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Helicopter Money——The Biggest Fed Power Grab Yet
Helicopter Money——The Biggest Fed Power Grab Yet The Cleveland Fed’s Loretta Mester is a clueless apparatchik and Fed lifer, who joined the system in 1985 fresh out of Barnard and Princeton and has imbibed in its Keynesian groupthink and institutional arrogance ever since. So it’s not surprising that she was out flogging—-albeit downunder in Australia—- the next step in the Fed’s rolling coup […]
Deflation Is Blowing In On An Eastern Trade Wind
Deflation Is Blowing In On An Eastern Trade Wind Jack Delano “Lower Manhattan seen from the S.S. Coamo leaving New York.” 1941 Brexit is nowhere near the biggest challenge to western economies. And not just because it has devolved into a two-bit theater piece. Though we should not forget the value of that development: it lays bare […]
Will Japan Be the First to Test the Limits of Quantitative Easing?
WILL JAPAN BE THE FIRST TO TEST THE LIMITS OF QUANTITATIVE EASING? The Japanese stock market peaked in December 1989, marking the end of a period of economic expansion which briefly saw Japan eclipse the USA to become the world’s largest economy. Since its zenith, Japan has struggled. I wrote about this topic, in relation […]
Going… Going… Gone! The EU Begins to Splinter
Going… Going… Gone! The EU Begins to Splinter Dark Social Mood Tsunami Washes Ashore Early this morning one might have been forgiven for thinking that Japan had probably just been hit by another tsunami. The Nikkei was down 1,300 points, the yen briefly soared above par. Gold had intermittently gained 100 smackers – if memory […]
A Japanese Ponzi Scheme?
A Japanese Ponzi Scheme? TOKYO – In the early years of the twentieth century, Charles Ponzi, an Italian migrant to North America, had a seemingly brilliant moneymaking idea. He would offer huge returns on worthless investments, thereby convincing a growing number of people to give him their money, which was used, in lieu of profit, […]
Japan: A Future of Stagnation
Japan: A Future of Stagnation Take a declining population with declining rates of productivity growth and load it up with debt, and you get a triple-whammy recipe for permanent stagnation. One of our longtime friends in Japan just sold the family business. The writing was on the wall, and had been for the past decade: fewer […]
The Stock Market Crash Of 2016: Stocks Have Already Crashed In 6 Of The World’s 8 Largest Economies
The Stock Market Crash Of 2016: Stocks Have Already Crashed In 6 Of The World’s 8 Largest Economies Over the past 12 months, stock market investors around the planet have lost trillions of dollars. Since this time last June, stocks have crashed in 6 of the world’s 8 largest economies, and stocks in the other […]
Turning Stones Into Bread – The Japanese Miracle
Turning Stones Into Bread – The Japanese Miracle Stuffing the Futon Our friend Ramsey Su just asked what Haruhiko Kuroda and Shinzo Abe are going to do now in light of the strong yen (aside from perhaps doing the honorable thing). Isn’t it time to just “wipe out some debt with the stroke of a pen”? The […]
China Furious After US Launches Trade War “Nuke” With 522% Duty
China Furious After US Launches Trade War “Nuke” With 522% Duty Now that China’s brief infatuation with “rationalizing” excess capacity in its massively glutted (and insolvent) steel sector is over after lasting all of 2-3 months, China is back to doing what it did in late 2015 (and what it has always done) when as […]
The Mystery Of Saudi Treasury Holdings Solved: US Reveals Saudi Holdings For The First Time
The Mystery Of Saudi Treasury Holdings Solved: US Reveals Saudi Holdings For The First Time In the aftermath of Saudi Arabia’s explicit threat to sell off US Treasurys (of which according to the NYT it had some $750 billion) should the US pursue legislation that could hold it liable for the September 11 bombings, Wall Street’s analysts quickly tried […]
Mutiny Among The “Magic People” – India Central Banker Admits “The Ammo Is Almost Gone”
Mutiny Among The “Magic People” – India Central Banker Admits “The Ammo Is Almost Gone” The self-described “magic people” who “give to the markets” are facing a mutiny this morning as Raghuram Rajan, the head of the Indian central bank, admits central banks and governments of rich countries are running out of ammunition for stimulating their economies… […]
Kuroda-San in the Mouth of Madness
Kuroda-San in the Mouth of Madness Deluded Central Planners Zerohedge recently reported on an interview given by Lithuanian ECB council member Vitas Vasiliauskas, which demonstrates how utterly deluded the central planners in the so-called “capitalist” economies of the West have become. His statements are nothing short of bizarre (“we are magic guys!”) – although he is […]
According To Deutsche Bank, The “Worst Kind Of Recession” May Have Already Started
According To Deutsche Bank, The “Worst Kind Of Recession” May Have Already Started One week ago, Deutsche Bank’s Dominic Konstam unveiled, whether he likes it or not, what the next all too likely step will be as central bankers scramble to preserve order in a world in which monetary policy has all but lost effectiveness: “It […]
Japan’s “Coma Economy” Is A Preview For The World
Japan’s “Coma Economy” Is A Preview For The World The 1980s were the apex of Japanese culture and economic might. Back then, Japan’s economy was growing so fast, it was thought they would overtake the US. But that all came to a screeching halt. Truth is, Japan’s meteoric rise was fueled by an epic lending bubble. Similar […]
