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Blind Robbery! How the Fed, Banks and Government Steal Our Money
BLIND ROBBERY! HOW THE FED, BANKS AND GOVERNMENT STEAL OUR MONEY Editor’s Note: Philipp’s terrific new book “Blind Robbery! How the Fed, Banks and Government Steal Our Money” is now available (Publisher: FinanzBuch Verlag (June 6, 2016)). You can find it at Amazon here. Below is the introduction. The book gives an excellent outline for beginners as […]
This is How Draghi Will Sock it to Investors that Weren’t Invited to the Secret Meetings
This is How Draghi Will Sock it to Investors that Weren’t Invited to the Secret Meetings They’re all getting ready for Wednesday. Here’s what Draghi has accomplished recently: the prices of euro-denominated corporate debt have soared. The average yield of investment-grade debt is on the verge of dropping below 1%. A good part of the […]
The ECB’s Illusory Independence
The ECB’s Illusory Independence ATHENS – A commitment to the independence of central banks is a vital part of the creed that “serious” policymakers are expected to uphold (privatization, labor-market “flexibility,” and so on). But what are central banks meant to be independent of? The answer seems obvious: governments. In this sense, the European Central […]
The Banking Crisis in Spain is Back
The Banking Crisis in Spain is Back The shares of Banco Popular got crushed. After three years of relative calm and one month before yet another round of do-or-die general elections, the words “banking” and “crisis” are back on the front pages of Spain’s newspapers. Despite the untold billions of euros of public funds lavished on “cleaning […]
Another reason to get rid of the euro
Another reason to get rid of the euro From today’s Open Europe news summary: EUROPEAN COMMISSION CONSIDERING NEW TOOLS TO PREVENT CASH OUTFLOWS FROM FAILING BANKS According to a document seen by the Financial Times, the European Commission is considering proposing a new ‘moratorium tool’ that would give national regulators the power to freeze payments to […]
Mutiny Among The “Magic People” – India Central Banker Admits “The Ammo Is Almost Gone”
Mutiny Among The “Magic People” – India Central Banker Admits “The Ammo Is Almost Gone” The self-described “magic people” who “give to the markets” are facing a mutiny this morning as Raghuram Rajan, the head of the Indian central bank, admits central banks and governments of rich countries are running out of ammunition for stimulating their economies… […]
Negative-Interest-Rate absurdity is another “rabbit out of the hat.”
Negative-Interest-Rate absurdity is another “rabbit out of the hat.” For the second time this year, Spain’s caretaker government just managed to sell 50-year bonds in a €3 billion ($3.4 billion) deal. Despite maturing in the year 2066, when many of us won’t even be alive and the duty to pay back the debt (assuming it […]
Another step toward cash confiscation in Europe
Another step toward cash confiscation in Europe From today’s Open Europe news summary: ECB TO HALT PRODUCTION OF €500 NOTE, BUT IT WILL RETAIN ITS VALUE The European Central Bank announced yesterday that it would stop printing the €500 note from the end of 2018 due to, “concerns that this banknote could facilitate illicit activities.” […]
The Central Bank War On Savers—–The Big Lie Beneath
The Central Bank War On Savers—–The Big Lie Beneath The central bank war on savers is rooted in a monumental case of the Big Lie. Here is what a retired worker who managed to save $5,000 per year over a 40 year’s lifetime of toil and sweat in a steel factory now earns in daily interest on […]
Draghi espouses the old “excess savings” nonsense
Draghi espouses the old “excess savings” nonsense From today’s Open Europe news summary: DRAGHI REBUKES ECB GERMAN CRITICS In a speech on Monday, the President of the European Central Bank, Mario Draghi, delivered a blunt rebuke to German criticism of the ECB’s low interest rate policy saying “There is a temptation to conclude that…very low […]
The Road to Canossa
THE ROAD TO CANOSSA That the artificial interest rates in evidence in our hugely distorted capital and money markets can be made negative in nominal as well as in real terms is, alas, the curse of the modern age. Though entirely at odds with natural order – as we have repeatedly tried to make plain […]
This Is The End: Venezuela Runs Out Of Money To Print New Money
This Is The End: Venezuela Runs Out Of Money To Print New Money Back in February, when we commented on the unprecedented hyperinflation about the be unleashed in the Latin American country whose president just announced that he would expand the “weekend” for public workers to 5 days… … we joked that it is unclear just where the country […]
Draghi at War with Reason & Other Central Banks
Draghi at War with Reason & Other Central Banks Tensions are starting to rise between Germany and the ECB because Draghi will not admit his negative interest rates are causing an economic meltdown. “We continue to expect them (interest rates) to remain at present or lower levels for an extended period of time, and well past […]
ECB & Helicopter Money
ECB & Helicopter Money So-called helicopter money involves using a central bank’s power to create money to directly inject funds either into government coffers or straight into the pockets of the public. Yet, nothing has been working and the ECB is now stating that they will continue to buy in debt, but they will also […]
