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China De-Dollarization Pushes Into Hyperdrive, Adds 100 Tons Of Gold Amid Trade War Chaos
China De-Dollarization Pushes Into Hyperdrive, Adds 100 Tons Of Gold Amid Trade War Chaos As the trade war continues to escalate, China’s rapid move towards de-dollarization continues. China added more than 100 tons of gold to its reserves since December 2018 and has also been divesting US Treasuries. Bloomberg reported the People’s Bank of China acquired 188,800 ounces, […]
The Punishing Consequences of Global Currency Wars, Visualized
The Punishing Consequences of Global Currency Wars, Visualized As I’ve traveled throughout Asia over the past decade, I’ve noticed that the punishing consequences of global currency wars, in which Central Bankers have greatly devalued the purchasing power of all currencies around the world, can be observed not just when spending money to purchase goods and […]
“Money’s Not Worth Anything Anymore” – Ex-Credit Suisse CEO Blasts “Crazy” Negative Rates
“Money’s Not Worth Anything Anymore” – Ex-Credit Suisse CEO Blasts “Crazy” Negative Rates Oswald Gruebel, who served as Credit Suisse CEO from 2004 to 2007 and as UBS Group AG’s top executive from 2009 to 2011, has slammed ECB policy in an interview with Swiss newspaper NZZ am Sonntag. “Negative interest rates are crazy. That means […]
NY Fed Announces Extension Of Overnight Repos Until Nov 4, Will Offer 8 More Term Repos
NY Fed Announces Extension Of Overnight Repos Until Nov 4, Will Offer 8 More Term Repos Anyone who expected that the easing of the quarter-end funding squeeze in the repo market would mean the Fed would gradually fade its interventions in the repo market, was disappointed on Friday afternoon when the NY Fed announced it […]
The End Game for Fiat Currency
The End Game for Fiat Currency Predicting the inevitable demise of a fiat currency cycle is neither bold nor incendiary. For thousands of years, every fiat currency cycle the world has ever known started and ended the same way. It happened during the Roman Empire with the Denarius, in China during the 11th century with paper […]
“This Is A Major Risk”: France Rolls Out New Facial Recognition Technology
“This Is A Major Risk”: France Rolls Out New Facial Recognition Technology Is this how French President Emmanuel Macron is choosing to celebrate 70 years of Communist rule? In a plan that sounds eerily similar to China’s ‘social credit score’ system, Macron and the French Interior Ministry are pushing ahead plans to launch a national […]
We Finally Understand How Destructive Negative Interest Rates Actually Are
We Finally Understand How Destructive Negative Interest Rates Actually Are We are in the midst of a strange economic experiment. Vast quantities of negative-yielding debt are currently sloshing around the global economy. While the amount of negative-yielding bonds has dropped recently from a mind-boggling number in excess of $17 trillion, reinvigorated central bank easing across […]
Here Is The Megabank Behind September’s Repo Shock
Here Is The Megabank Behind September’s Repo Shock Over the weekend, when trying to isolate the bank(s) behind the recent repocalypse, we looked at the aggregate cash levels of commercial banks in the US (which include foreign banks operating in the US) as published each week by the Fed, and found that cash at foreign […]
Japanese Bond Crash, Margin Call Sends Shockwaves Around The Globe
Japanese Bond Crash, Margin Call Sends Shockwaves Around The Globe For a dramatic preview of what will happen in a flash to all those record low interest rates without the backstop of central banks and ravenous pension fund, look no further than what happened in Japan overnight, where bond futures suffered the biggest one-day crash […]
‘Retail Apocalypse’ Continues: Forever 21 Files For Bankruptcy, 30,000 Jobs At Risk
‘Retail Apocalypse’ Continues: Forever 21 Files For Bankruptcy, 30,000 Jobs At Risk Following reports earlier this month that a bankruptcy for the fast-fashion pioneer was imminent, Forever 21 filed for Chapter 11 protection in Delaware Sunday night, becoming the latest brick-and-mortar retailer to succumb to the Amazon-driven ‘retail apocalypse’, Bloomberg reports. In addition to the competition from e-commerce retailers, BBG said […]
‘Vaguely Troubling’: BIS Warns Of Financial Disaster Amid $17 Trillion In Negative-Yield Debt
‘Vaguely Troubling’: BIS Warns Of Financial Disaster Amid $17 Trillion In Negative-Yield Debt When the central bank for central banks publishes its quarterly review, the world should take note. Claudio Borio, Head of the Monetary and Economic Department at the BIS, published the BIS Quarterly Review, September 2019on Sunday, revealing how the increasing acceptance of negative interest […]
Oil Set To Spike After Report Saudi Repairs At Abqaiq May Take “Up To Eight Months”
Oil Set To Spike After Report Saudi Repairs At Abqaiq May Take “Up To Eight Months” While S&P futures may spike at the open following Saturday’s news from the NYT that the “the delegation of Chinese agriculture officials that had planned to travel to Montana and Nebraska in the coming week didn’t cancel the trip […]
These Are The Banks Where The Fed’s $1.4 Trillion In Reserves Are Parked
These Are The Banks Where The Fed’s $1.4 Trillion In Reserves Are Parked Over the past few days there has been much confusion over the repocalpyse that shook the overnight funding market, and just as much confusion over the definition of reserves which some banks were unwilling to part with, other banks were desperate for, and in […]
Former Head Of Plunge Protection Team Says Fed Has To Buy More Debt
Former Head Of Plunge Protection Team Says Fed Has To Buy More Debt We have lift off. Last Wednesday, as stocks hit session lows amid fears that the Fed was so polarized on further easing and with the Fed’s dot plot suggesting no more cuts this year that odds of further rate cuts in 2019 […]
Iran Vows Major War Even If US Conducts “Limited Strikes”
Iran Vows Major War Even If US Conducts “Limited Strikes” Just after on Friday Pentagon leaders presented Trump with numerous “military options” for a response to Iran following last week’s twin attacks on Saudi Aramco facilities, Iran has again put the US on notice that any “limited attack” will assuredly lead to major war. The briefing […]
