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Tag Archives: central banks
Debt Alarm Ringing
Debt Alarm Ringing Addicted to Debt Lost Exorbitant Privilege Trigger Points Frankfurt, Cleveland, Golf, and Here and There Is debt good or bad? The answer is “Yes.” Debt is future spending pulled forward in time. It lets you buy something now for which you otherwise don’t have cash available yet. Whether it’s wise or not […]
The Corporate Debt Bubble
The Corporate Debt Bubble The largest asset bubbles occur while economic growth and inflation remain positive, but subdued, for extended periods of time. According to its dual mandate, the Federal Reserve focuses primarily on growth and price stability, and tends to ignore the creation of asset bubbles as long as economic activity is not running […]
Greyerz – China Just Took Delivery Of A Massive Amount Of Gold From London & New York
Greyerz – China Just Took Delivery Of A Massive Amount Of Gold From London & New York Egon von Greyerz met with a large group of individuals from China that manage money for the elite in China. They went to Switzerland to meet with Egon and this is a small portion of what they discussed: […]
Trump Is Right, the Fed Is Crazy
Trump Is Right, the Fed Is Crazy President Trump recently called the Federal Reserve’s interest rate hikes crazy. Leaving aside President Trump’s specific complaint, which is likely motivated by the belief that low rates will help him win reelection, he is right that “crazy” is a good way to describe the Federal Reserve. When not […]
Where The Next Financial Crisis Begins
Where The Next Financial Crisis Begins We are not sure of how the next financial crisis will exactly unfold but reasonably confident it will have its roots in the following analysis. Maybe it has already begun. The U.S. Treasury market is the center of the financial universe and the 10-year yield is the most important price […]
Weekly Commentary: “Whatever They Want” Coming Home to Roost
Weekly Commentary: “Whatever They Want” Coming Home to Roost Let’s begin with global. China’s yuan (CNY) traded to 6.9644 to the dollar in early-Friday trading, almost matching the low (vs. dollar) from December 2016 (6.9649). CNY is basically trading at lows going back to 2008 – and has neared the key psychological 7.0 level. CNY […]
“Peak QE”: This Is What Share Of The Market Central Banks Now Own
“Peak QE”: This Is What Share Of The Market Central Banks Now Own After a decade of unprecedented liquidity injections by central banks to preserve the western financial system, global QE has peaked. First, the aggregate balance sheet of major central banks started to shrink earlier in the year, a reversal that took investors many […]
“The Central Bank Will Intervene”: PBOC Said To Sell Reserves If Yuan Drops Below 7.00
“The Central Bank Will Intervene”: PBOC Said To Sell Reserves If Yuan Drops Below 7.00 According to the latest data from China’s SAFE, net FX outflows from China picked up to US$21BN in September (vs. US$11BN in August) and the highest since mid-2017 with Goldman noting that “outflow might have increased moderately further in October, but […]
End Of The Financial World?
End Of The Financial World? Predicting the end of the world, physical or financial, is seldom helpful. If the prediction is correct, how do you profit from the insight? If the prediction is wrong and the “end of the world” is delayed (typical), you lose credibility. An estimate of risk versus reward based on an […]
Trump Blaming Fed for Next Market Crash – Dave Janda
Trump Blaming Fed for Next Market Crash – Dave Janda Radio host Dr. Dave Janda says everybody in Washington knows the next big crash is right around the corner. It’s been 10 years since the Fed reflated the last meltdown, and Dr. Janda says President Trump is already blaming the Federal Reserve for killing the […]
Foreign Banks Are Embracing Russia’s Alternative To SWIFT, Moscow Says
Foreign Banks Are Embracing Russia’s Alternative To SWIFT, Moscow Says On Friday, one day after Russia and China pledged to reduce their reliance on the dollar by increasing the amount of bilateral trade conducted in rubles and yuan (a goal toward which much progress has already been made over the past three years), Russia’s Central […]
The (ominous) problem with global liquidity
The (ominous) problem with global liquidity Market liquidity is crucial for well-functioning capital markets. There has been a quite lot of talk about diminished market liquidity and the role of machines in it (see, e.g. Q-review 4/2017, this and this). These are worrying developments. However, while market liquidity is crucial for markets, global financial flows, […]
The Coming Inflation Threat: The Worst Of Both Worlds
Sandusky Register The Coming Inflation Threat: The Worst Of Both Worlds Expect falling asset inflation, but rising cost inflation Inflation is a funny thing: we feel it virtually every day, but we’re told it doesn’t exist—the official inflation rate is around 2.5% over the past few years, a little higher when energy prices are going […]
