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How Big an Oil Glut is There Really?
How Big an Oil Glut is There Really? Revisiting Crude Oil Beginning in late August we have frequently discussed the possibility that a significant low in crude oil prices could be imminent in spite of the “obvious” lousy fundamentals. As blind luck would have it, the first of these articles (entitled “Is Crude Oil Close to a Low?”) was […]
Legal Fictions and new Battlegrounds in the War on Cash
Legal Fictions and new Battlegrounds in the War on Cash Greece – Ground Zero in the War on Cash? We believe it was our friend Claudio Grass of Global Gold in Switzerland who first mentioned that the eurocracy may possibly have plans to use the Greek crisis as an opportunity to expand the ongoing war […]
Faith in Central Banks Dwindles
Faith in Central Banks Dwindles Even Bloomberg Notices that Something is Amiss As anyone who hasn’t been in a coma knows, assorted central bank interventions have failed to achieve their stated goals over the past several years. A recent article at Bloomberg focuses on their failure to reach their “inflation” targets. Of course, this particular failure is […]
The Phrase that Initiates Recessions
The Phrase that Initiates Recessions It Can’t Get Any Worse? On Friday, shortly after the release of the payrolls report, we asked half in jest whether the time had finally come for the market to interpret bad news as bad news, and not as an opportunity to speculate on more central bank largesse. As someone remarked to […]
EU Moloch in a Fresh Bid to Inflate
EU Moloch in a Fresh Bid to Inflate Brussels Alters Capital Requirements to “Spur Lending” Saints preserve us, the central planners in Brussels are giving birth to new inflationist ideas. Apparently the 2008 crisis wasn’t enough of a wake-up call. It should be clear by now even to the densest observers that a fractionally reserved […]
Abe Reaches his Militarist Goal
Abe Reaches his Militarist Goal Japan’s House of Councilors Briefly Transforms into Rada Outpost Pictures such as those below used to primarily reach us from Ukraine’s Rada, back before Poroshenko’s “lustration law” banned about four million Ukrainian citizens from the political process forever. In Ukraine, brawls regularly broke out between Western Ukrainian nationalists and representatives […]
US Credit Growth – the First Cracks?
US Credit Growth – the First Cracks? Inflationary Bank Lending and Money Supply Growth Given that there is currently no “QE” program underway – with the exception of the reinvestment scheme designed to prevent the Fed’s balance sheet from shrinking (if it were to shrink, the money supply would decline as well) – money supply […]
Confusion in Fantasy Land
Confusion in Fantasy Land Triangle Breakout Failure? The stock market’s initial reaction to the FOMC announcement was interesting, to say the least. After receiving the umpteenth excuse as to why rates can still not be raised, coupled with a promise that they eventually will be, the market initially rallied on Thursday. And why wouldn’t it? […]
Crude Oil – a “Ray of Hope”
Crude Oil – a “Ray of Hope” Why Technical Developments Shouldn’t be Ignored This is a little addendum to our recent comments on the crude oil market (which you can see here, here andhere, in chronological order). Apparently Goldman Sachs just published a research report calling for $20 oil – which strikes us as a bookend to their infamous $200 […]
It Wasn’t a Crash – But it Could Become One
It Wasn’t a Crash – But it Could Become One A Reminder by John Hussman In light of the Nikkei Index soaring by more than 1,300 points (!) overnight – a single day gain of 7.7% – it is time to briefly review the current market situation. As to the Nikkei, we would note two […]
Europe’s Banks – Insolvent Zombies
Europe’s Banks – Insolvent Zombies The Walking Dead Now that Europe’s fractionally reserved banking system has been regulated into complete inertia, it is a good time to assess the current bottom line, so to speak. We should mention here that there are essentially two ways of dealing with the banking system. One is to introduce […]
Institutional Aggression, Superfluous Planners and Predictions
Institutional Aggression, Superfluous Planners and Predictions Pretense of Knowledge Wall Street breathlessly awaits the newest payrolls report, which is widely held to contain the information needed for the FOMC to decide whether or not it should raise the overnight interbank lending rate from zilch to zilch plus a few basis points later this month. photo […]
Real Wealth and Phantom Wealth – Secular Boom and Bust
Real Wealth and Phantom Wealth – Secular Boom and Bust The Things that Produce Real Wealth vs. Phantom Wealth Our friend Michael Pollaro, the keeper of long-term data on the true money supply and author at Forbes as well as occasionally a guest author on this site, recently sent us the following chart of a […]
Jackson Hole – Meeting of the Physics Envy Brigade
Jackson Hole – Meeting of the Physics Envy Brigade Planners Meet to Discuss the Impossible The Jackson Hole pow-wow takes place this weekend. A more revolting get-together of actual and armchair central planners (i.e., the advisors to the planners, many of whom see themselves as planners-in-waiting) could hardly be imagined. One has to wonder how […]
The Stock Market’s Panic Potential
The Stock Market’s Panic Potential The Odds Favor a “Warning Shot” Scenario – but there is a “But” As regular readers have probably noticed, we have upped the frequency of our “caution is advised” posts on the stock market in recent weeks in light of the market’s increasingly deteriorating internals. Although one never knows when […]
