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This Is What Global Currency War Looks Like: A Complete History Of Recent FX Interventions
This Is What Global Currency War Looks Like: A Complete History Of Recent FX Interventions After the dramatic collapse in the SNB’s defense of the Swiss Franc peg to the Euro, there was a period of relative FX peace in which few if any central banks engaged in outright currency intervention (aside from the countless […]
China “Loses Battle Over Yuan”, And Now The Global Currency War Begins
China “Loses Battle Over Yuan”, And Now The Global Currency War Begins Almost exactly seven months ago, on January 15, the Swiss National Bank shocked the world when it admitted defeat in a long-standing war to keep the Swiss Franc artificially weak, and after a desperate 3 year-long gamble, which included loading up the SNB’s balance […]
The Swiss National Bank Bought Another 500,000 AAPL Shares Just Before 10% Correction
The Swiss National Bank Bought Another 500,000 AAPL Shares Just Before 10% Correction Three months ago we were stunned to learn, and report, that the Swiss National Bank – a central bank – had been one of the biggest buyers of AAPL stock in the first quarter, when it added 3.3 million shares to its existing […]
Deflation Is Winning – Beware!
Deflation Is Winning – Beware! Expect the ride to get even rougher Deflation is back on the front burner and it’s going to destroy all of the careful central planning and related market manipulation of the past 6 years. Clear signs from the periphery indicate that a destructive deflationary pulse has been unleashed. Tanking commodity […]
Losing Control
Losing Control Markets are beginning to signal that policy makers are losing control. Many second-order-effects of the unprecedented and experimental global actions taken since the 2008 crisis are beginning to manifest. There are always causes and effects that develop; but they do so at different speeds. Many actions in recent years have prioritized ‘benefits today’ […]
Time for Some Mattress Padding
Time for Some Mattress Padding Can you imagine borrowing $1000 from the bank and receiving $10 per year interest from the bank? I didn’t think so. However, this is the happy situation facing some European countries and even a few Swiss companies. The Swiss, Swedish, and Danish governments and the food multinational Nestle are now borrowing money from […]
Reckless Stock-Market Leverage Intoxicates Politicians
Reckless Stock-Market Leverage Intoxicates Politicians The sudden bloodletting that leveraged currency speculators experienced when the Swiss National Bank yanked the cap on the franc should have been a warning: central-bank promises that everything is under control are meaningless. And because of leverage, innumerable trading accounts blew up in a matter of moments. Leverage acts like […]
Russell Napier: “The Most Dangerous Thing In Finance Is The Thing That Never Ever Moves – Until It Moves”
Russell Napier: “The Most Dangerous Thing In Finance Is The Thing That Never Ever Moves – Until It Moves” The PBOC – How to fail in business without really flying “Terrain seems a bit unstable…and there seems to be no sign of intelegent life anywhere” – Buzz Lightyear (Toy Story) “That wasn’t flying…that was falling […]
All eyes on Fed, Greece after ECB fires bazooka
All eyes on Fed, Greece after ECB fires bazooka PARIS (Reuters) – After the surprises from central banks which rocked markets at the start of the year, the U.S. Federal Reserve will be watched as closely as ever this week to see that it doesn’t stray from its own policy path. The atmosphere will already be […]
Axel Merk: Why Asset Prices Must Return To Lower Levels
Axel Merk: Why Asset Prices Must Return To Lower Levels It’s the price you pay for forcing capital to speculate Saying it’s been a busy week and half on the central bank front is perhaps a sizeable understatement. First, the Swiss National Bank stunned the world (and its brethren central banks) by removing its peg […]
Are Central Bankers Losing The Plot: “The SNB Move Signals A Spectacular Loss Of Nerve”
Are Central Bankers Losing The Plot: “The SNB Move Signals A Spectacular Loss Of Nerve” As we have reiterated very frequently over recent years, the biggest vulnerability in the post crisis environment was that central banks start to make policy errors, by taking activist and precipitous decisions. Thus following on from last year’s error by Norges […]
Macro Digest: Endgame for central bankers
Macro Digest: Endgame for central bankers The Swiss National Bank’s removal of the franc’s peg to the euro last week had far-reaching consequences because we were all taken by surprise. The fact that it would (and should) happen eventually was not lost on the market, but the SNB was as late as last week end […]
Swiss Shocker Triggers Gigantic Losses For Banks, Hedge Funds And Currency Traders
Swiss Shocker Triggers Gigantic Losses For Banks, Hedge Funds And Currency Traders The absolutely stunning decision by the Swiss National Bank to decouple from the euro has triggered billions of dollars worth of losses all over the globe. Citigroup and Deutsche Bank both say that their losses were somewhere in the neighborhood of 150 million dollars, a […]
Swiss National Bank scraps euro cap
Swiss National Bank scraps euro cap (Reuters) – The Swiss National Bank unexpectedly scrapped its cap on the franc on Thursday, sending the safe-haven currency crashing through the 1.20 per euro limit it set more than three years ago. Minutes after the announcement the franc had soared by almost 30 percent in value against the […]
Gold “Terrifies” the International Monetary System | Wolf Street
Gold “Terrifies” the International Monetary System | Wolf Street. Gold is the most maligned asset, if you listen to the Fed, the ECB, and other central banks. This was driven home again in a variety of ways, including what transpired before the Swiss gold referendum and Mario Draghi’s “all assets but gold” declaration. So I asked a […]
