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The War On Paper Currency Begins: ECB Votes To “Scrap” 500 Euro Bill
The War On Paper Currency Begins: ECB Votes To “Scrap” 500 Euro Bill Update: in case there was any doubt about the ECB’s true intentions, we just got the official “denial”: DRAGHI: ANY ECB ACTION ON EU500 NOTE IS NOT ABOUT REDUCING CASH Translation: the ECB action is only about reducing physical cash, some 30% of it […]
The Negative Rates Club
The Negative Rates Club BRUSSELS – For the better part of a decade, central banks have been making only limited headway in curbing powerful global deflationary forces. Since 2008, the US Federal Reserve has maintained zero interest rates, while pursuing multiple waves of unprecedented balance-sheet expansion through large-scale bond purchases. The Bank of England, the […]
Hyperinflating Venezuela Used 36 Boeing 747 Cargo Planes To Deliver Its Worthless Bank Notes
Hyperinflating Venezuela Used 36 Boeing 747 Cargo Planes To Deliver Its Worthless Bank Notes The weeks ago, when we showed “What The Death Of A Nation Looks Like: Venezuela Prepares For 720% Hyperinflation“, we said that after looking at a chart of Venezuela’s upcoming hyperinflation… … a hyperinflation in which the soaring stock market has […]
Negative Interest Rates Already in Fed’s Official Scenario
Negative Interest Rates Already in Fed’s Official Scenario But forget QE-4. The Germans, with Teutonic precision, call them “Punishment Interest.” Negative interest rates are spreading from the ECB’s negative deposit rate across the bond market and to some savings accounts in the Eurozone. The idea is to enrich existing bond holders and flog savers until […]
The Disturbing Reasons Why The Bank Of Japan Stunned Everyone With Negative Rates
The Disturbing Reasons Why The Bank Of Japan Stunned Everyone With Negative Rates As we noted earlier, in a paradoxical U-turn, one which caught everyone by surprise as a result of Kuroda’s own promise just one week ago not to engage in NIRP… … and two months after the ECB’s December 3 disappointing announcement led to a historic surge in the […]
Helicopter Money Arrives: Switzerland To Hand Out $2500 Monthly To All Citizens
Helicopter Money Arrives: Switzerland To Hand Out $2500 Monthly To All Citizens With Citi’s chief economist proclaiming “only helicopter money can save the world now,” and the Bank of England pre-empting paradropping money concerns, it appears that Australia’s largest investment bank’s forecast that money-drops were 12-18 months away was too conservative. While The Finns consider a “basic monthly income” for the entire […]
Why A Former Fed Official Fears A Global Meltdown
Why A Former Fed Official Fears A Global Meltdown Authored by Gerald O’Driscoll, former vice president at The Dallas Fed, posteed op-ed at The Wall Street Journal, Are we headed for another global financial crisis? The market convulsions of the past week reflected a continuation of a market selloff that began on the first trading day […]
Weekly Commentary: Draghi Ready to Fight
Weekly Commentary: Draghi Ready to Fight A few Friday Bloomberg headlines: “Asian Stocks Jump by Most in Four Months on Stimulus Speculation;” “Japanese Stocks Surge by Most in Four Months as Bears Retreat;” “Hong Kong Dollar Jumps Most in 12 Years as Global Stocks Rally.” It was quite a week. Back in early December I […]
Austrians get (some) mainstream credibility
Austrians get (some) mainstream credibility Well, well: who would have believed it. First the Bank for International Settlements comes out with a paper that links credit booms to the boom-bust business cycle, then Britain’s Adam Smith Institute publishes a paper by Anthony Evans that recommends the Bank of England should ditch its powers over monetary […]
Austrians Get (Some) Mainstream Credibility
AUSTRIANS GET (SOME) MAINSTREAM CREDIBILITY Well, well: who would have believed it. First the Bank for International Settlements comes out with a paper that links credit booms to the boom-bust business cycle, then Britain’s Adam Smith Institute publishes a paper by Anthony Evans [Editor’s note: Anthony is a Founding Fellow of The Cobden Centre] that […]
Creditors Accuse Portugal Of “Unfair, Populist Short-Cut” In €2 Billion Bank Bail-In
Creditors Accuse Portugal Of “Unfair, Populist Short-Cut” In €2 Billion Bank Bail-In Two weeks ago, The Bank of Portugal shocked markets by bailing in senior Novo Banco bondholders. Novo Banco was the “good” bank forged from the ashes of Banco Espirito Santo which had to be bailed out by the state in August of 2014. The idea […]
Gold – No Time Left for Conspiracy Theories
Gold – No Time Left for Conspiracy Theories To some, this is a religious battle. To others, it is just a time to rip off a lot of people by selling fantasies and sophistry. I have stated this many times, so here it goes again: Gold rises when people lose confidence in government. It has nothing to do […]
Billary Buddy Marc Lasry’s Last Rodeo——The Jig Is Up On 25 Years Of Bottom Fisher Bailouts
Billary Buddy Marc Lasry’s Last Rodeo——The Jig Is Up On 25 Years Of Bottom Fisher Bailouts As the Fed’s third and last bubble of this century heads for its splatter spot, the stench of desperate crony capitalism fills the air. You can count hedge fund mogul and Billary Buddy, Marc Lasry, among the upchucking financiers. […]
Yes, The ECB Chief Economist Really Said It: “If You Print Enough Money, You Always Get Inflation. Always.”
Yes, The ECB Chief Economist Really Said It: “If You Print Enough Money, You Always Get Inflation. Always.” Once upon a time there was a cute, if amusing and terribly disingenuous debate among those who have never actually traded but pretend to know finance, about what QE and “unconventional policy” actually was. “It’s an asset […]
Will 2016 Bring Another 2008-Type Crash? Pt. 1
Will 2016 Bring Another 2008-Type Crash? Pt. 1 The world is lurching towards another Crash. Japan, which has been ground zero for Keynesian insanity, is back in technical recession. This comes after the Bank of Japan launched the single largest QE program in history: a QE program equal to 25% of GDP launched in April 2013. This […]
