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Nonsensical Global Worries Over Subdued Inflation: Yellen, Draghi, Kuroda
Nonsensical Global Worries Over Subdued Inflation: Yellen, Draghi, Kuroda Central bank presidents at the Fed, the ECB, and Bank of Japan are all concerned over low inflation. The Fed wants to hike anyway, but the Bank of Japan will keep pursuing aggressive monetary easing. Meanwhile, asset prices are in the biggest ever bubble. Bank of […]
World’s Biggest Ever Junk Bond Bubble in Pictures: What Hath Draghi Wrought?
World’s Biggest Ever Junk Bond Bubble in Pictures: What Hath Draghi Wrought? In regards to ECB QE bond purchases, inquiring minds may be asking: What hath ECB president Mario Draghi wrought? I can explain in one picture. The answer in words: The world’s biggest junk bond bubble. I prefer gold. On August 4, I commented on […]
ECB Negative Rate Experiment May Lead to the Worst Financial Crisis in Modern History
ECB Negative Rate Experiment May Lead to the Worst Financial Crisis in Modern History QUESTION: Mr. Armstrong; Your proposition that the quantity of money theory is dead seems to be a true earth shattering proposition. It certainly disproves the Austrian School and the events post 2008 support your statement. The European Central Bank is supposed […]
European Banking Crisis
European Banking Crisis Perhaps this period will be looked back upon ass the Draghi Deflation. After nearly 10 years of this failed policy, the European banking industry is contracting on every possible level. The merger of Commerzbank to Merge with French BNP is one possibility. Commerzbank is a takeover candidate or shotgun wedding candidate, for good reasons. Its […]
See No Evil, Speak No Evil…
SEE NO EVIL, SPEAK NO EVIL… The Jackson Hole speeches of Janet Yellen and Mario Draghi last week were notable for the omission of any comment about the burning issues of the day: …where do the Fed and the ECB respectively think America and the Eurozone are in the central bank induced credit cycle, and […]
ECB – Draghi & Tapering
ECB – Draghi & Tapering The European Central Bank (ECB) is expected to begin reducing its bond purchases gradually tampering its stimulation program of Quantitative Easing (QE). Nevertheless, reliable sources tell of the ECB being extremely cautious fearing what will happen if buyers do not appear and rates begin to rise sharply. The difference between […]
Draghi: Trillions In QE Have Made Economies “More Resilient”
Draghi: Trillions In QE Have Made Economies “More Resilient” When last night we previewed this week’s annual Jackson Hole symposium at which Mario Draghi is scheduled to speak just before the market close on Friday, we said that the ECB head is warming up for the trip by speaking at the Lindau economics symposium in […]
ECB Assets Hit 35% Of Eurozone GDP; Draghi Owns 9.2% Of European Corporate Bond Market
ECB Assets Hit 35% Of Eurozone GDP; Draghi Owns 9.2% Of European Corporate Bond Market As global markets bask in the glow of the Trumpflation recovery, the ECB continues to be busy providing the actual levitating power behind what DB recently dubbed global “helicopter money“, by buying copious amounts of bonds on a daily basis (at […]
Germany’s Finance Minister Blames ECB For German Trade Surplus; Why the Eurozone Will Destruct
Germany’s Finance Minister Blames ECB For German Trade Surplus; Why the Eurozone Will Destruct Fireworks are going off in Germany again in yet another battle between Wolfgang Schaeuble, Germany’s finance minister, and the ECB. Schaueble dismissed a suggestion this week by ECB head Mario Draghi that Germany should use fiscal room for manoeuvre to decrease its export […]
This is How Draghi Will Sock it to Investors that Weren’t Invited to the Secret Meetings
This is How Draghi Will Sock it to Investors that Weren’t Invited to the Secret Meetings They’re all getting ready for Wednesday. Here’s what Draghi has accomplished recently: the prices of euro-denominated corporate debt have soared. The average yield of investment-grade debt is on the verge of dropping below 1%. A good part of the […]
Negative-Interest-Rate absurdity is another “rabbit out of the hat.”
Negative-Interest-Rate absurdity is another “rabbit out of the hat.” For the second time this year, Spain’s caretaker government just managed to sell 50-year bonds in a €3 billion ($3.4 billion) deal. Despite maturing in the year 2066, when many of us won’t even be alive and the duty to pay back the debt (assuming it […]
The Central Bank War On Savers—–The Big Lie Beneath
The Central Bank War On Savers—–The Big Lie Beneath The central bank war on savers is rooted in a monumental case of the Big Lie. Here is what a retired worker who managed to save $5,000 per year over a 40 year’s lifetime of toil and sweat in a steel factory now earns in daily interest on […]
Draghi espouses the old “excess savings” nonsense
Draghi espouses the old “excess savings” nonsense From today’s Open Europe news summary: DRAGHI REBUKES ECB GERMAN CRITICS In a speech on Monday, the President of the European Central Bank, Mario Draghi, delivered a blunt rebuke to German criticism of the ECB’s low interest rate policy saying “There is a temptation to conclude that…very low […]
The Road to Canossa
THE ROAD TO CANOSSA That the artificial interest rates in evidence in our hugely distorted capital and money markets can be made negative in nominal as well as in real terms is, alas, the curse of the modern age. Though entirely at odds with natural order – as we have repeatedly tried to make plain […]
Draghi at War with Reason & Other Central Banks
Draghi at War with Reason & Other Central Banks Tensions are starting to rise between Germany and the ECB because Draghi will not admit his negative interest rates are causing an economic meltdown. “We continue to expect them (interest rates) to remain at present or lower levels for an extended period of time, and well past […]
