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OPEC’s Doha Dilemma: 3MB/D US Lock in?
EUGEN BÖHM VON BAWERK: OPEC’S DOHA DILEMMA: 3MB/D US LOCK IN? Another month, another flight to Hamad international airport for 17th April after initial agreement to hold ‘upstream horses’ in February 2016. While it’s no doubt great fun getting back into the OPEC ‘masters of the oil universe’ routine, second time round, the stakes are rapidly […]
I Love the Smell of Napalm in the Market
I LOVE THE SMELL OF NAPALM IN THE MARKET That usually perceptive and always interesting observer of the financial Zeitgeist, Bloomberg’s estimable Mark Gilbert, has just penned an article entitled: “Milton Friedman’s ‘Helicopter Money’ Is Looking Less Crazy” After running through the standard complaints of the serial interventionists about how ineffective monetary policy has become (read: how […]
Government Price Fixing Has a 100% Failure Rate; This Includes Central Banks
GOVERNMENT PRICE FIXING HAS A 100% FAILURE RATE; THIS INCLUDES CENTRAL BANKS Over the previous half century, economic central planning and price fixing have been intellectually discredited in almost every sector of the economy. In the 1970s many developed countries, including Britain and the United States, had governments which used widespread price fixing, extending to […]
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 […]
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 […]
Downtrend In the Growth Rate of Money Supply Poses a Threat to Bubble Activities
DOWNTREND IN THE GROWTH RATE OF MONEY SUPPLY POSES A THREAT TO BUBBLE ACTIVITIES The yearly growth rate of real gross domestic product eased to 1.9% in Q4 from 2% in the previous quarter. Using our large scale econometric model we can suggest that the yearly growth rate of GDP could fall to 1.7% by Q3 before bouncing to […]
Where Negative Interest Rates Will Lead Us
WHERE NEGATIVE INTEREST RATES WILL LEAD US Despite zero-interest-rate-policy (ZIRP) and multiple quantitative easing programs — whereby the central bank buys large quantities of assets while leaving interest rates at practically zero — the world’s economies are stuck in the doldrums. The central banks’ only accomplishment seems to be an increase in public and private […]
Onward to a Golden Age: The Washington Post’s Matt O’Brien Attacks Ted Cruz for Supporting the Gold Standard
ONWARD TO A GOLDEN AGE: THE WASHINGTON POST’S MATT O’BRIEN ATTACKS TED CRUZ FOR SUPPORTING THE GOLD STANDARD Matt O’Brien — the anti-gold standard columnist ofThe Washington Post — at last has struck back at Ted Cruz for his advocacy for a “rules-based monetary supply, ideally tied to gold.” O’Brien’s reactionary blast was fully expected and somewhat […]
Everything Changes At Zero
EVERYTHING CHANGES AT ZERO “Then said Jesus, “Father, forgive them; for they know not what they do.”” – Luke 23:34. For the benefit of non-subscribers, there are two versions of the Financial Times newspaper. One of them is the hard copy edition, still printed on pink paper, an exact digital replica of which is available on […]
Your Do-It-Yourself Page Financial Armageddon Story
YOUR DO-IT-YOURSELF FRONT PAGE FINANCIAL ARMAGEDDON STORY “The media select, they interpret, they emotionalize and they create facts.. The media not only reduce reality by lowering information density. They focus reality by accumulating information where “actually” none exists.. A typical stock market report looks like this: Stock X increased because.. Index Y crashed due to.. […]
The Follies and Fallacies of Keynesian Economics
THE FOLLIES AND FALLACIES OF KEYNESIAN ECONOMICS Eighty years go, on February 4, 1936, one of the most influential books of the last one hundred years was published, British economist, John Maynard Keynes’s The General Theory of Employment, Interest and Money. With it was born what has become known as Keynesian Economics. Within less than a […]
Whatever It Takes?
WHATEVER IT TAKES? In the midst of all the recent uproar, one anonymous Twitterer seized his chance to have his Uber-Warholian, 140-characters-of-fame moment and thundered: ‘Central banks are losing control of this market!’ no doubt eliciting whatever the social media equivalent of a cry of ‘Hear! Hear!’ and an approbatory nodding of the head might be from […]
Why Did Japanese NIRP Cause Such Surprise In the Currency Market and Is It More Dangerous?
WHY DID JAPANESE NIRP CAUSE SUCH SURPRISE IN THE CURRENCY MARKET AND IS IT MORE DANGEROUS? The Bank of Japan announcement of NIRP sent shock waves through currency markets The Yen has strengthened on capital repatriation since the BoJ move JGB 10 year yields turned negative this week Longer-term the Yen will weaken At the […]
EU to Regulate Virutal Currency Exchanges and Wallet Providers
EU TO REGULATE VIRTUAL CURRENCY EXCHANGES AND WALLET PROVIDERS The European Commission has revealed it wants to prevent the abuse of virtual currencies for money laundering and terrorist financing purposes by bringing virtual currency exchanges into the scope of the Anti-Money Laundering Directive. Announcing its Action Plan to combat terrorist financing, Vice-President Valdis Dombrovskis, in charge […]
America’s National Debt Bomb Caused By the Welfare State
AMERICA’S NATIONAL DEBT BOMB CAUSED BY THE WELFARE STATE The news is filled with the everyday zigzags of those competing against each other for the Democrat and Republican Party nominations to run for the presidency of the United States. But one of the most important issues receiving little or no attention in this circus of […]
