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We Are Entering The “Quantitative Failure” Narrative
We Are Entering The “Quantitative Failure” Narrative For a decade, the world brushed off any concerns about soaring global debt under the rug for a simple reason: between the Fed, the ECB and the BOJ, there was always a buyer of last resort, providing an implicit or, increasingly explicit backstop to bond prices, in the […]
The Eurozone Is in a Danger Zone
The Eurozone Is in a Danger Zone It is easy to conclude the EU, and the Eurozone in particular, is a financial and systemic time-bomb waiting to happen. Most commentary has focused on problems that are routinely patched over, such as Greece, Italy, or the impending rescue of Deutsche Bank. This is a mistake. The […]
The Ugly Truth
The Ugly Truth For years critics of central bank policy have been dismissed as negative nellies, but the ugly truth is staring us all in the face: Market advances remain a game of artificial liquidity and central bank jawboning and not organic growth and now the jig is up. As I’ve been saying for a […]
ECB Takes “Unprecedented” Step Of Putting Italy’s Banca Carige In Administration
ECB Takes “Unprecedented” Step Of Putting Italy’s Banca Carige In Administration Investors who had hoped that the resolution of Italy’s budget showdown with the EU would mark an end to a volatile period for Italian bonds and stocks were disappointed Wednesday when fears about an Italian banking crisis reemerged after the ECB appointed a slate […]
Weekly Commentary: The Perils of Inflationism
Weekly Commentary: The Perils of Inflationism December 13 – Financial Times (Chris Giles and Claire Jones): “When the European Central Bank switches off its money-printing press at the turn of this year and stops buying fresh assets, it will mark the end of a decade-long global experiment in how to stave off economic meltdowns. Quantitative […]
Gold – A Perfect Storm For 2019
Gold – A Perfect Storm For 2019 This article is an overview of the principal factors likely to drive the gold price in 2019. It looks at the global factors that have developed in 2018 for both gold and the dollar, how geopolitics are likely to evolve, the economic outlook and how it is worsened […]
ECB Confirms It Will End Asset Purchases, Will Reinvest Maturities In Full
ECB Confirms It Will End Asset Purchases, Will Reinvest Maturities In Full As expected, the ECB – which obviously is keeping its rates unchanged – confirmed it would end its asset purchases in December 2018, while clarifying for the first time that it would “continue reinvesting, in full, the principal payments from maturing securities purchased […]
Europe Struggles as the ECB Pretends to Know What It’s Doing
Europe Struggles as the ECB Pretends to Know What It’s Doing The European Central Bank (ECB) is rumored to be planning a halt to its four-year quantitative easing program at the end of this week when it will stop its asset purchases while continuing to keep interest rates at current near-zero levels through 2019. The […]
Every Bubble Is In Search Of A Pin
Every Bubble Is In Search Of A Pin The ‘Everything Bubble’ has popped Now that the world’s central banking cartel is taking a long-overdue pause from printing money and handing it to the wealthy elite, the collection of asset price bubbles nested within the Everything Bubble are starting to burst. The cartel (especially the ECB […]
A Global Dearth of Liquidity
A Global Dearth of Liquidity Worldwide Liquidity Drought – Money Supply Growth Slows Everywhere This is a brief update on money supply growth trends in the most important currency areas outside the US (namely the euro area, Japan and China) as announced in in our recent update on US money supply growth (see “Federal Punch […]
QE Created Dangerous Financial Dependence, Italy Hooked, Withdrawal Next, ECB Warns
QE Created Dangerous Financial Dependence, Italy Hooked, Withdrawal Next, ECB Warns “Who will purchase the €275 billion of government debt Italy is to issue in 2019?” The ECB, through its army of official mouthpieces, has begun warning of the potentially calamitous consequences for Italian bonds when its QE program comes to an end, which is […]
Take Heed Italy, Brussels Doesn’t Care One Whit About You
Take Heed Italy, Brussels Doesn’t Care One Whit About You Watching the complete betrayal of Brexit by British Prime Minister Theresa “The Gypsum Lady” May is proving to be a wake up call for Italians. The latest polling results coming out of Italy show that while the populist coalition in Italy is unpopular in Brussels […]
The Eurozone Banks’ Trillion Timebomb
The Eurozone Banks’ Trillion Timebomb Eurozone banks have fallen dramatically in the stock market despite the results of the stress tests carried out by the ECB, and the EU Banks Index is down 25% on the year despite year-long bullish recommendations from almost every broker. This should not surprise anyone because we have seen in […]
The Coming Monetary Crisis
The Coming Monetary Crisis QUESTION: Mr. Armstrong, you said that next year, interest expenditure will most likely exceed military. Is this how the monetary crisis begins to unfold? WR ANSWER: The entire problem with this Quantitative Easing has been the plain fact that the government is the biggest debtor. This is the same model around […]
Steen Jakobsen: The Four Horsemen Portend A Painful Reckoning
Steen Jakobsen: The Four Horsemen Portend A Painful Reckoning Even the US is now ‘swimming naked’ Steen Jacobsen, Chief Economist and Chief Investment Officer of Saxo Bank sees economic slowdown ahead. Specifically, his “Four Horseman” indicators: the drivers of economic growth, are all flashing red. Jacobsen believes that the central banks will continue their liquidity […]
