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A Convocation of Interventionists â Part 1
A Convocation of Interventionists â Part 1 Modern Economics â Itâs 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 Fedâs Eccles building, the […]
Who Or What Will Push Italy Over The Cliff This Year?
Who Or What Will Push Italy Over The Cliff This Year? Traditionally, the Eurozoneâs GDP numbers of the second quarter of a calendar year are being released in the first few days of August, and this year isnât any different. And as expected, the updated report contains some not-so-very-optimistic results. Germany continues to be the […]
Investor Fears Spike as Italy (and the EU) Inch Closer to Doomsday Scenario
Investor Fears Spike as Italy (and the EU) Inch Closer to Doomsday Scenario Risk of contagion in Italy and far beyond would be huge. Just how low can Italian bank shares go? Thatâs the question plaguing the minds of European investors, policy makers, bankers and central bankers. Today the shares of the countryâs third largest […]
Central Bankers Around The Globle Scramble To Defend Markets: BOE Pledges $345BN; ECB, Others Promise Liquidity
Central Bankers Around The Globle Scramble To Defend Markets: BOE Pledges $345BN; ECB, Others Promise Liquidity There was a reason why we warned readers two days ago that “The World’s Central Bankers Are Gathering At The BIS’ Basel Tower Ahead Of The Brexit Result“: simply enough, it was to facilitate an immediate response when a […]
Blind Robbery! How the Fed, Banks and Government Steal Our Money
BLIND ROBBERY! HOW THE FED, BANKS AND GOVERNMENT STEAL OUR MONEY Editorâs Note: Philippâs terrific new book âBlind Robbery! How the Fed, Banks and Government Steal Our Moneyâ 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 Werenât Invited to the Secret Meetings
This is How Draghi Will Sock it to Investors that Werenât Invited to the Secret Meetings Theyâre all getting ready for Wednesday. Hereâs 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 ECBâs Illusory Independence
The ECBâs Illusory Independence ATHENS â A commitment to the independence of central banks is a vital part of the creed that âseriousâ policymakers are expected to uphold (privatization, labor-market âflexibility,â 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 âbankingâ and âcrisisâ are back on the front pages of Spainâs newspapers. Despite the untold billions of euros of public funds lavished on âcleaning […]
Another reason to get rid of the euro
Another reason to get rid of the euro From todayâs 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 âmoratorium toolâ that would give national regulators the power to freeze payments to […]
Negative-Interest-Rate absurdity is another ârabbit out of the hat.â
Negative-Interest-Rate absurdity is another ârabbit out of the hat.â For the second time this year, Spainâs caretaker government just managed to sell 50-year bonds in a âŹ3 billion ($3.4 billion) deal. Despite maturing in the year 2066, when many of us wonât 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 todayâs Open Europe news summary: ECB TO HALT PRODUCTION OF âŹ500 NOTE, BUT IT WILL RETAIN ITS VALUE The European Central Bank announced yesterday that it would stop printing the âŹ500 note from the end of 2018 due to, âconcerns that this banknote could facilitate illicit activities.â […]
The Central Bank War On SaversââThe Big Lie Beneath
The Central Bank War On SaversââThe 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 yearâs lifetime of toil and sweat in a steel factory now earns in daily interest on […]
Draghi espouses the old âexcess savingsâ nonsense
Draghi espouses the old âexcess savingsâ nonsense From todayâs 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 ECBâs low interest rate policy saying âThere is a temptation to conclude thatâŚvery 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 â 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 […]
