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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 […]
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 […]
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 […]
Mario Draghi Got Lost In A Rabbit Hole
Mario Draghi Got Lost In A Rabbit Hole Arthur Rackham “Why, Mary Ann, what are you doing out here?”1907 I’ll try and keep this gracefully short: Mario Draghi ‘unleashed’ a bazooka full of desperate tools on the financial markets yesterday and they blew up in his face faster than you could say blowback or backdraft […]
China Proposes Unprecedented Nationalization Of Insolvent Companies: Banks Will Equitize Non-Performing Loans
China Proposes Unprecedented Nationalization Of Insolvent Companies: Banks Will Equitize Non-Performing Loans In what may be the biggest news of the day, and certainly with far greater implications than whatever Mario Draghi will announce in a few hours when we will again witness the ECB doing not “whatever it takes” but “whatever it can do”, moments ago Reuters […]
Will Italian banks spark another financial crisis?
Will Italian banks spark another financial crisis? In the 14th century, the Medici family of Florence began its rise to prominence, investing profits from a thriving textile trade to fund what would become the largest banking institution in Europe. The success of the legendary banking family helped to usher in the Italian Renaissance and thus change […]
Why You Need to Prepare for the Cashless Society
Why You Need to Prepare for the Cashless Society Earlier this month, the European Central Bank suggested that the 500 Euro note needs to be eliminated. Not long after, academics and policy makers in the US started to call for the elimination of the $100 bill. This isn’t something that the average person really thinks about on […]
It’s a revolution: German banks told to start hoarding cash
It’s a revolution: German banks told to start hoarding cash Just stunning. German newspaper Der Spiegel reported yesterday that the Bavarian Banking Association has recommended that its member banks start stockpiling PHYSICAL CASH. Europe, of course, has been battling with negative interest rates for quite some time. What this means is that commercial banks are being charged […]
