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Deutsche Bank Discovers Kuroda’s NIRP Paradox
Deutsche Bank Discovers Kuroda’s NIRP Paradox Last October, BofA looked at Europe’s €2.6 trillion in negative-yielding debt and discovered something “stunning”: Savings rates were going up not down. Don’t believe us, just have a look at these three charts: But how could that be? By all accounts – or, should we say, by all conventional Keynesian/ textbook accounts – […]
HSBC Looks At “Life Below Zero,” Says “Helicopter Money” May Be The Only Savior
HSBC Looks At “Life Below Zero,” Says “Helicopter Money” May Be The Only Savior In many ways, 2016 has been the year that the world woke up to how far down Krugman’s rabbit hole (trademark) DM central bankers have plunged in a largely futile effort to resuscitate global growth. For whatever reason, Haruhiko Kuroda’s move […]
Revolt against NIRP Breaks out, Bank of Japan “Baffled”
Revolt against NIRP Breaks out, Bank of Japan “Baffled” Meanwhile, exports collapse at fastest rate since 2009. This would be hilarious, if it weren’t so serious: Frazzled politicians, during a parliamentary session, lambasting the governor of their central bank over its new negative interest rate policy. But this is what happened in Japan. Central-bank imposed […]
“Stimulus Hopes” – a Dog that Ain’t Hunting no More
“Stimulus Hopes” – a Dog that Ain’t Hunting no More A Rebound in Stocks Begins Given that a very sharp downturn in so-called “risk assets” is well underway globally, but not yet fully confirmed by US big cap indexes, we are keeping an eye out for confirmation. This is to say, we are looking for events, market […]
Benn Steil: Could China Have a Reserves Crisis?
BENN STEIL: COULD CHINA HAVE A RESERVES CRISIS? Last summer, U.S. lawmakers were condemning China for pushing down its currency, arguing that it was still “terribly undervalued.” But those days may be long gone. Chinese and foreigners alike have been stampeding out of RMB, leaving the Chinese central bank struggling to keep its value up and prevent […]
Haruhiko Kuroda – The Pressure to “Do More” Rises
Haruhiko Kuroda – The Pressure to “Do More” Rises BoJ Leaves Policy Unchanged, but What Comes Next? The Bank of Japan has employed QE programs since March of 2001 (in February of 2001, it still claimed that “QE will be ineffective” – it was right then, for the last time). These have had no effect […]
Jeffrey Snider: Kuroda’s Rebuke Came Awfully Swift
Jeffrey Snider: Kuroda’s Rebuke Came Awfully Swift There must be a universal speech template included in the monetary textbook that is shared among the various central banks. On September 28, 2015, Haruhiko Kuroda, Governor of the Bank of Japan, delivered a speech that wasn’t just similar to the press conference Janet Yellen had endured only a week […]
QE Breeds Instability
QE Breeds Instability Central bankers have promised ad nauseum to keep rates low for long periods of time. And they have delivered. Their claim is that this helps the economy recover, but that is just a silly idea. What it does do is help create the illusion of a recovering economy. But that is mostly […]
It’s Official: The BoJ Has Broken The Japanese Stock Market
It’s Official: The BoJ Has Broken The Japanese Stock Market As those who follow such things are no doubt aware, The Bank of Japan often says some very funny things about inflation expectations and monetary policy. Essentially, the bank is forced to constantly defend its QE program because as it turns out, monetizing the entirety […]
Kuroda Says BOJ to Mull Fresh Options in Case of More Easing
Kuroda Says BOJ to Mull Fresh Options in Case of More Easing Bank of Japan Governor Haruhiko Kuroda signaled the central bank may need to look at fresh options if more stimulus is needed to propel inflation to levels unseen since stagnation set in two decades ago. “If, really, our possible path to 2 percent inflation […]
