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Tag Archives: quantitative easing
The Goldilocks Illusion
The Goldilocks Illusion Why Market Participants Liked the Payrolls Report Some people have wondered why the stock market reacted with such a big rally to last Friday’s payrolls data. After all, the report wasn’t much to write home about, especially if one ponders the details. In addition, the already weak March payrolls data were revised lower […]
How the Liquidity “Delusion” Leads to a Crash
How the Liquidity “Delusion” Leads to a Crash They were just about all there at the Las Vegas SkyBridge Alternatives Conference, or SALT: Daniel Loeb, T. Boone Pickens, and of course George Papandreou, who in March 2011 as Greek prime minister had produced one of the funniest official Eurozone lies ever when he reassured those that were […]
WSJ Slams Bernanke’s Rambling Blog Post: “Stop Blaming Everyone” For Your Mistake
WSJ Slams Bernanke’s Rambling Blog Post: “Stop Blaming Everyone” For Your Mistake The mainstream is beginning to sound a lot like some fringe blog… A week after the world’s largest sovereign wealth fund unleashed a tirade against high-frequency trading and monetary policy distortions, The Wall Street Journal has penned an Op-Ed ramping up its war against Bernanke (and The […]
How Shale Is Becoming The .COM Bubble Of The 21st Century
How Shale Is Becoming The .COM Bubble Of The 21st Century As I review the financials of one of the largest shale producers in the United States, Whiting Petroleum (WLL), I can’t help but notice the parallels to the .COM era of 1999 which, to some extent, has already returned to the technology and biotech […]
Why Markets Are Manic—-The Fed Is Addicted To The ‘Easy Button’
Why Markets Are Manic—-The Fed Is Addicted To The ‘Easy Button’ Later this week another Fed meeting will pass with the policy rate still pinned to the zero bound. The month of May will make the 77th consecutive month of ZIRP—–an outcome that would have been utterly unimaginable even a decade ago; and most especially not with the […]
When Exactly Will the Fed Launch QE4?
When Exactly Will the Fed Launch QE4? Money From Nowhere On Friday, the S&P 500 and the Nasdaq closed at record highs. It’s the first time both indexes have done so since December 31, 1999. Why such optimism? High profits, you say. But where do profits come from? Households have less money to spend than […]
China Considers Launching QE; Shanghai Stocks Soar
China Considers Launching QE; Shanghai Stocks Soar Nearly two months ago we explained “How Beijing Is Responding To A Soaring Dollar, And Why QE In China Is Now Inevitable” in which we cited Cornerstone who reminded us “that from 2007 to late 2008, U.S. fed funds dropped 500 bp, and then the Fed still needed […]
What Happens To US Shale When The Easy Money Runs Out?
What Happens To US Shale When The Easy Money Runs Out? Today we will take a look at both Whiting Petroleum (WLL) and Continental Resources (CLR) as far as their Bakken economics. Overall the numbers will show that, despite claims of low cash costs per MBOE ($16 or so for CLR) and high IRRs on […]
None Dare Call It Fraud—–Its Just A “Savings Glut”
None Dare Call It Fraud—–Its Just A “Savings Glut” They were jawing again this morning about the low “natural rate” of interest on bubble vision, implying that the workers of the world have succumbed to an atavistic fit of wild-eyed thrift. Gosh, the world is so inundated in a savings glut, averred Wall Street economist Ed McKeon, that the interest rate would […]
An Insider’s Take: How the Fed Ruined the Economy
An Insider’s Take: How the Fed Ruined the Economy Let’s start this off with a quote by Ben Bernanke to get your blood boiling: When the economic well-being of their nation demanded a strong and creative response, my colleagues at the Federal Reserve, policymakers and staff alike, mustered the moral courage to do what was […]
The Inevitable Failure of Mechanistic Monetary Policy
The Inevitable Failure of Mechanistic Monetary Policy Our current faith in central banks’ ability to “make the economy all better, all the time” is horrendously misplaced. We are living in the Cargo Cult Era of Central Bankers. The era began in earnest on December 5, 1996, when Federal Reserve chairman Alan Greenspan cautiously wondered aloud if […]
“The Mother of All Bubbles” in Stocks and Bonds: Bank CEO
“The Mother of All Bubbles” in Stocks and Bonds: Bank CEO The first quarter was hot across the Eurozone. The euro has gotten purposefully crushed by the ECB’s currency war. QE, first promised then implemented, became all the rage. And stocks surged: the Stoxx Europe 600 was up 16%; Italy’s FTSE MIB index up 22%; […]
The Fed Has Failed the Nation, in One Chart
The Fed Has Failed the Nation, in One Chart There is only one way to end the financial tyranny of the Federal Reserve–abolish it, and put an end to the predatory pathologies of its policies. The Federal Reserve has failed not just the nation and the U.S. economy, but more importantly, the American people that […]
The Way Out
The Way Out It’s not what most people think: a return to some hypothetical “normality,” with the ghost of Ronnie Reagan beaming down like a sun-god under his lopsided pompadour, and all the happy self-driving GM cars toodling back and forth from WalMart-to-home loaded to the scuppers with new electric pop-tart warmers and 3-D underwear […]
Finally The “Very Serious People” Get It: QE Will “Permanently Impair Living Standards For Generations To Come”
Finally The “Very Serious People” Get It: QE Will “Permanently Impair Living Standards For Generations To Come” When “very serious people” (even if it is those who once ran now defunct Bear Steanrs) announce it, with a 6 year delay, they make the Financial Times. On the other hand, when Zero Hedge said precisely this 6 […]
