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In 20 Words The ECB Explains The Business Model Of Every Central Bank
In 20 Words The ECB Explains The Business Model Of Every Central Bank There were two notable things about a report released by the ECB this morning as part of its Occasional Paper Series titled “Profit distribution and loss coverage rules for central banks“, which purportedly analyzes “how profit distribution rules can affect the amounts distributed […]
Was There A Run On The Bank? JPM Caps Some ATM Withdrawals
Was There A Run On The Bank? JPM Caps Some ATM Withdrawals Under the auspices of “protecting clients from criminal activity,” JPMorgan Chase has decided to impose capital controls on . As WSJ reports, following the bank’s ATM modification to enable $100-bills to be dispensed with no limit, some customers started pulling out tens of thousands of dollars at […]
Deficit Spending is Not the Answer
Deficit Spending is Not the Answer The Growing Chorus for Fiscal Stimulus Central bankers and monetary adherents the world over are united in the common grouse that fiscal policy is lacking. Grander programs of direct stimulation are needed, they grumble. Monetary policy alone won’t cut the mustard, they gripe. Global debt-to-GDP ratios (excl. financial debt). […]
Guessing the future without Say’s law
Guessing the future without Say’s law Or some reflections to read over the Easter holidays With Japanese and Eurozone interest rates becoming increasingly negative, and the Fed backing off from at least some of the planned increases in the Fed funds rate this year, economists are reassessing the interest rate outlook. Economists lack consensus, with […]
Japan Goes Full Krugman: Plans Un-Depositable, Non-Cash “Gift-Certificate” Money Drop To Young People
Japan Goes Full Krugman: Plans Un-Depositable, Non-Cash “Gift-Certificate” Money Drop To Young People The Swiss, the Finns, and the Ontarians may get their ‘Universal Basic Income’ but the Japanese are about to turn the Spinal Tap amplifier of extreme monetary experimentation to 11. Sankei reports, with no sourcing, that the Japanese government plans to unleash “vouchers” or “gift […]
Yellen, Draghi, Kuroda: Deranged Lab Rats
YELLEN, DRAGHI, KURODA: DERANGED LAB RATS The stock market has regained all of its loses year to date as economic indicators continue to flash red, corporate profits continue to plunge, consumers continue to spend less at retailers, real wages continue to fall, and housing sales continue to decline. The entire dead cat bounce has been […]
The ECB and John Law
The ECB and John Law Last week, the ECB extended its monetary madness, pushing deposit rates further into negative figures. It is extending quantitative easing from sovereign debt into non-financial investment grade bonds, while increasing the pace of acquisition to €80bn per month. The ECB also promised to pay the banks to take credit from […]
WTI Crude Slides Back Into Red For 2016 As The Fed And Oil Remain On Unsustainable Paths
WTI Crude Slides Back Into Red For 2016 As The Fed And Oil Remain On Unsustainable Paths Oil prices have increased 50 percent since the lows exhibited earlier this year, a rise that is largely linked to the positive market reaction to the OPEC output freeze. But WTI Crude has given up all its early […]
The ECB and John Law
THE ECB AND JOHN LAW Last week, the ECB extended its monetary madness, pushing deposit rates yet more negative. It is extending quantitative easing from sovereign debt into non-financial investment grade bonds, while increasing the pace of acquisition to €80bn per month. The ECB also promised to pay the banks to take credit from it […]
Lies, Damn Lies, and European Growth Statistics
Lies, Damn Lies, and European Growth Statistics ATHENS – “Greece has at last returned to economic growth.” That was the official European Union storyline at the end of 2014. Alas, Greek voters, unimpressed by this rejoicing, ousted the incumbent government and, in January 2015, voted for a new administration in which I served as finance […]
The Narrative Fix Is In
The Narrative Fix Is In On August 2, 2012 Mario Draghi gave the most disastrous ECB press conference of all time. The market anticipation was enormous leading up to the event, as this was the moment where the ECB would unveil the Outright Monetary Transactions (OMT) program — a new, ultimate weapon to be deployed […]
Ryan McMaken: The European Central Bank Finally Throws in the Kitchen Sink
RYAN MCMAKEN: THE EUROPEAN CENTRAL BANK FINALLY THROWS IN THE KITCHEN SINK Back in January, ECB President Mario Draghi doubled down on his earlier commitment to do “whatever it takes” to prop up the European economy with easy money.” “There are no limits to how far we’re willing to deploy our instruments,” Draghi swore in January. He […]
Draghobert the Terrible Strikes Again
Draghobert the Terrible Strikes Again A Whiff of Panic Ahead of Thursday’s ECB meeting, there was a widespread consensus that Europe’s chief printing press supervisor would make up for the alleged “mistake” of under-delivering on monetary lunacy last time around. Therefore, a sizable dose of fresh absurdities had to be expected, with only small disagreements on […]
The ECB – A Victim of its own Ignorance?
The ECB – A Victim of its own Ignorance? “Rates will stay low, very low, for a long period of time and well past the horizon of our purchases,” Draghi declared. “From today’s perspective and taking into account the support of our measures to growth and inflation, we don’t anticipate that it will be necessary […]
