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State of European Banks: The ECB View vs Reality
State of European Banks: The ECB View vs Reality The ECB would like you to believe the European banking system is sound and banks are better regulated. They aren’t. Ten years after Lehman there are numerous statements from bureaucrats, academics, media and others that banks are now better regulated, more solid and liquidity problems vanished. […]
Clinging to Old Theories of Inflation
Clinging to Old Theories of Inflation QUESTION: Mr. Armstrong, I think I am starting to understand your view of inflation. It is very complex. I think some people cannot think beyond a simple one dimension concept as you often say. So I am trying to be more dynamic in my thinking process. Here you point […]
ECB To Cut Euro Area Growth Outlook In Latest Global Slowdown Warning
ECB To Cut Euro Area Growth Outlook In Latest Global Slowdown Warning One week ago, Bank of America’s CIO Michael Hartnett predicted that Europe will be the “missing link” for the emerging market crisis to spread to the rest of the developed world and “morph into a global deleveraging event.” But where would the crack […]
Genocide of the Greek Nation
Genocide of the Greek Nation The political and media coverup of the genocide of the Greek Nation began yesterday (August 20) with European Union and other political statements announcing that the Greek Crisis is over. What they mean is that Greece is over, dead, and done with. It has been exploited to the limit, and […]
Looks Like Italian Default is Back on the Menu
Looks Like Italian Default is Back on the Menu Italian Deputy Prime Minister Matteo Salvini was right to call out the EU over the failure of the bridge in Genoa this week. It was an act of cheap political grandstanding but one that ultimately rings very true. It’s a perfect moment to shake people out of […]
From “Doom Loop” To Just “Doom”: Italian Debt Faces A “Huge Structural Shift”
From “Doom Loop” To Just “Doom”: Italian Debt Faces A “Huge Structural Shift” At the start of July, we revealed that a familiar force had returned to Europe. According to ECB data, during May when the market saw unprecedented Italian government bond turmoil, Italian bank holdings of domestic government bonds showed record buying over the […]
Italy Warns that Stopping QE will Lead to Collapse of Eurozone
Italy Warns that Stopping QE will Lead to Collapse of Eurozone Italy has called on the ECB to guarantee the bond yields warning that if they END quantitative easing the Eurozone will break apart. On this score, they are not wrong. The economic spokesman for the Italian governing party Lega has warned of a collapse of the […]
Italian Bond Market Crisis Coming Up
Italian Bond Market Crisis Coming Up Italy’s 10-Year bond yield surged around the Italian election. There’s heavy issuance in Sept and ECB tapering in Oct. The yield on Italian bonds surged in May on the victory of the League- and Five Star in the national election. The alliance does not intend to follow EU budget […]
“That’s a Super Dangerous Place to Be”: CEO of JPMorgan Asset Management
“That’s a Super Dangerous Place to Be”: CEO of JPMorgan Asset Management When central banks distort the markets, risk disappears from view. “You could have a bunch of walking-zombie companies and you don’t even know it,” explained Mary Callahan Erdoes, CEO of JPMorgan Asset Management, on Wednesday at the Delivering Alpha Conference in New York. […]
China Launches Quasi QE To Support Banks And Sliding Bond Market
China Launches Quasi QE To Support Banks And Sliding Bond Market With the ECB’s QE coming to an end at the end of the year (absent some shock to the market or economy), some traders have already been voicing concerns which central bank will step in and provide a backstop to the global fixed income […]
Eurointelligence Displays Stunning Ignorance Regarding Target2
Eurointelligence Displays Stunning Ignorance Regarding Target2 On two recent days, Eurointellence made stunningly bad comments about the escalating capital flight from Italy. The latest Target2 Chart from the ECB is from May. Newer totals are available in some individual countries. Debtors, primarily Italy and Spain, now owe Germany close to €1 trillion. Realistically, this money […]
Italian debt; a financial disaster waiting to happen
Italian debt; a financial disaster waiting to happen The new Italian government will increase public spending and public debt. It promised to reduce taxes, introduce basic security and reform pensions. Italy’s Northern League’s leader Mateo Salvini surged in the polls and the party is now the strongest in Italy. A couple of years ago it […]
Emerging Market Crisis Spreads To The Core, Central Banks Face Catch-22
Emerging Market Crisis Spreads To The Core, Central Banks Face Catch-22 One of the things giving “data-driven” central banks wiggle room on their pledge to tighten monetary policy is the fact that there are several definitions of inflation. In the US the thing most people think of as inflation is the consumer price index, or […]
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 […]
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 […]
