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The China Syndrome
The China Syndrome Getting Ugly I am sure that you have all been watching the meltdown in the Chinese stock markets. I posted a blog (in the China Ad Nauseam section) on May 6 about the Chinese stock market, finishing up with the statement that “this is going to get really ugly.” It looks like the ugliness is here. I claim […]
Bank of Canada Decides More Bubble-Blowing is Needed
Bank of Canada Decides More Bubble-Blowing is Needed You Can’t Keep the Printing Press Idle for too Long … We have recently portrayed Canada’s new central bank governor Stephen Poloz, to whom we have alternately referred to as a comedian and a delusional bubble blower. This may perhaps strike some readers as uncharitable; then again, central […]
Greek Parliament Votes In Favor of “Prior Actions” – Protests Erupt in Athens (Live Stream)
Greek Parliament Votes In Favor of “Prior Actions” – Protests Erupt in Athens (Live Stream) Euro-Group Deal Approved by Greek Parliament The result of the parliamentary vote in Athens just came through, and was remarkably closely aligned with recent surveys of Greek voters. Funny enough, these surveys revealed approximately 70% approval of the dealoffered by the […]
Italy – Non-Performing Loans Hit a New Record High
Italy – Non-Performing Loans Hit a New Record High While all Eyes are on Greece, Italy’s Banks are Drowning in Bad Debt The real danger to the euro area probably doesn’t emanate from Greece, but from two of its heavyweights, namely France and Italy. A small note in the European press reminds us that all is not […]
The Kicking of the Can
The Kicking of the Can Hello, Mr. Tusk … New Orders Yesterday it emerged that the normally hardline European Council president Donald Tusk (the former prime minister of Poland), suddenly felt “debt relief” for Greece was needed after all. While he is undoubtedly correct, it seems to us that he likely received a stern phone call from […]
Gold and the “Grexit” Threat
Gold and the “Grexit” Threat The Everything is Fine Meme Initially, we were also a bit surprised that the gold price didn’t rise when the threat of a Greek exit from the euro area became more palpable following the breakdown in negotiations and the outcome of the Greek referendum. After all, it was to be […]
The Crash in China Continues – and is Engulfing Hong Kong
The Crash in China Continues – and is Engulfing Hong Kong Efforts of Potent Directors Ignored When we first commented on the emerging problems with China’s market bubble, we warned that although a bounce from oversold levels was the most likely outcome, it wasn’t set in stone. It appeared to us that Chinese investors were especially prone […]
Greek Citizens Vote “No” on a Bailout Offer that no Longer Exists
Greek Citizens Vote “No” on a Bailout Offer that no Longer Exists An exercise in futility has just ended in Greece, with its population voting down an offer that has expired almost a week ago already. Given the futility of the referendum, its outcome was actually irrelevant from a formal perspective – once the verdict […]
Who Enables the Man?
Who Enables the Man? “The Man” is Playing with Fire Photo credit: Keystone What is “the man” doing? 1 Printing money… literally. Paused… for now. Still reinvesting principal/proceeds from maturing securities to maintain $4.5 trn. balance sheet size. 2 With that freshly printed money [of which there were never any quantitative limits] “The […]
Forget Greece … China Is the Real Threat
Forget Greece … China Is the Real Threat When the ATMs Went Dark … There’s a time for calm, rational behavior … and a time to panic. On Tuesday, investors in U.S. stocks decided not to panic. Monday’s sell-off halted. But it did not reverse. And it left the street with its worst half-year performance since […]
In Gold We Trust 2015
In Gold We Trust 2015 The Gold Standard of Gold Reports is Back As every year around this time, our good friends Ronald Stoeferle and Mark Valek, the managers of the Incrementum Fund, have published their annual “In Gold We Trust” report, the extended version of which can be downloaded below. This year’s report is […]
The Money is Just Sleeping … Let us Wake it Up!
The Money is Just Sleeping … Let us Wake it Up! J.C. Juncker Sets Out to “Wake Up Liquidity” In a recent article on the never-ending Greek Kabuki theater, we have come across parts of an interview EU budget commissioner Kristalina Georgieva has given to AFP, in which she explains J.C. Juncker’s cunning plans to “kick-start” the […]
Pathetic Zombie Wars
Pathetic Zombie Wars Our New Friend, al-Qaeda The wars go on! We’re not against them. We might as well be against stomach gas – it will happen whether we like it or not. Real wars, as we’ve been exploring recently, are glorious and moronic. But zombie wars are just sordid are pathetic. A new item in the Wall […]
The FOMC Decision – Studying the Flight of Birds and Gold
The FOMC Decision – Studying the Flight of Birds and Gold Federal Open Yawn Committee puts Kremlinologists all over the World to Sleep … The Fed’s monetary policy statement delivered on Wednesday was the non-surprise/yawn-inducer of the year. Readers can take a look at the trusty WSJ statement tracker, which reveals that apart from a few […]
