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China Considers Launching QE; Shanghai Stocks Soar
China Considers Launching QE; Shanghai Stocks Soar Nearly two months ago we explained “How Beijing Is Responding To A Soaring Dollar, And Why QE In China Is Now Inevitable” in which we cited Cornerstone who reminded us “that from 2007 to late 2008, U.S. fed funds dropped 500 bp, and then the Fed still needed […]
The Euthanasia Of The Saver
The Euthanasia Of The Saver What have been the economic consequences of ultra-low interest rates? The answer might not be as hopeful as you may think. While better known for the role of government in stimulating the economy, John Maynard Keynes, one of the most influential economists of the 20th century, also provided the intellectual […]
What Happens To US Shale When The Easy Money Runs Out?
What Happens To US Shale When The Easy Money Runs Out? Today we will take a look at both Whiting Petroleum (WLL) and Continental Resources (CLR) as far as their Bakken economics. Overall the numbers will show that, despite claims of low cash costs per MBOE ($16 or so for CLR) and high IRRs on […]
Saudi Arabia’s Oil-Price War Is With Stupid Money
Saudi Arabia’s Oil-Price War Is With Stupid Money Saudi Arabia is not trying to crush U.S. shale plays. Its oil-price war is with the investment banks and the stupid money they directed to fund the plays. It is also with the zero-interest rate economic conditions that made this possible. Saudi Arabia intends to keep oil prices low for as […]
The Committee To Destroy The World
The Committee To Destroy The World Last month, the world mourned the death of beloved actor Leonard Nimoy. Mr. Nimoy, of course, was renowned for his portrayal of the iconic character Mr. Spock on the 1960s television series Star Trek. One of the most memorable Star Trek inventions was the transporter that allowed human beings […]
The Fed Has Failed the Nation, in One Chart
The Fed Has Failed the Nation, in One Chart There is only one way to end the financial tyranny of the Federal Reserve–abolish it, and put an end to the predatory pathologies of its policies. The Federal Reserve has failed not just the nation and the U.S. economy, but more importantly, the American people that […]
Did The Fed. Just Whisper “Fire” In A Crowded Market?
Did The Fed. Just Whisper “Fire” In A Crowded Market? This past Friday saw what many like myself can only describe as a blatant example of just what’s wrong with both the economy – as well as the markets. At precisely 15 minutes before the closing bell on Wall Street the now Chair of the Federal […]
Some Folks At The Fed Are Lost——No Juice To The Macros, Part 1
Some Folks At The Fed Are Lost——No Juice To The Macros, Part 1 Yesterday we demonstrated that stock market valuations are not merely “on the high side” as Janet Yellen averred last week. Instead, they are positively in the nose-bleed section of history. You don’t get the Russell 2000 trading at 90X honest-to-goodness GAAP earnings […]
From Yellen Put To Yellen Massacre
From Yellen Put To Yellen Massacre I think I’ll just give you a slew of quotes, and then you can figure out if you can figure out why I chose to call this the Yellen Massacre. Which consists, by the way, of two separate but linked parts, not quite the Siamese twin perhaps, but close. […]
The End of the Great Debt Cycle
The End of the Great Debt Cycle “It’s the end of the great debt cycle,” says hedge fund manager Ray Dalio of Bridgewater Associates, taking the words out of our mouth. Bond fund manager Bill Gross adds context: In the past 20 to 30 years, credit has grown to such an extreme globally that debt […]
Get Ready for a “Zero Returns” World…
Get Ready for a “Zero Returns” World… Dear Diary, Where is that old and tattered “Crash Alert” flag? Many times since the start of the rally in US stocks in 2009, we hoisted it. And many times has it failed to give us a useful signal. But we will bring it out again, if a […]
BREAKING BAD (DEBT) – EPISODE THREE
BREAKING BAD (DEBT) – EPISODE THREE In Part One of this three part article I laid out the groundwork of how the Federal Reserve is responsible for the excessive level of debt in our society and how it has warped the thinking of the American people, while creating a tremendous level of mal-investment. In Part Two I focused on […]
BREAKING BAD (DEBT) – EPISODE TWO
BREAKING BAD (DEBT) – EPISODE TWO ‘If you’re committed enough, you can make any story work. I once told a woman I was Kevin Costner, and it worked because I believed it’ – Saul Goodman – Breaking Bad “As calamitous as the sub-prime blowup seems, it is only the beginning. The credit bubble spawned abuses throughout the system. […]
Bill Gross Interview: ZIRP Causes Too Much Debt, Too Many Zombies, Not Much Trickle-Down, Busted Pensions
Bill Gross Interview: ZIRP Causes Too Much Debt, Too Many Zombies, Not Much Trickle-Down, Busted Pensions In an Bloomberg Television interview Bill Gross of Janus Capital spoke with Bloomberg Television’s Trish Regan about the outlook for Federal Reserve policy, the U.S. economy and his objectives at Janus Capital. Key Quotes “Not even thin gruel is […]
Housing Industry Frets About the Next Brick to Drop
Housing Industry Frets About the Next Brick to Drop Cashing out of the “Bet on America” might get messy. Stephen Schwarzman, CEO and co-founder of Blackstone Group, the world’s largest private-equity firm with $290 billion in assets under management, made $690 million for 2014 via a mix of dividends, compensation, and fund payouts, according to a regulatory […]
