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The Ghost of Failed Banks Returns
The Ghost of Failed Banks Returns Last week’s failure in the US repo market might have had something to do with Deutsche Bank’s disposal of its prime brokerage to BNP, bringing an unwelcome spotlight to the troubled bank and other foreign banks with prime brokerages in America. There are also worrying similarities between Germany’s Deutsche […]
For Those Who Don’t Understand Inflation
FOR THOSE WHO DON’T UNDERSTAND INFLATION This article is a wake-up call for those who do not understand the true purpose of monetary inflation, and do not realise they are the suckers being robbed by monetary policy. With the world facing a deepening recession, monetary inflation will accelerate again. It is time for everyone to […]
The Financial War Escalates
THE FINANCIAL WAR ESCALATES Behind the scenes, the financial war between America and China is escalating dangerously into a war to secure global financial resources. At a time of growing liquidation of dollar assets by foreigners, the US Treasury’s internal analysis will highlight future government funding problems in the light of a developing US recession. […]
Post-tariff considerations
Post-tariff considerations President Trump has declared he will extend tariffs of 25% on all America’s imports of Chinese goods. China is responding with tariff increases of its own. The consequences of this action and reaction will be to kick-start higher monetary inflation in America and an economic slump. This article explains how an overdue credit […]
Cyber wars and all that
Cyber wars and all that Behind the Huawei story, we must not forget there is a wider financial war being waged by America against China and Russia. Stories about China’s banks being short of dollars are incorrect: the shortage is of inward capital flows to support the US Government’s budget deficit. By attracting those global […]
The US Government Debt Crisis
The US Government Debt Crisis This article explains why the US Government is ensnared in a debt trap from which there is no escape. Its finances are spiralling out of control. In the context of a rapidly slowing global economy, the budget deficit can only be financed by QE and bank credit expansion. Do not […]
Golden Straws In The Wind
Golden Straws In The Wind Life in the world of gold bullion is full of mysteries. Each mystery is like a straw in the wind, which individually means little, but tempting us to speculate there’s a greater meaning behind it all. Yes, there is a far greater game in play, taking Kipling’s aphorism to a […]
ECB Inflationists are Crippling Europe
ECB Inflationists are Crippling Europe Last week, the ECB announced the reintroduction of targeted long-term refinancing operations for the third time. TLTRO-III is scheduled to start from next September. The idea is to make yet more money available for the banks at attractive rates on condition they increase their lending to non-financial entities. The policy […]
Can the EU Survive the Next Financial Crisis?
Can the EU Survive the Next Financial Crisis? Despite the ECB’s subsidy of the Eurozone’s banking system, it remains in a sleepwalking state similar to the non-financial, non-crony-capitalist zombified economy. Gone are the heady days of investment banking. There is now a legacy of derivatives and regulators’ fines. Technology has made the over-extended branch network, […]
EU monetary and economic failures
EU monetary and economic failures Introduction and summary The monetary, financial and political weaknesses of the EU are about to be exposed by the forthcoming global credit crisis. This article assumes the combination of end of credit cycle dynamics and the rise in trade protectionism in 1929 is a valid precedent for gauging the scale […]
The return to a gold exchange standard
The return to a gold exchange standard This article makes the obvious point that a return to a gold standard is the only way nations can contain the interest cost of servicing debt, given the alternative is inflationist policies that can only lead to far higher interest rates and currency destruction. The topic is timely, […]
Currencies threatened by a credit crisis
Currencies threatened by a credit crisis In this article I draw attention to the similarities between the current economic situation and that of 1929, and the threat to today’s unbacked currencies. There is the coincidence of trade protectionism with the top of the credit cycle, and there are the inflationary events that preceded it. The […]
How the Euro Enabled Europe’s Debt Bubbles
How the Euro Enabled Europe’s Debt Bubbles It’s the twentieth anniversary of the euro’s existence, and far from being celebrated, it is being blamed for many — if not all — of the Eurozone’s ills. However, the euro cannot be blamed for the monetary and policy failures of the ECB, national central banks and politicians. […]
The Arrival of the Credit Crisis
THE ARRIVAL OF THE CREDIT CRISIS Those of us who closely follow the credit cycle should not be surprised by the current slide in equity markets. It was going to happen anyway. The timing had recently become apparent as well, and in early August I was able to write the following: “The timing for the […]
