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The Fed’s Failures Are Mounting
The Fed’s Failures Are Mounting In the decade between “60 Minutes” interviews, the central bank has sparked a recovery without inflation but not much else. Danielle DiMartino Booth, a former adviser to the president of the Dallas Fed, is the author of “Fed Up: An Insider’s Take on Why the Federal Reserve Is Bad for America,” […]
The Federal Reserve: A Failure of the Rule of Law
The Federal Reserve: A Failure of the Rule of Law “Money is power.” We’ve all heard this aphorism many times before. Too often it’s a lazy shorthand dismissal of the finding of mainstream economics, which show that the pursuit and possession of money often entails innocuous or even beneficial consequences for society. Dr. Johnson was […]
A Modest Proposal for the Fed
A Modest Proposal for the Fed Quantitative easing, the program of asset buying initiated by the US Federal Reserve Bank in 2008, represents the most profound monetary experiment in the history of the world. Between fall of 2008 and fall of 2014, three successive rounds of QE quadrupled the monetary base of the world’s most-used and dominant currency, from less […]
Fake Money’s Face Value Deceit
Fake Money’s Face Value Deceit Shane Anthony Mele stumbled off the straight and narrow path many years ago. One bad decision here. Another there. And he was neck deep in the smelly stuff. These missteps compounded over the years and also magnified his natural shortcomings. Namely, that he’s a thief and – to be polite […]
Remember, The Fed Hasn’t Actually Done Anything Yet
Remember, The Fed Hasn’t Actually Done Anything Yet When the financial markets got, um, choppy towards the end of 2018, the Fed caved almost instantly. But only rhetorically. Fed chair Powell promised to stop raising interest rates and shrinking the money supply, and the financial markets, trained to salivate at the sound of Fed happy […]
Weekly Commentary: Dudley on Debt and MMT
Weekly Commentary: Dudley on Debt and MMT December’s market instability and resulting Fed capitulation to the marketplace continue to reverberate. At this point, markets basically assume the Fed is well into the process of terminating policy normalization. Only a couple of months since completing its almost $3.0 TN stimulus program, markets now expect the ECB […]
Bubble 3.0: No Way Out
BUBBLE 3.0: NO WAY OUT “We’re paddling against the current in trying to sustain public faith in the Fed.”–Federal Reserve Chairman JEROME (JAY) POWELL “The FOMC (Federal Open Market Committee, the Fed’s key rate-setting entity) is in panic mode now, facing the Frankenstein monster balance sheet it has created. The FOMC has come to the […]
Weekly Commentary: Dudley on Debt and MMT
Weekly Commentary: Dudley on Debt and MMT December’s market instability and resulting Fed capitulation to the marketplace continue to reverberate. At this point, markets basically assume the Fed is well into the process of terminating policy normalization. Only a couple of months since completing its almost $3.0 TN stimulus program, markets now expect the ECB […]
Central Bank Balance Sheet Reductions–Will Anyone Follow the Fed?
CENTRAL BANK BALANCE SHEET REDUCTIONS – WILL ANYONE FOLLOW THE FED? The next wave of QE will be different, credit spreads will be controlled The Federal Reserve may continue to tighten but few other CB’s can follow ECB balance sheet reduction might occur if a crisis does not arrive first Interest rates are likely to […]
Highway to the Danger Zone
Highway to the Danger Zone On Thursday markets nearly broke their uptrend from the December lows, but once again a magic Friday overnight gap up driven by renewed hopes for an imminent China-US trade deal and supported by 9 Fed speakers trampling all over themselves to out dove each other alongside a flood of buyback […]
Stupidity Well Anchored: Absurdity of Inflation Expectations in Graphic Form
Stupidity Well Anchored: Absurdity of Inflation Expectations in Graphic Form The amount of sheer nonsense written about inflation expectations is staggering. Let’s take a look at some recent articles before making a mockery of them with a single picture. by Mish Expectations Problem On July 17, 2017, Rich Miller writing for Bloomberg proclaimed The Fed Has an […]
The Birth of a Monster
The Birth of a Monster The Federal Reserve’s doors have been open for “business” for one hundred years. In explaining the creation of this money-making machine (pun intended — the Fed remits nearly $100 bn. in profits each year to Congress) most people fall into one of two camps. Those inclined to view the Fed as […]
Doug Noland: Central Banks Are “Hostages Of Market Bubbles”
Doug Noland: Central Banks Are “Hostages Of Market Bubbles” Doug Noland’s weekly Credit Bubble Bulletin is always required reading. The latest – befitting the amazing things that have happened lately – is more necessary than usual. But at 10,000 words it’s also a lot longer than usual. So while everyone should definitely read the whole thing, here are some […]
Get Used to the “Powell Put”
Get Used to the “Powell Put” In the land of the Federal Reserve and its market-manipulating mechanisms, there’s now an unofficial market term called the “Powell Put” or the “Powell Pivot.” It is in direct reference to Fed chairman Jerome Powell. Before he became chairman, Wall Street referred to prior heads’ policies with terms like […]
Peter Schiff: ‘This Is The Beginning Of The End’ For The Economy
Peter Schiff: ‘This Is The Beginning Of The End’ For The Economy Peter Schiff, the President and CEO of Euro Pacific Capital, and one of the few who predicted the 2008 Great Recession before it happened has said that what we are experiencing now is “the beginning of the end.” Schiff made his comments during his […]
