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Central Banks Are Trojan Horses, Looting Their Host Nations
Central Banks Are Trojan Horses, Looting Their Host Nations A Nobel prize winning economist, former chief economist and senior vice president of the World Bank, and chairman of the President’s council of economic advisers (Joseph Stiglitz) says that the International Monetary Fund and World Bank loan money to third world countries as a way to force […]
What’s Holding Back the World Economy?
What’s Holding Back the World Economy? NEW YORK – Seven years after the global financial crisis erupted in 2008, the world economy continued to stumble in 2015. According to the United Nations’ report World Economic Situation and Prospects 2016, the average growth rate in developed economies has declined by more than 54% since the crisis. An […]
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 […]
Falling Oil Prices Not the Reason for U.S.’s Economic Woes
Falling Oil Prices Not the Reason for U.S.’s Economic Woes Why Should a Decline in Oil Prices be Bad? The dramatic fall in the global price of oil is being cited by the financial press, government officials, and academia as the catalyst for the recent abysmal U.S. economic data which shows that the economy is, […]
Death Throes Of The Bull
Death Throes Of The Bull The fast money and robo-machines keep trying to ignite stock rallies, but they all fizzle because bad karma is beginning to infect the casino. That is, apprehension is growing among whatever adults are left on Wall Street that 84 months of ZIRP and $3.5 trillion of Fed balance sheet expansion, aka money printing, […]
The Bank of Japan – Ringing in the Endgame?
The Bank of Japan – Ringing in the Endgame? Let’s Do More of What Doesn’t Work It is the Keynesian mantra: the fact that the policies recommended by Keynesians and monetarists, i.e., deficit spending and money printing, routinely fail to bring about the desired results is not seen as proof that they simply don’t work. […]
“Pandora’s Box Is Open”: Why Japan May Have Started A ‘Silent Bank Run’
“Pandora’s Box Is Open”: Why Japan May Have Started A ‘Silent Bank Run’ As extensively discussed yesterday in the aftermath of the BOJ’s stunning decision to cut rates to negative for the first time in history (a decision which it appears was taken due to Davos peer pressure, a desire to prop up stock markets and to […]
Mises.org: Brazil’s Easy-Money Problem
MISES.ORG: BRAZIL’S EASY-MONEY PROBLEM Brazil is undergoing what is considered its worst economic crisis in seventy years, and there is usually no agreement when it comes to the causes of this situation. President Rousseff and the Labor Party say that it was the corollary of the “International Crisis,” a ghost of the 2008 depression created in […]
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 […]
The End Is Nigh for the Fed’s “Bubble Epoch”
The End Is Nigh for the Fed’s “Bubble Epoch” Market Mythology LONDON – Twice in the last 15 years, markets have tried to correct the mistakes and excesses of the Bubble Epoch. Each time, the Fed came back with even more mistakes and excesses. Trillions in new credit… lower lending rates… easier terms… ZIRP… QE… […]
Central Banks Are Out of Tricks
Central Banks Are Out of Tricks Once the power to manage expectations has been lost, the central bank bag of tricks is empty. No one knows precisely how and when the global unraveling will impact their corner of the planet, but we do know one thing with absolute certainty: central banks are out of tricks. […]
Goldman Pays Fine For Causing 2008 Crisis As “The Rest of the World Faced Financial Armageddon”
Goldman Pays Fine For Causing 2008 Crisis As “The Rest of the World Faced Financial Armageddon” Editor’s Comment: It’s funny how some criminals – whose actions affect perhaps a handful of people at the most – get the book thrown at them. In fact, so do speeders and code violators and other low level offenders. […]
Oil Bust Could End Dollar Domination
Oil Bust Could End Dollar Domination The US dollar survived the collapse of Bretton Woods in the ‘70s because its use in crude oil transactions made it the king of reserve currencies, but can it survive a collapse of petro dollars? Can the world survive the catastrophic geopolitical consquences that would follow? There is an […]
The Chart That Explains Everything
The Chart That Explains Everything Why is the economy barely growing after seven years of zero rates and easy money? Why are wages and incomes sagging when stock and bond prices have gone through the roof? Why are stocks experiencing such extreme volatility when the Fed increased rates by a mere quarter of a percent? […]
