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‘Vaguely Troubling’: BIS Warns Of Financial Disaster Amid $17 Trillion In Negative-Yield Debt
‘Vaguely Troubling’: BIS Warns Of Financial Disaster Amid $17 Trillion In Negative-Yield Debt When the central bank for central banks publishes its quarterly review, the world should take note. Claudio Borio, Head of the Monetary and Economic Department at the BIS, published the BIS Quarterly Review, September 2019on Sunday, revealing how the increasing acceptance of negative interest […]
BIS General Manager Outlines Vision for Central Bank Digital Currencies
BIS General Manager Outlines Vision for Central Bank Digital Currencies The behaviour of central bankers is rarely (if ever) given sustained coverage in the national press. Outside of prominent economic channels, developments from within institutions such as the International Monetary Fund and the Bank for International Settlements are seldom remarked upon. Instead, attention is restricted to […]
Capital Flows–Is a Reckoning Nigh?
CAPITAL FLOWS – IS A RECKONING NIGH? Borrowing in Euros continues to rise even as the rate of US borrowing slows The BIS has identified an Expansionary Lower Bound for interest rates Developed economies might not be immune to the ELB Demographic deflation will thwart growth for decades to come In Macro Letter – No 108 […]
BIS Warns Of Market Crash Risk, Looming Firesales Once BBB Downgrade Avalanche Begins
BIS Warns Of Market Crash Risk, Looming Firesales Once BBB Downgrade Avalanche Begins Over the past year, one of the key concerns to emerge in the $6.4 trillion investment grade corporate bond market is when and how will BBB-rated bonds, which now comprise 60% of all outstanding IG names in the US, be downgraded and […]
Why Dismissing Globalist Warnings as ‘Project Fear’ May Prove a Mistake
Why Dismissing Globalist Warnings as ‘Project Fear’ May Prove a Mistake In film and literature, the majority of stories feature a customary villain, either in a singular or collective sense. Someone or something that we can pour scorn on as the hero flounders in the face of increasingly insurmountable odds. Whilst the hero invariably wins out in […]
Debt Reset Begins, Global Banks Issue Dire Warnings, Trump Wall Showdown
Debt Reset Begins, Global Banks Issue Dire Warnings, Trump Wall Showdown According to renowned gold investor Jim Sinclair, the global debt reset that has been long predicted has begun. Lots of debt that will never be repaid will be written down around the world. Sinclair says gold and silver will be the last men standing […]
Uh Oh; In A Month Of Big Warnings, The Biggest Yet
Uh Oh; In A Month Of Big Warnings, The Biggest Yet All better now. It’s a Christmas miracle, the plunge erased by market closure as if FDR had just been re-elected and taken the oath. The Dow is on everyone’s mind, so trading on December 26 has understandably stuck. Stocks posted their best day in […]
Hidden Amongst the Furore: Synchronised Warnings From the BIS and the IMF
Hidden Amongst the Furore: Synchronised Warnings From the BIS and the IMF It has become a disconcerting trend that as geopolitical events intensify and keep a majority of people engaged in the latest outbreak of political theatre, the words of central bankers fall on increasingly deaf ears. At a seminar of the European Stability Mechanism this […]
Home Affordability: Canada vs. US
Home Affordability: Canada vs. US Homes are unaffordable in the US, but the situation is far worse in Canada. Point2homes has an interesting set of charts on Home Affordability In Canada vs the US. Key Findings The average Canadian has to dish out a whopping 56% more to buy a home, or 25% more to […]
The (ominous) problem with global liquidity
The (ominous) problem with global liquidity Market liquidity is crucial for well-functioning capital markets. There has been a quite lot of talk about diminished market liquidity and the role of machines in it (see, e.g. Q-review 4/2017, this and this). These are worrying developments. However, while market liquidity is crucial for markets, global financial flows, […]
Are Chinese Municipal $6 Trillion (40 Trillion Yuan) Hidden Debts Posing Titanic Risks?
Are Chinese Municipal $6 Trillion (40 Trillion Yuan) Hidden Debts Posing Titanic Risks? The China Collapse trope is rearing its ugly head again. This time round, the spin is on China’s local government or municipal debts. The latest narrative goes like this : local governments in China are estimated to have hidden debts of 40 […]
World’s Most Important Bank Issues Urgent “Zombie Alert”
World’s Most Important Bank Issues Urgent “Zombie Alert” It’s been a decade since the world’s major central banks reacted to the financial crisis by cheapening the value of money through record low, zero or negative rates. What my research for my book Collusion: How Central Bankers Rigged the World revealed was how central bankers and […]
Beware The Zombies: BIS Warns That Non-Viable Firms Are Crippling Global Growth
Beware The Zombies: BIS Warns That Non-Viable Firms Are Crippling Global Growth Ten years after central banks unleashed a period of record low interest rates, the central banks’ central bank is warning that this may not have been the smartest move. In the latest quarterly review from the Bank of International Settlements, the Basel-based organization […]
Weekly Commentary: BIS Annual Economic Report (for posterity)
Weekly Commentary: BIS Annual Economic Report (for posterity) With attention focused on unfolding trade wars and summer vacations, the release of the Bank of International Settlement (BIS) Annual Report garnered scant notice (with the exception of Gillian Tett’s Thursday FT article, “Holiday Trading Lull Flashes Red for Financiers”). From the BIS: “It is now 10 […]
BIS Confirms Banks Use “Lehman-Style Trick” To Disguise Debt, Engage In “Window Dressing”
BIS Confirms Banks Use “Lehman-Style Trick” To Disguise Debt, Engage In “Window Dressing” Several years ago we showed how the Fed’s then-new Reverse Repo operation had quickly transformed into nothing more than a quarter-end “window dressing” operation for major banks, seeking to make their balance sheets appear healthier and more stable for regulatory purposes. As […]
