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Both ECB And BOJ Are Just Months Away From Running Out Of Bonds To Buy
Both ECB And BOJ Are Just Months Away From Running Out Of Bonds To Buy With the Fed contemplating whether to hike again next month and start “normalizing ” its balance sheet before the end of 2017, the two other major central banks are facing far bigger problems. * * * Two months after the […]
A Problem Emerges: Central Banks Injected A Record $1 Trillion In 2017… It’s Not Enough
A Problem Emerges: Central Banks Injected A Record $1 Trillion In 2017… It’s Not Enough Two weeks ago Bank of America caused a stir when it calculated that central banks (mostly the ECB & BoJ) have bought $1 trillion of financial assets just in the first four months of 2017, which amounts to $3.6 trillion […]
Italy Warns Sudden Collapse Of Alitalia Would Lead To “Great Shock” For The Economy
Italy Warns Sudden Collapse Of Alitalia Would Lead To “Great Shock” For The Economy That Italy has a bank solvency problem will not come as a surprise to anyone who has been following events in Europe for the past 7 years. Just yesterday, Italian daily La Stampa reported that four months after the third government […]
You Are Not An Investor
You Are Not An Investor Giotto Legend of St Francis, Exorcism of the Demons at Arezzo c.1297-1299 You are not an investor. One can only be an investor in functioning markets. There have been no functioning markets since at least 2008, and probably much longer. That’s when central banks started purchasing financial assets, for real, […]
How Cheap Debt Avoids Countries Of Going Bankrupt
How Cheap Debt Avoids Countries Of Going Bankrupt It’s not a secret the cheap debt policy from the European Central Bank has really helped out several European countries to keep the government finances under control. Well, more or less, as several members of the Eurozone are still running huge budget deficits. Source: European Commission When the […]
Inflation To Rise – We expect UK, ECB and US Policy to Diverge
Inflation To Rise – We expect UK, ECB and US Policy to Diverge Purely for geopolitical reasons, namely frustration at the failure of the governments of individual member states to respond to repeated calls for “structural reforms”, your authors had taken the view in recent months that the ECB might increase interest rates this year. […]
ECB Assets Hit 35% Of Eurozone GDP; Draghi Owns 9.2% Of European Corporate Bond Market
ECB Assets Hit 35% Of Eurozone GDP; Draghi Owns 9.2% Of European Corporate Bond Market As global markets bask in the glow of the Trumpflation recovery, the ECB continues to be busy providing the actual levitating power behind what DB recently dubbed global “helicopter money“, by buying copious amounts of bonds on a daily basis (at […]
Chart Of The Day: This Is What Happens When There Is Even A Hint That The ECB Will Stop Buying Bonds
Chart Of The Day: This Is What Happens When There Is Even A Hint That The ECB Will Stop Buying Bonds Portugal’s bond yields continue to rise as the rating agency DBRS prepares to deliver its rating verdict. It’s the last rating agency that still has Portugal’s debt at an investment-grade level. If the downgrade […]
Deutsche Bank Is Going Under: The Real Reason Germans Were Told To Prepare For A National Crisis?
Deutsche Bank Is Going Under: The Real Reason Germans Were Told To Prepare For A National Crisis? There is a very real possibility that Deutsche Bank is going down. If the most prominent bank in Germany fails, the effect on Europe will be profound, and I don’t think the United States will escape the effects. The […]
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 […]
Time to Get Real: Part I
Time to Get Real: Part I In a world where fair value is a central bank veiled enigma it’s frankly a challenge to keep things real, but I’ll have a go at it in what will be a 3 part series covering central banks, the underlying fundamental picture, and a technical assessment of charts. In this part I’ll be covering […]
The Great Debt Unwind Beneath the Surface: US Commercial Bankruptcies Soar
The Great Debt Unwind Beneath the Surface: US Commercial Bankruptcies Soar They’d believed in six years of Wall Street hogwash. Not that you would have guessed from the stock market, hovering at all-time highs, or from soaring junk bonds, even the riskiest paper: CCC-and-below rated junk bonds skyrocketed since their February 12 low as their […]
Germany’s Finance Minister Blames ECB For German Trade Surplus; Why the Eurozone Will Destruct
Germany’s Finance Minister Blames ECB For German Trade Surplus; Why the Eurozone Will Destruct Fireworks are going off in Germany again in yet another battle between Wolfgang Schaeuble, Germany’s finance minister, and the ECB. Schaueble dismissed a suggestion this week by ECB head Mario Draghi that Germany should use fiscal room for manoeuvre to decrease its export […]
A Convocation of Interventionists – Part 1
A Convocation of Interventionists – Part 1 Modern Economics – It’s All About Central Planning We are hereby delivering a somewhat belated comment on the meeting of monetary central planners and their courtier economists at Jackson Hole. Luckily timing is not really an issue in this context. Central bank headquarters: the Fed’s Eccles building, the […]
