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Bank of Japan Tapers (Quietly), QE Party Over
Bank of Japan Tapers (Quietly), QE Party Over No flashy announcement, to avoid alarming the markets. After years of blistering asset purchases, the Bank of Japan disclosed today that it held a total of ¥521.6 trillion in assets as of November 30, including Japanese Government Bonds (JGBs), gold, corporate bonds, Japanese REITs, equity ETFs, loans, etc. […]
US Demand for Electricity Falls Further: What Does it Mean?
US Demand for Electricity Falls Further: What Does it Mean? Layoffs at GE Power, for example. The weekend started Friday night with layoff news from GE’s power division, in two locations. First, there was Greenville County, South Carolina, where GE Power is one of the largest employers with 3,400 workers. “Based on the current challenges […]
Inflation Surges as Economy Bogs Down in Mexico
Inflation Surges as Economy Bogs Down in Mexico Bank of Mexico caught in a vise. In the last week, the governor of the Bank of Mexico (or Banxico), Augustin Carstens, stepped down in order to take over the reins as general manager of the Bank for International Settlements in Basil, Switzerland, while Finance Minister José […]
US Gross National Debt Jumps $723 billion in 12 Weeks, Yellen “Very Worried about Sustainability of US Debt Trajectory”
US Gross National Debt Jumps $723 billion in 12 Weeks, Yellen “Very Worried about Sustainability of US Debt Trajectory” But only a few lost souls in Congress care. Even as lawmakers are trying to cobble together a tax-cut bill that would cut revenues by $1.5 trillion over ten years, the gross national debt has spiked […]
Stock Market Lazes Happily on a Powerful Time Bomb, and the Fed Begins to Worry
Stock Market Lazes Happily on a Powerful Time Bomb, and the Fed Begins to Worry Pointing at “excesses,” “distortions,” and “imbalances.” Margin debt in the stock market hit another record, $561 billion at the end of October, up 16% from a year ago, the New York Stock Exchange reported on Tuesday. Margin debt and the […]
Spain’s Third Biggest Bank Just Made it Harder to Get Cash
Spain’s Third Biggest Bank Just Made it Harder to Get Cash War on Cash bogs down, despite best efforts of government, banks, and credit card companies. Spain’s third biggest lender, CaixaBank, has just launched a pilot project in Madrid aimed at limiting cash services in their branches to less than three hours a day, from […]
Whose Private-Sector Debt Will Implode Next: US, Canada, China, Eurozone, Japan?
Whose Private-Sector Debt Will Implode Next: US, Canada, China, Eurozone, Japan? Canadians, fasten your seat-belt. Here are the charts. The Financial Crisis in the US was a consequence of too much debt and too much risk, among numerous other factors, and the whole house of cards came down. Now, after eight years of experimental monetary […]
The Next Italian Bank Threatens to Topple
The Next Italian Bank Threatens to Topple Sharp Dose of Deja Vu for Italy’s Teetering Banks. In a speech that did little to calm investors’ nerves, Italy’s finance minister said yesterday that he was “strangely optimistic” about Italy’s economic outlook. Senior eurocrats in Brussels are far from convinced. “Italy’s accounts are not improving,” blasted European […]
Why Core Inflation is Rising & What it Means for Fed Rate Hikes
Why Core Inflation is Rising & What it Means for Fed Rate Hikes Yellen was right to brush off “transitory” factors of “low” inflation. Consumer prices, as measured by CPI for October, rose 2.0% year-over-year. A month ago, CPI increased 2.2%. The Fed’s inflation target is 2%, but it doesn’t use CPI, or even “Core […]
Auto-Loan Subprime Blows Up Lehman-Moment-Like
Auto-Loan Subprime Blows Up Lehman-Moment-Like But there is no Financial Crisis. These are the boom times. Given Americans’ ceaseless urge to borrow and spend, household debt in the third quarter surged by $610 billion, or 5%, from the third quarter last year, to a new record of $13 trillion, according to the New York Fed. […]
US to Import Inflation from Japan, China, South Korea
US to Import Inflation from Japan, China, South Korea Even from Japan – whose export producer prices are soaring. The oil price collapse that started in 2014 pushed down input costs that companies – the “producers” – faced. And producer price indices, which measure inflation further up the pipeline, plunged. But this is over. And […]
Spain Just Lit a Fuse Under Catalonia — its Richest Region
Spain Just Lit a Fuse Under Catalonia — its Richest Region Acute uncertainty is like sand in the gears of the local economy. It’s amazing how fast the wheels of the Spanish justice system go round when the establishment wants them to, and how slowly they revolve when it doesn’t, which is usually when members […]
How US Debt Slaves Get Trapped by “Deferred Interest”
How US Debt Slaves Get Trapped by “Deferred Interest” But over the next 2 months, they’ll try to prop up US retailers and the entire global economy. Credit cards play a huge role in what the US retail industry hopes will be a $682-billion splurge by Americans over the holiday selling season. Already, total revolving […]
