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America First, Helsinki, and Trump’s Existential Threat to the Empire
America First, Helsinki, and Trump’s Existential Threat to the Empire The major – perhaps only – redeeming virtue of the Donald’s ersatz campaign platform was his clear intent to seek a rapprochement with Russia, revamp America’s commitments to NATO and other cold war relics and to discard “Regime Change” as the core tenant of foreign […]
David Stockman Warns “Daredevil” Market Is “Way Over-Priced For Reality”
David Stockman Warns “Daredevil” Market Is “Way Over-Priced For Reality” David Stockman is not backing away from his ultimate bearish position, warning viewers of CNBC that “there are some huge surprises lurking out there” because “we’ve had eight years of monetary expansion that is just off the charts of history.” He is certainly not wrong […]
Why The Empire Never Sleeps: The Indispensable Nation Folly
Why The Empire Never Sleeps: The Indispensable Nation Folly Like the case of Rome before it, the Empire is bankrupting America. The true fiscal cost is upwards of $1.o trillion per year (counting $200 billion for veterans and debt service for wars), but there is no way to pay for it. That’s because the 78-million strong Baby Boom is […]
Jerome Is The New Janet: Tie, Trousers And Same Old Keynesian Jabberwocky
Jerome Is The New Janet: Tie, Trousers And Same Old Keynesian Jabberwocky The election of 2016 was supposed to be the most disruptive break with the status quo in modern history, if ever. On the single most important decision of his tenure, however, the Donald has lined-up check-by-jowl with Barry and Dubya, too. That is to […]
Who Needs Wall Street When You Can Have A Monetary Unicorn?
Who Needs Wall Street When You Can Have A Monetary Unicorn? The single most important price in all of capitalism is the interest rate—-and at all points on the maturity curve. And the single most important truth about honest interest rates is that they must be discovered by markets, not imposed by the state. We got to […]
America’s State Wreck Gathers Steam: The Donald’s War Cabinet And The Fiscal Doom Loop, Part 2
America’s State Wreck Gathers Steam: The Donald’s War Cabinet And The Fiscal Doom Loop, Part 2 Last week the Donald’s incipient trade war got Wall Street’s nerves jangling, but that wasn’t the half of what’s coming. To wit, Trump has now essentially formed a War Cabinet and signed a Horribus spending bill that is a warrant for fiscal meltdown. Indeed, the two […]
The Everything Bubble—Waiting For The Pin
The Everything Bubble—Waiting For The Pin Yesterday we noted that financial markets have become completely uncoupled from reality and that the recent feeble bounces between the 20-day and 50-day chart points were essentially the rigor mortis of a dead bull. As it happened, we were able to share those sentiments with what remains of CNBC’s audience of carbon-based […]
The Two Janet’s And The Perfect Storm Ahead
The Two Janet’s And The Perfect Storm Ahead The Bloomberg news crawler this morning is heralding the heart of our thesis: Namely, that “flush with cash from the tax cut”, US companies are heading for a “stock buyback binge of historic proportions”. This isn’t a “told you so” point. It’s dramatic proof that corporate America has […]
The Albatross Of Debt: The Stock Market’s $67 Trillion Nightmare, Part 1
The Albatross Of Debt: The Stock Market’s $67 Trillion Nightmare, Part 1 This is getting pretty ridiculous. For old times sake, we recently checked on the Federal debt level during the month we arrived in the Imperial City as a 24-year old eager beaver. That was June 1970 and the Federal debt held by the public was $275 […]
Swan Song Of The Central Bankers, Part 5: The Flat Line Does Not Spell Recovery
Swan Song Of The Central Bankers, Part 5: The Flat Line Does Not Spell Recovery The punk January industrial production (IP) report brought another reminder that the Fed has stimulated nothing at all on the output/employment prong of its dual mandate. Indeed, as they celebrate a purported “mission accomplished” full employment recovery and confidently prepare to plow forward with an epochal pivot […]
Swan Song Of The Central Bankers, Part 4: The Folly Of 2.00% Inflation Targeting
Swan Song Of The Central Bankers, Part 4: The Folly Of 2.00% Inflation Targeting The dirty secret of Keynesian central banking is that under current circumstances its interventions have almost no impact on its famous dual mandate—-stable prices and full employment on main street. That’s because goods and services inflation is a melded consequence of global central […]
Swan Song Of The Central Bankers, Part 1: Last Week Wasn’t An Error
Swan Song Of The Central Bankers, Part 1: Last Week Wasn’t An Error Last week’s twin 1,000 point plunges on the Dow were not errors. Instead, these close-coupled massacres, which wiped out $4 trillion of global market cap in two days, marked the beginning of a bear market that will be generational, not a temporary cyclical downleg. What hit […]
Two Elephants In The Room That The GOP Has Completely Forgotten
Two Elephants In The Room That The GOP Has Completely Forgotten The US economy is threatened by two giant problems which cause all others to pale into insignificance. We are referring to a rogue central bank that has become an absolute enemy of capitalist prosperity and a fiscal doomsday machine that is hostage to the […]
Flying Blind, Part 2: The Destruction Of Honest Price Discovery And Its Consequences
Flying Blind, Part 2: The Destruction Of Honest Price Discovery And Its Consequences In Part 1 we noted that the real evil of Bubble Finance is not merely that it leads to bubble crashes, of which there is surely a doozy just around the bend; or that speculators get the painful deserts they fully deserve, which is coming big time, too; or even […]
