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Global Trade (Still) In Freefall: Imports Collapse At Largest Three US Ports
Global Trade (Still) In Freefall: Imports Collapse At Largest Three US Ports We’ve said it before and we’ll say it again: global growth and trade are grinding to a halt. Back in September, we flagged comments from WTO chief economist Robert Koopman who warned that after a “burst of globalization”, we are now “at a point of […]
Is Judgment Day At Hand?
Is Judgment Day At Hand? What is Judgment Day? It is like ancient times that the Feds, under Greenspan, somehow decided that US needed to follow a zero interest rate policy, a policy now known as the ZIRP. It was 2008 when Bernanke gave birth to the term Quantitative Easing, QE. QE was followed by Operation […]
The Fed Desperately Tries to Maintain the Status Quo
The Fed Desperately Tries to Maintain the Status Quo During the press conferences of recent FOMC meetings, millions of well-educated investment professionals have been sitting in front of their screens, chewing their fingernails, listening as if spellbound to what Janet Yellen has to tell them. Will she finally raise the federal funds rate that has […]
This Time Is The Same——And Worse!
This Time Is The Same——And Worse! The current stock market melt-up hardly qualifies as limp. Even the robo-machines and hyper-ventilating day traders apparently recognize that their job is to tag the May 2015 highs and then get out of the way. So when and as they complete their pointless mission, the question recurs as to why the posse […]
Professor Bernanke’s Bogus Contra-factual, Part 2: Why The Friedman/Bernanke Thesis About The Great Depression Was Dead Wrong
Professor Bernanke’s Bogus Contra-factual, Part 2: Why The Friedman/Bernanke Thesis About The Great Depression Was Dead Wrong In explaining to the FT’s Martin Wolf why he bailed out the Wall Street gamblers at Goldman Sachs and Morgan Stanley while crushing millions of ordinary American savers and retirees, Bernanke typically repaired to his go to argument. It had nothing to do with […]
The Wrong War For Central Banking
The Wrong War For Central Banking Fixated on inflation targeting in a world without inflation, central banks have lost their way. With benchmark interest rates stuck at the dreaded zero bound, monetary policy has been transformed from an agent of price stability into an engine of financial instability. A new approach is desperately needed. The […]
The Worse Things Get For You, The Better They Get For Wall Street
The Worse Things Get For You, The Better They Get For Wall Street On October 2 the BLS reported absolutely atrocious employment data, with virtually no job growth other than the phantom jobs added by the fantastically wrong Birth/Death adjustment for all those new businesses springing up around the country. The MSM couldn’t even spin […]
Has The Market Trend Shifted From Bull To Bear?
Has The Market Trend Shifted From Bull To Bear? Why the recent volatility may mark a secular shift Emotions are running high for the investment community in the wake of recent market volatility. Up until August, we had been in the third longest period in market history without a 10% correction. Since then, stock indices […]
Wal-Mart’s Worst Stock Crash In 27 Years Is Another Sign That The Economy Is Rapidly Falling Apart
Wal-Mart’s Worst Stock Crash In 27 Years Is Another Sign That The Economy Is Rapidly Falling Apart Now that a major global recession has begun, you would expect major retailers like Wal-Mart to run into trouble as consumer spending dries up, and that is precisely what is happening. On Wednesday, shares of Wal-Mart experienced their largest […]
The G-30 Group Of Central Bankers Warn They Can “No Longer Save The World”
The G-30 Group Of Central Bankers Warn They Can “No Longer Save The World” In a detailed report by the Group of Thirty, central bankers warned that ZIRP and money printing were not sufficient to revive economic growth and risked becoming semi-permanent measures. As Reuters reports, the flow of easy money has inflated asset prices like stocks and […]
The Mindless Stupidity of Negative Interest Rates
The Mindless Stupidity of Negative Interest Rates Here we are in the midst of The Great Stagnation Middle Class Elimination and some central bankers and mainstream economists are promoting negative interest rates. One economist was quoted in a Marketwatch piece by Greg Robb as saying, “…pushing rates into negative territory works in many ways just like […]
US Economy Flies into “Coffin Corner,” But We Don’t Mind!
US Economy Flies into “Coffin Corner,” But We Don’t Mind! Every year, Wall Street economists see a spike in a few indicators and announce an imminent boom. This slowly fades away, leaving another year of slow growth — preventing full recovery from the crash. Readers of the FM website have seen this accurately reported since […]
Why NIRP may trump QE4
Why NIRP may trump QE4 The Fed unsurprisingly chickened out from the much touted September hike. International conditions and a disapproval from Mr. Market was enough to unnerve an increasingly bewildered FOMC board. Less well known is the fact that the FOMC gave a strong, and unexpected, signal to the Pavlovian world of central bank […]
From ZIRP to NIRP
From ZIRP to NIRP The sudden end of the Fed’s ambition to raise interest rates above the zero bound, coupled with the FOMC’s minutes, which expressed concerns about emerging market economies, has got financial scribblers writing about negative interest rate policies (NIRP). Coincidentally, Andrew Haldane, the chief economist at the Bank of England, published a […]
