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This Federal Policy Enabled the Fracking Industry’s $280 Billion Loss
This Federal Policy Enabled the Fracking Industry’s $280 Billion Loss Most people probably aren’t familiar with the acronym ZIRP. It stands for zero interest rate policy and is the policy that unintentionally created the American fracking bubble — just one of its many consequences. And while most people may not know much (if anything) about ZIRP […]
Weekly Commentary: Disequilibrium
Weekly Commentary: Disequilibrium Much to the consternation of our allies, President Trump withdraws from the Iran nuclear deal. WTI crude adds another 1.5% (up 17% y-t-d) this week to the high since November 2014. Iran and Israel moved closer to direct military confrontation. With even 40% rates unable to staunch the bleeding, a stunned Argentine […]
BIG BANG is Here and Ticking
BIG BANG is Here and Ticking QUESTION: Dear Marty, due to 5,000-year lows in interest rates, in 2011 the US was able to triple the debt but keep the payments the same as in 1998. With interest rates rising (but still historically low) in 2017 the US paid the highest interest payment on the debt […]
EM FX Plunges: Argentine Peso Re-Crashes, Turkish Lira Tumbles To Record Low
EM FX Plunges: Argentine Peso Re-Crashes, Turkish Lira Tumbles To Record Low Just hours after Fed Chair Jay Powell implied that ’emerging markets are on their own’, EM FX is re-collapsing… with Argentina (despite a 1275bp rate hike) and Turkey both crashing to new record lows… “There is good reason to think that the normalization […]
Fed Chair Powell To Emerging Markets: You Are On Your Own
Fed Chair Powell To Emerging Markets: You Are On Your Own Over the weekend, when commenting on the ongoing rout in emerging markets, Bloomberg published an article titled “Rattled Emerging Markets Say: It’s Over to You, Central Bankers.” Well, overnight the most important central banker of all, Fed Chair Jay Powell responded to these pleas […]
Is the US Exporting a Recession?
IS THE US EXPORTING A RECESSION? The Federal Reserve continue to raise rates as S&P earnings beat estimates The ECB and BoJ maintain QE Globally, corporations rely on US$ financing, nonetheless Signs of a slowdown in growth are clearer outside the US After last week’s ECB meeting, Mario Draghi gave the usual press conference. He confirmed […]
Russell Napier: The Rising Dollar Will Trigger The Next “Systemic Banking Crisis”
Russell Napier: The Rising Dollar Will Trigger The Next “Systemic Banking Crisis” Fresh off his successful call earlier this year that the US dollar would strengthen in the coming months, macroeconomic strategist and market historian Russell Napier joined MacroVoices host Erik Townsend to discuss why he favors deflation and why he has such a bullish […]
Effects of Monetary Pumping on the Real World
Effects of Monetary Pumping on the Real World As long time readers know, we are looking at the economy through the lens of Austrian capital and monetary theory (see here for a backgrounder on capital theory and the production structure). In a nutshell: Monetary pumping falsifies interest rate signals by pushing gross market rates below […]
The Fed Should Be Careful What It Wishes For
SAUL LOEB/AFP/Getty Images The Fed Should Be Careful What It Wishes For Major central banks’ fixation on inflation betrays a guilty conscience for serially falling short of their targets. It also raises the risk that in fighting the last war, they will be poorly prepared for the next – the battle against too-high inflation. CAMBRIDGE […]
Peter Schiff: ‘The Fed Is Like Mr. Magoo! We Are Headed For A Massive Financial Crisis’
Peter Schiff: ‘The Fed Is Like Mr. Magoo! We Are Headed For A Massive Financial Crisis’ Peter Schiff has been saying that even though the stock market is on a slow downward slide, the biggest problem is actually in the bond market. Last week, Schiff warned us to be wary of the calm before the […]
The Coming Monetary Reform – Behind the Curtain Talk
The Coming Monetary Reform – Behind the Curtain Talk QUESTION: Okay Marty, You keep saying “the world monetary system will have to be reformed.” Spill! What do you hear behind the curtain? Cheers, EM ANSWER: I just returned from Europe where I had meetings with some high levels of interest. The great concern in Europe is […]
Donald Trump and the Next Crash: Making the Fed an Instrument for Disaster
Donald Trump and the Next Crash: Making the Fed an Instrument for Disaster Photo by futureatlas.com | CC BY 2.0 Warning: What you are about to read is not about Russia, the 2016 election, or the latest person to depart from the White House in a storm of tweets. It’s the Beltway story hiding in […]
Gold Leaving US Vaults: Signs of Upcoming Currency War and Armed Conflict
Gold Leaving US Vaults: Signs of Upcoming Currency War and Armed Conflict The Turkish government has made the decision to repatriate all of its gold reserves that are currently housed in the US Federal Reserve System (FRS). Overall Turkey was storing 220 tonnes, valued at $25.3 billion, in the US, which it repossessed on April 19, […]
Markets Better Prepare for Stagflation
Markets Better Prepare for Stagflation By all metrics, prices are heating up. But the same can’t be said for economic activity. Pray for Jerome Powell. Photographer: Andrew Harrer/Bloomberg Investors better wake up to the growing risk of stagflation. The coming weeks promise to deliver the verdict on how they should be positioned. By […]
There is Over $7.5 Trillion In Debt That’s Highly Vulnerable To Rising Rates – Here’s What To Expect
There is Over $7.5 Trillion In Debt That’s Highly Vulnerable To Rising Rates – Here’s What To Expect The 10-year interest rate hit the critical level of 3% this morning. And this is the highest level it’s been since 2014 – four years ago. . . A couple months back, I highlighted the correlation of […]
