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Tag Archives: quantitative easing
Italy Warns that Stopping QE will Lead to Collapse of Eurozone
Italy Warns that Stopping QE will Lead to Collapse of Eurozone Italy has called on the ECB to guarantee the bond yields warning that if they END quantitative easing the Eurozone will break apart. On this score, they are not wrong. The economic spokesman for the Italian governing party Lega has warned of a collapse of the […]
Italian Bond Market Crisis Coming Up
Italian Bond Market Crisis Coming Up Italy’s 10-Year bond yield surged around the Italian election. There’s heavy issuance in Sept and ECB tapering in Oct. The yield on Italian bonds surged in May on the victory of the League- and Five Star in the national election. The alliance does not intend to follow EU budget […]
The Fed Accelerates its QE Unwind
The Fed Accelerates its QE Unwind Mopping up liquidity. The Fed’s QE Unwind – “balance sheet normalization,” as it calls this – is accelerating toward cruising speed. The first 12 months of the QE unwind, which started in October 2017, are the ramp-up period – just like there was the “Taper” during the final 12 […]
China Launches Quasi QE To Support Banks And Sliding Bond Market
China Launches Quasi QE To Support Banks And Sliding Bond Market With the ECB’s QE coming to an end at the end of the year (absent some shock to the market or economy), some traders have already been voicing concerns which central bank will step in and provide a backstop to the global fixed income […]
Five Pillars of Debt Default
Five Pillars of Debt Default Regular readers of Gold Goats ‘n Guns know that I’ve been handicapping a major sovereign debt default to begin here in 2018 or early 2019. But, what do I mean by that? How does a sovereign debt default come about? And who will default? There are a staggering number of factors […]
Update on the Fed’s QE Unwind
Update on the Fed’s QE Unwind With QE, the Fed created money to buy securities and pump up asset prices; now it sheds securities to destroy this money. Here’s what the Fed’s QE unwind – or the balance sheet normalization, as it calls it – is all about: it reverses over an unknown span of […]
Next Central Bank Puts QE Unwind on the Calendar
Next Central Bank Puts QE Unwind on the Calendar The end of an era spreads. Markets were surprised today when the Bank of England took a “hawkish” turn and announced that three out of nine members of its Monetary Policy Committee – including influential Chief Economist Andrew Haldane, who’d been considered dovish – voted to […]
Is Draghi Really Ending QE?
Is Draghi Really Ending QE? Mario Draghi said the euro-area economy is strong enough to overcome increased risk, and therefore this justifies the European Central Bank’s decision to end bond purchases bringing to an end a decade-long failed experiment. The truth behind this statement is starkly different than being portrayed in the press. Draghi also pledged […]
Weekly Commentary: The Great Fallacy
Weekly Commentary: The Great Fallacy A big week in the world of monetary management: The Federal Reserve raised rates 25 bps, the ECB announced plans to wind down its historic QE program, and the Bank of Japan clung to its “powerful monetary easing” inflationist scheme. A tense People’s Bank of China left rate policy unchanged, […]
Nomi Prins: The central banking heist has put the world at risk
Nomi Prins: The central banking heist has put the world at risk “The 2008 financial crisis was the consequence of a loosely regulated banking system in which power was concentrated in the hands of too limited a cast of speculators,” Nomi Prins tell me. “And after the crisis, the way the US government and the […]
A Hard Rain’s a-Gonna Fall
A Hard Rain’s a-Gonna Fall The prospects for the rest of the year are awful Après moi, le déluge ~ King Louis XV of France A hard rain’s a-gonna fall ~ Bob Dylan (the first) As the Federal Reserve kicked off its second round of quantitative easing in the aftermath of the Great Financial Crisis, hedge fund […]
ECB & Bonds – People Believe What They Want to Believe
ECB & Bonds – People Believe What They Want to Believe QUESTION: the ECB is arguing that given the low free float of EU bonds (especially German), bonds not owned by the ECB or other central banks, the impact of an end to APP purchases will be nowhere comparable to the tapering sell-off in the US […]
Ben Bernanke: The US Economy Is Going To Go Off The Cliff In 2020
Ben Bernanke: The US Economy Is Going To Go Off The Cliff In 2020 It looks like Ben Bernanke is a Bridgewater client. Recall that earlier this week we reported that in the May 31 “Daily Observations” letter to select clients, authored by Bridgewater co-CIO Greg Jensen, the world’s biggest hedge had an ominous, if […]
Train Crash Preview
Train Crash Preview Today we will summarize something I’ve been thinking about for a long time. Exactly how will we get from the credit crisis, which I think is coming in the next 12–18 months, to what I call the Great Reset, when the global debt will be “rationalized” via some form of nonpayment. Whatever […]
US Money Supply Growth Jumps in March , Bank Credit Growth Stalls
US Money Supply Growth Jumps in March , Bank Credit Growth Stalls A Movie We Have Seen Before – Repatriation Effect? There was a sizable increase in the year-on-year growth rate of the true US money supply TMS-2 between February and March. Note that you would not notice this when looking at the official broad […]
