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Eurozone Collapse: V-Shaped Recovery Mirage Is Gone
Eurozone Collapse: V-Shaped Recovery Mirage Is Gone Eurozone Economy Collapses 3.8% in the first quarter, the worst on record. Spain (-5.2%) and France (-5.6%) GDP were much worse than Italy (-4.7%). Economist Daniel Lacalle offers his thoughts on the European economy in a YouTube video. Daniel Lacalle✔@dlacalle_IA EUROZONE COLLAPSE The V-Shaped Recovery Mirage Is Gone. […]
Rate of Contraction Exceeds the Global Financial Crisis
Rate of Contraction Exceeds the Global Financial Crisis The US is suffering the fastest deterioration in operating conditions for over 11 years. Markit reports Output Contracts at Fastest Pace in Survey History amid COVID19 pandemic . Key Findings Flash U.S. Composite Output Index at 27.4 (40.9 in March). New series low. Flash U.S. Services Business Activity Index at […]
As Unemployment Claims Rise, So Do Missed Mortgage Payments
As Unemployment Claims Rise, So Do Missed Mortgage Payments Over 22 million people have filed for unemployment benefits in the past 4 weeks. Many struggle with payments. Black Knight reports More than 2.9 Million in Forbearance, 5.5% of All Mortgages Key Details As of April 16, more than 2.9 million homeowners – or 5.5% of all […]
Hyperinflationists Come Out of the Woodwork Again
Hyperinflationists Come Out of the Woodwork Again CoinDesk asked me to share my opinions on the chance of hyperinflation. My thoughts are below. From CoinDesk Hi Mish, I am working on an article for CoinDesk about recent fiscal and monetary splurge by governments and central banks across the globe and the impact on gold and […]
50,000 New Coronavirus Infections Per Day in China
50,000 New Coronavirus Infections Per Day in China Prof. Neil Ferguson, Vice Dean Faculty of Medicine, Imperial College in London, estimates 50K new infections per day. Please consider the following video by Prof. Neil Ferguson. 10 Key Video Points 50,000 new cases a day in china Infections doubling every 5 days Death rate is still […]
“Made in China” Economic Hit Coming Right Up
“Made in China” Economic Hit Coming Right Up Economic contagion due to the coronavirus is underway. Hyundai halted production. Sony, Apple, and Ford issued warnings. If you can’t get parts, you can’t build cars. And due to a coronavirus-related manufacturing halt in China, Hyundai to Shut Down Some Production. Hyundai, the world’s fifth-largest carmaker, announced Tuesday […]
Recession Arithmetic: What Would It Take?
Recession Arithmetic: What Would It Take? David Rosenberg explores Recession Arithmetic in today’s Breakfast With Dave. I add a few charts of my own to discuss. Rosenberg notes “Private fixed investment has declined two quarters in a row as of 2019 Q3. Since 1980, this has only happened twice outside of a recession.” Here is […]
Jim Bianco Says This Is QE, Like Y2K
Jim Bianco Says This Is QE, Like Y2K In contrast to Hussman, Jim Bianco, at Bianco Research says the Fed’s repo actions are QE. Earlier today I posted, Hussman Sides with Powell: It’s Not QE4. If Hussman convinced you the Fed was not conducting QE, I will give you a chance to change your mind again. […]
France Grinds to a Halt in Massive Strike
France Grinds to a Halt in Massive Strike Hundreds of thousands of lawyers, teachers, students and air-traffic controllers protest pension Macron’s pension reform Cities Paralyzed French president Emmanuel macron is back in the hot seat over reform proposals. Over 800,000 protesters have taken to the streets in a Massive Strike that has paralyzed cities. Cities across France […]
The US Wanted a Coup in Bolivia: Like Magic, It Got One
The US Wanted a Coup in Bolivia: Like Magic, It Got One Bolivia’s President Evo Morales was ousted in a coup. What happened? Military Coup The US wanted Leftist President Evo Morales gone. Guess what? He’s gone. The Guardian reports Many Wanted Morales Out. But What Happened in Bolivia was a Military Coup. On Sunday the […]
Pondering the Collapse of the Entire Shadow Banking System
Pondering the Collapse of the Entire Shadow Banking System What’s behind the ever-increasing need for emergency repos? A couple of correspondents have an eye on shadow banking. Shadow Banking The shadow banking system consists of lenders, brokers, and other credit intermediaries who fall outside the realm of traditional regulated banking. It is generally unregulated and […]
What the Hell is the ECB Doing?
What the Hell is the ECB Doing? Danielle DiMartino poses an interesting question regarding the ECB. I have a set of answers. What is the ECB Doing? I started thinking about that question weeks ago. I have a set of answers and even started writing this post before DiMartino brought it to the forefront. There […]
Powell “Not Forecasting a Recession”
Powell “Not Forecasting a Recession” In a speech today in Zurich Switzerland, Jerome Powell stated the Fed is not forecasting a recession. YouTube Video of Zurich Conference The Fed has never forecast a recession, even after they have started. It reminds me of Bernanke’s denials on the housing bubble. No Comment on Trade? 1st and […]
Lagarde Praises Negative Rates, Study Shows They Reduce Lending
Lagarde Praises Negative Rates, Study Shows They Reduce Lending Incoming IMF chief Christine Lagarde says negative rates have helped Europe more than they’ve hurt. I disagree. The nearly always wrong Christine Lagarde is wrong once again. Today she claims Negative Rates Have Helped Europe More Than They’ve Hurt. The next head of the European Central Bank, […]
Barron’s Nonsensical Idea: Cut Rates Like Mad to Avoid Recession
Barron’s Nonsensical Idea: Cut Rates Like Mad to Avoid Recession Barron’s writer Matthew Klein proposes to stop the recession by cutting interest rates like it’s 1995. Klein says How to Avoid a Recession? Cut Interest Rates Like It’s 1995. One of the most reliable harbingers of U.S. recession—short-term interest rates on U.S. Treasury debt higher than […]
