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Bernanke, Geithner & Paulson Warn: “We’ve Forgotten The Lessons Of The Financial Crisis”
Bernanke, Geithner & Paulson Warn: “We’ve Forgotten The Lessons Of The Financial Crisis” Late last month, the Fed declared that six of the country’s biggest banks needed to scale back their plans for returning cash to shareholders to strengthen their capital buffers, a striking reminder that banks shouldn’t be overeager to put the legacy of […]
Update on the Fed’s QE Unwind
Update on the Fed’s QE Unwind With QE, the Fed created money to buy securities and pump up asset prices; now it sheds securities to destroy this money. Here’s what the Fed’s QE unwind – or the balance sheet normalization, as it calls it – is all about: it reverses over an unknown span of […]
Inflation Rearing Its Ugly Head
Inflation Rearing Its Ugly Head The world of finance and investment, as always, faces many uncertainties. The US economy is booming, say some, and others warn that money supply growth has slowed, raising fears of impending deflation. We fret about the banks, with a well-known systemically-important European name in difficulties. We worry about the disintegration […]
Irrational Beliefs are Ruling Markets
IRRATIONAL BELIEFS ARE RULING MARKETS To understand the consequences of the credit cycle, we must dismiss pure opinion, and examine the evidence rationally. This article assesses the fate of the dollar on the next credit crisis, a subject of increasing topicality. It concludes that the late stage of the credit cycle has important similarities with […]
“Failing” Deutsche Bank May Be Kicked Out Of Key European Index
“Failing” Deutsche Bank May Be Kicked Out Of Key European Index One day after Deutsche Bank’s US operations failed the Fed’s “stress test”, it appears that this outcome had been priced in by the market as DB’s stock price rose as much as 3% in early Friday trading… … although looking slightly higher in the […]
India Central Bank Intervenes As Rupee Crashes To Record Low
India Central Bank Intervenes As Rupee Crashes To Record Low Just weeks after Urjit Patel, Governor of the Reserve Bank of India, wrote an op-ed in the FT warning that should the US maintain its current pace of monetary policy tightening, it could have serious repercussions for the global economy, it is… It was the […]
How Long Can The Federal Reserve Stave Off the Inevitable?
How Long Can The Federal Reserve Stave Off the Inevitable? When are America’s global corporations and Wall Street going to sit down with President Trump and explain to him that his trade war is not with China but with them. The biggest chunk of America’s trade deficit with China is the offshored production of America’s […]
BIS Confirms Banks Use “Lehman-Style Trick” To Disguise Debt, Engage In “Window Dressing”
BIS Confirms Banks Use “Lehman-Style Trick” To Disguise Debt, Engage In “Window Dressing” Several years ago we showed how the Fed’s then-new Reverse Repo operation had quickly transformed into nothing more than a quarter-end “window dressing” operation for major banks, seeking to make their balance sheets appear healthier and more stable for regulatory purposes. As […]
Ike was right!
Ike was right! POITOU, FRANCE – We wait for the world to fall apart. The Dow is still more than 1,000 points below its high; so we presume the primary trend is down. Treasury yields – on the 10-year note – are near 3%… twice what they were two years ago. So we presume the […]
Next Central Bank Puts QE Unwind on the Calendar
Next Central Bank Puts QE Unwind on the Calendar The end of an era spreads. Markets were surprised today when the Bank of England took a “hawkish” turn and announced that three out of nine members of its Monetary Policy Committee – including influential Chief Economist Andrew Haldane, who’d been considered dovish – voted to […]
The Fed’s “Inflation Target” is Impoverishing American Workers
The Fed’s “Inflation Target” is Impoverishing American Workers Redefined Terms and Absurd Targets At one time, the Federal Reserve’s sole mandate was to maintain stable prices and to “fight inflation.” To the Fed, the financial press, and most everyone else “inflation” means rising prices instead of its original and true definition as an increase in […]
Watch Live: The World’s Top 3 Central Bankers Discuss What’s Next
Watch Live: The World’s Top 3 Central Bankers Discuss What’s Next Update: Powell has maintained his hawkish tone from last week’s press conference with his comments in Sintra on the labor market and monetary policy. He expressed confidence in the US economy and said “the case for continued gradual rate hikes is strong.” According to […]
America’s Debt Dependence Makes It An Easy Economic Target
America’s Debt Dependence Makes It An Easy Economic Target There is a classic denial tactic that many people use when confronted with negative facts about a subject they have a personal attachment to; I would call it “deferral denial” — or a psychological postponing of reality. For example, point out the fundamentals on the U.S. economy […]
Kass – Risk Happens Fast
Risk Happens Fast Risk happens fast – Trump trade policy whacks futures this morning We remain in a trading sardine market – not an eating sardine market Hastily crafted policy that conflates politics is dangerous in a flat and networked world The return of an untethered Orange Swan is market unfriendly … brace yourselves The […]
Living Dangerously
LIVING DANGEROUSLY Regular readers of Goldmoney’s Insights should be aware by now that the cycle of business activity is fuelled by monetary policy, and that the periodic booms and slumps experienced since monetary policy has been used in an attempt to manage economic outcomes are the result of monetary policy itself. The link between interest rate suppression […]
