corporatocracy. The source of corporate political power is the ability to borrow essentially […]
Will Japan Be the First to Test the Limits of Quantitative Easing?
WILL JAPAN BE THE FIRST TO TEST THE LIMITS OF QUANTITATIVE EASING? The Japanese stock market peaked in December 1989, marking the end of a period of economic expansion which briefly saw Japan eclipse the USA to become the world’s largest economy. Since its zenith, Japan has struggled. I wrote about this topic, in relation […]
The Fed’s Doomsday Device
The Fed’s Doomsday Device Bezzle BALTIMORE – Barron’s, in a lather, says the market is facing the “Two Horsemen of the Apocalypse.” Huh? Only two? There were four last time! Supposedly, the so-called Brexit – the vote in Britain this Thursday on whether to leave or remain in the European Union (EU) – and uncertainty […]
Chapter 7: Secrets, Ignorance and Lies: Money, Credit and Debt
CHAPTER 7: SECRETS, IGNORANCE AND LIES: MONEY, CREDIT AND DEBT. “The tyranny of fraud is not less oppressive than that of force.” John Taylor of Caroline, Virginia, 1814. Our system of money-creation was invented and developed during a time when war was seen as glorious, when the strong robbing and managing the weak was admired as […]
German Study Proves It – 95% of Greek “Bailout” Money Went to the Banks
German Study Proves It – 95% of Greek “Bailout” Money Went to the Banks I simply cannot stress enough how important Greece is to freedom, liberty and civilization across the globe. Greece is not a one-off, or merely a small nation in big trouble that holds little relevance for the rest of us. Greece is everything. […]
