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Tag Archives: ecb
Greece Prepares To Leave
Greece Prepares To Leave Speculation and expert comments are thrown around once more – or still – like candy on Halloween. Let me therefore retrace what I’ve said before. Because I think it’s really awfully simple, once you got the underlying factors in place. But first, if one thing has become obvious after Syriza was […]
Black Swan 2: This Is “The Next Critical Chapter In The Austrian Banking System Story”
Black Swan 2: This Is “The Next Critical Chapter In The Austrian Banking System Story” When it comes to the sweeping of (trillions of) toxic assets until such time as the ECB starts purchasing not only government bonds but equities, bank loans and really anything else that in a normal world would have some “mark […]
Rich Man’s Bank Hit by Bank Run, Collapse, “Bail-In”
Rich Man’s Bank Hit by Bank Run, Collapse, “Bail-In” In Europe nary a day seems to go by without some mention or rumor of a bank run or bank closure. Ground Zero of the current troubles is Greece, whose broken financial system is now wholly dependent on regular infusions of euros from the ECB. The […]
Dumping American Junk in Europe, Draghi Asked for it
Dumping American Junk in Europe, Draghi Asked for it This is just the beginning, a new trend that may well turn into the next craze. ECB President Mario Draghi, in his infinite wisdom, asked for it: he’d driven the ECB deposit rate deeper into the negative, to -0.2%, and has promised to buy €60 billion […]
The Unraveling Is Gathering Speed
The Unraveling Is Gathering Speed Debt saturation and debt fatigue = diminishing returns on central bank tricks. Does anyone else have the feeling that things are not just unraveling, but that the unraveling is gathering speed? Though quantifying this perception is more interpretative than statistical, I think we can look at the ongoing debt crisis […]
After Pillaging Pensions, Greece Raids Utilities To Repay Troika; Bonds Plunge As Bank Run Accelerates
After Pillaging Pensions, Greece Raids Utilities To Repay Troika; Bonds Plunge As Bank Run Accelerates Following yesterday’s news that the ECB is now running simulationson what a Grexit would mean for Greek bond prices (spoiler alert: “fundamentals” suggest a 95% loss), overnight we got more confirmation that Mario Draghi continues to tighten the screws on the […]
It’s What Jesus Would Do, Right?
It’s What Jesus Would Do, Right? On the day that Mario Draghi opened the ECB’s overly opulent new €1.3 billion palatial building(s) in Frankfurt, which led to fierce and fiery protests with hundreds arrested, amongst others from the Blockupy movement, and the IMF for some reason found it necessary to tell the eurozone that Greece […]
Lenin Was Right …
Lenin Was Right … Bear Markets Do Happen Today… the second of the speech about the end of the world we recently gave at Doug Casey’s La Estancia de Cafayate. (You can catch up on the first part here.) As Yogi Berra would say, America is going to come to a fork in the road… and […]
Are Greek Capital Controls Now Inevitable?
Are Greek Capital Controls Now Inevitable? While the trading algos are blissfully honing their headline-scanning skills (it should take no longer than a few nanoseconds to find whether “patient” and “international” are in the FOMC statement) ahead of tomorrow’s Fed announcement and avoiding any macro developments from around the globe, the biggest international news hit […]
Violent Clashes Break Out Next To New ECB Headquarters In Frankfurt As Thousands Protest Austerity: Live Webcast
Violent Clashes Break Out Next To New ECB Headquarters In Frankfurt As Thousands Protest Austerity It’s not just Greece which is protesting the utter lack of reforms enabled by the ECB known as “austerity” – as of today so is Germany itself with the so-called #Blockupy movement. According tolocal media reports, the start of anti-austerity […]
The ECB’s Noose Around Greece: How Central Banks Harness Governments
The ECB’s Noose Around Greece: How Central Banks Harness Governments Remember when the infamous Goldman Sachs delivered a thinly-veiled threat to the Greek Parliament in December, warning them to elect a pro-austerity prime minister or risk having central bank liquidity cut off to their banks? (See January 6th post here.) It seems the European Central Bank (headed by Mario […]
Europe, The Morally Bankrupt Union
Europe, The Morally Bankrupt Union The European Union is busy accomplishing something truly extraordinary: it is fast becoming such a spectacular failure that people don’t even recognize it as one. People have no idea, they just think: this can’t possibly be true, and they continue with their day. They should think again. Because the Grand […]
The ECB’s Lunatic Full Monty Treatment
The ECB’s Lunatic Full Monty Treatment Not Quite Right in the Head? The belief that the market economy requires “steering” by altruistic central bankers, who make decisions influencing the entire economy based on their personal epiphanies, has rarely been more pronounced than today. Most probably it has actually never been stronger. It is both highly amusing and […]
Greece Proposes To Become A Tax-Collecting Police State: Will “Wire” Tourists And Unleash Them As “Tax Inspectors”
Greece Proposes To Become A Tax-Collecting Police State: Will “Wire” Tourists And Unleash Them As “Tax Inspectors” There were three notable items in the follow up, 11-page letter sent by Yanis Varoufakis earlier today to the Eurogroup, and its president “Jeroen.” But first, by way of background, here is what happened as recapped by Reuters. Earlier […]
ECB Will Cut Rates To Minus 3%: JP Morgan
ECB Will Cut Rates To Minus 3%: JP Morgan A running theme here over the past several weeks has been that the ECB’s €1.1 trillion foray into quantitative easing will be severely hindered by a laundry list of constraints (some of which were unwittingly self-imposed). Another topic we’ve covered exhaustively is the idea that the world’s central […]
