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China’s 1929 moment
China’s 1929 moment Anyone with a nose for markets will tell you that the Chinese government’s attempt to rescue the country’s stock markets from collapse is far from succeeding. Bubbles collapse, period; and government interventions don’t stop them. Furthermore, we are beginning to see a crack widen in the foundations of China’s capital markets that […]
Money and Spheres
Money and Spheres In a tiny subsection of the analytical world, analysis is becoming more pointed and poignant. I appreciate Bill Gross’s August commentary, where he concluded: “Say a little prayer that the BIS, yours truly, and a growing cast of contrarians, such as Jim Bianco and CNBC’s Rick Santelli, can convince the establishment that […]
Deflation Is Winning – Beware!
Deflation Is Winning – Beware! Expect the ride to get even rougher Deflation is back on the front burner and it’s going to destroy all of the careful central planning and related market manipulation of the past 6 years. Clear signs from the periphery indicate that a destructive deflationary pulse has been unleashed. Tanking commodity […]
Local Currency–Money For Us, Not the Bankers
Local Currency–Money For Us, Not the Bankers “Back in the 1930s on the Olympic peninsula, people were paying their taxes in alternative money…The banks shut them down. This is an example of the monopoly the banks have, and the level of control they have over peoples’ economic lives… People need to know [local currency] is […]
The Terrorism Pretext: Mass Surveillance is About Money and Power
The Terrorism Pretext: Mass Surveillance is About Money and Power “We are under pressure from the Treasury to justify our budget, and commercial espionage is one way of making a direct contribution to the nation’s balance of payments” -Sir Colin McColl, former MI6 Chief For years public figures have condemned cyber espionage committed against the […]
When Money Dies
When Money Dies “When Money Dies” is the title of a 1975 book by Adam Fergusson, in which he describes the downfall of the Reichsmark in Weimar Germany. A fascinating look at that period of history, one can glean quite a few useful pieces of advice on how to survive a currency crisis. But “when […]
Cashtration
Cashtration Recently, we’ve witnessed the bank holiday in Greece, the limitation as to how much the Greek people can withdraw from their accounts each day. Not surprisingly, the mainstream press have focused on images such as the one above – a queue at an ATM – and discussed the difficulty of the Greek people in trying […]
Is Greece a Template for U.S. State & Local Government Debt Crises?
Is Greece a Template for U.S. State & Local Government Debt Crises? The template of over-indebtedness as a response to soaring obligations is scale-invariant, and it always ends the same way: default. When you can’t pay your bills, you can either cut expenses, borrow money or if you’re extraordinarily privileged, print money. If you borrow money […]
A Lesson From the Greek Crisis: Safe Deposit Boxes Are Not Safe
A Lesson From the Greek Crisis: Safe Deposit Boxes Are Not Safe Last week the Greek government imposed capital controls to prevent cash from escaping from the Greek banking system, which is on the brink of collapse. These repressive financial measures, which were invented by “Hitler’s banker” Hjalmar Schacht in the 1930s, include the closing of banks, limiting cash withdrawals from […]
In A World Of Artificial Liquidity – Cash Is King
In A World Of Artificial Liquidity – Cash Is King And you’d better have some stashed out of the system Global central banks are afraid. Before Greece tried to stand up to the Troika, they were merely worried. Now it’s clear that no matter what they tell themselves and the world about the necessity or […]
Who Will Be the Last to Crash?
Who Will Be the Last to Crash? This is the question that astute investors are forced to ask themselves these days. No reasonable person believes that a system of ever-expanding debt can resolve painlessly. It simply cannot happen… not, at least, until 2+2 stops equaling four. But the international money system, while deeply interconnected, can […]
Greek Capital Controls Begin: Greek Banks, Stock Market Will Not Open On Monday
Greek Capital Controls Begin: Greek Banks, Stock Market Will Not Open On Monday Update 2: Greece’s Skai reports that if/when banks reopen (supposedly on Tuesday), a 60€ withdrawal limit will be imposed. Update: In a televised address to the nation, Greek PM Alexis Tsipras assured Greeks that their deposits are safe despite an upcoming bank holiday and […]
