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Blain’s Morning Porridge – July 10 – Will Boeing trigger Crash?
Blain’s Morning Porridge – July 10 – Will Boeing trigger Crash? “Ignite blue touch paper and step back. Do not let Children play with Fireworks.” All eyes on what Powell tells Washington today, but a number of Porridge Readers called to tell me I’m wrong about summer risks! They think my expectation for a long […]
Powell’s Verschlimmbessern Fed
Powell’s Verschlimmbessern Fed According to wiki, verschlimmbessern is to make something worse in an honest but failed attempt to make it better. Other working titles for today’s T-Report included So Much Communication, So Little Information The Over-Engineered and Micro-Managed Market The Catch-22 of Fed Policy Why do Today what you Can do Next Meeting? I’ll Gladly Cut […]
Trying To Prevent Recessions Leads To Even Worse Recessions
Trying To Prevent Recessions Leads To Even Worse Recessions Deutsche Bank strategists Jim Reid and Craig Nicol wrote a report this week that echos what I and other Austrian School economists have been saying for many years: actions taken by governments and central banks to extend business cycles and prevent recessions lead to even more severe recessions […]
Markets are being Lulled into a False Sense of Accommodation
Markets are being Lulled into a False Sense of Accommodation Those who take an interest in the actions of central banks will know that the advent of Brexit and Donald Trump’s presidency has seen the direction of monetary policy gradually change in both the UK and the U.S. Since the EU referendum, the Bank of England […]
Should the Fed Tamper With the Quantity of Money?
SHOULD THE FED TAMPER WITH THE QUANTITY OF MONEY? Most economists are of the view that a growing economy requires a growing money stock, because economic growth gives rise to a greater demand for money, which must be accommodated. Failing to do so, it is maintained, will lead to a decline in the prices of […]
Weekly Commentary: The Ignore Them, Then Panic Dynamic
Weekly Commentary: The Ignore Them, Then Panic Dynamic After years of increasingly close cooperation and collaboration, the relationship has turned strained. Both sides are digging in their heels. Credibility is on the line. If one side doesn’t back down, things could really turn problematic. The Fed is asserting that it’s not about to lower the […]
Liquidity Stress Fractures Begin to Show in the Federal Reserve System
Liquidity Stress Fractures Begin to Show in the Federal Reserve System In my January Premium Post, “An Interesting Interest Conundrum,” I laid out how the Federal Reserve was losing control over the Fed funds rate — a loss of control over its bedrock interest rate that indicates financial stresses are building in the banking system […]
In The Fed We Trust – Part 1
In The Fed We Trust – Part 1 This article is the first part of a two-part article. Due to its length and importance, we split it to help readers’ better digest the information. The purpose of the article is to define money and currency and discuss their differences and risks. It is with this […]
Peter Schiff: The Uber IPO Fiasco and the Writing On the Wall
Peter Schiff: The Uber IPO Fiasco and the Writing On the Wall Uber launched its IPO on Friday. It was less than ideal. Meanwhile, the Federal Reserve is talking about how it wants to tweak its quantitative easing program when the next recession rolls around. Peter Schiff talked about how these things relate — and […]
Why Fed Chair Powell is a Laughingstock
Why Fed Chair Powell is a Laughingstock Fake Work Clarity. Simplicity. Elegance. These fundamentals are all in short supply. But are they in high demand? As far as we can tell, hardly a soul among us gives much of a rip about any of them. Instead, nearly everyone wants things to be more muddled, more […]
Central Banks Don’t Matter
Central Banks Don’t Matter “There is no money in monetary policy.” Could it be true? Is there no money in monetary policy? Yesterday we argued the Federal Reserve cannot even define money… much less measure it to any reasonable satisfaction. Today we venture upon a heresy deeper still — that central bank “monetary” policy has […]
Weekly Commentary: Transitory Histrionics
Weekly Commentary: Transitory Histrionics May 3 – Financial Times (Sam Fleming): “Having lamented low inflation as one of the great challenges facing central bankers today in March, Jay Powell on Wednesday wrongfooted many investors with comments that seemed to play down the gravity of the problem. The new message from the Federal Reserve chairman — […]
Globally Synchronized…
Globally Synchronized… The economic sickness is predictably spreading. While unexpected in most of the world which still, somehow, depends on central banking forecasts, it really has been almost inevitable. From the very start, just the utterance of the word “decoupling” was the kiss of death. What that meant in the context of globally synchronized growth, […]
Nomura: The Fed Will Go Large; Expect A 50bp Cut Out Of The Gate… And Soon
Nomura: The Fed Will Go Large; Expect A 50bp Cut Out Of The Gate… And Soon it may seem morbid, if not grotesque, to discuss the Fed cutting rates on the day when the S&P just hit a new all time high, but as a result of the previously discussed US bank liquidity and dollar shortage thesis, now also […]
Weekly Commentary: Officially on “Periphery” Contagion Watch
Weekly Commentary: Officially on “Periphery” Contagion Watch This week saw all-time highs in the S&P500, the Nasdaq Composite, the Nasdaq100, and the Philadelphia Semiconductor Index. Microsoft’s market capitalization reached $1 TN for the first time. First quarter GDP was reported at a stronger-than-expected 3.2% pace. So why would the market this week increase the probability […]
