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Currency Wars Continue As Kazakh Currency Crashes 25% After Peg Abandoned
Currency Wars Continue As Kazakh Currency Crashes 25% After Peg Abandoned On Tuesday we remarked on the increasingly perilous plight of yet another country whose economy has come under increased pressure from plunging oil prices and China’s move to devalue the yuan: Kazakhstan. Just one day after allowing the tenge to fall sharply in the interbank market […]
China Stocks Crash, More Than Half Of Market Halted Limit Down; PBOC Loss Of Control Spooks Global Assets
China Stocks Crash, More Than Half Of Market Halted Limit Down; PBOC Loss Of Control Spooks Global Assets China sure has its micro-managing hands full these days. Just hours after the PBOC announced a modestly “revalued” fixing in the CNY, which curiously led to weaker trading in the onshore Yuan for most of the day before a […]
Doomsday clock for global market crash strikes one minute to midnight as central banks lose control
Doomsday clock for global market crash strikes one minute to midnight as central banks lose control China currency devaluation signals endgame leaving equity markets free to collapse under the weight of impossible expectations When the banking crisis crippled global markets seven years ago, central bankers stepped in as lenders of last resort. Profligate private-sector loans […]
When the next crisis comes, which movements will seize the opportunity?
When the next crisis comes, which movements will seize the opportunity? You, too, could be caught in a situation where people are ready for an alternative, yet your group has none to offer. It’s understandable. We who work for change seem years away from convincing a critical mass of people that it is both stupid […]
The Crisis Is Spreading: China, Australia, Brazil, Canada, Sweden…
The Crisis Is Spreading: China, Australia, Brazil, Canada, Sweden… Earlier today, we posted an excerpt from IceCap Asset Management’s latest letter to investors focusing on the farce that is the Greek bailout #3, which can be summarized simply by the following table… … and Keith Dicker’s assessment which was that “for Greece, it’s mathematically impossible to repay […]
Beware of American econ professors!
Beware of American econ professors! How Krugman, Sachs and Stiglitz led the Greeks astray. ATHENS — Since Alexis Tsipras made the difficult but responsible choice of arriving at a compromise with Greece’s creditors in mid-July, preventing an outcome that would have led his country out of the euro, a number of revelations have highlighted the […]
This Is What Global Currency War Looks Like: A Complete History Of Recent FX Interventions
This Is What Global Currency War Looks Like: A Complete History Of Recent FX Interventions After the dramatic collapse in the SNB’s defense of the Swiss Franc peg to the Euro, there was a period of relative FX peace in which few if any central banks engaged in outright currency intervention (aside from the countless […]
QE is “Not on the Table,” says Joe Oliver
QE is “Not on the Table,” says Joe Oliver In a world where central banks are given free rein over the supply of money and credit, and where any examination of these secretive institutions is considered interference with their “independence,” Finance Minister Joe Oliver’s comments about QE have not gone unnoticed. The other week Oliver […]
Deflation, Debt and Gravity
Deflation, Debt and Gravity Far too many people have already used lines like “We Are All Greeks Now” for the words to hold on to much if any meaning by now. But it’s still a very accurate description of what awaits us all. Just not for the same reasons most who used it, did. No, […]
The Swiss National Bank Bought Another 500,000 AAPL Shares Just Before 10% Correction
The Swiss National Bank Bought Another 500,000 AAPL Shares Just Before 10% Correction Three months ago we were stunned to learn, and report, that the Swiss National Bank – a central bank – had been one of the biggest buyers of AAPL stock in the first quarter, when it added 3.3 million shares to its existing […]
Pop Goes The Alpha ( Natural Resources)
Pop Goes The Alpha ( Natural Resources) If you want a cogent metaphor for the central bank enabled crack-up boom now underway on a global basis, look no further than today’s scheduled chapter 11 filling of met coal supplier Alpha Natural Resources (ANRZ). After becoming a public company in 2005, its market cap soared from practically nothing to $11 billion […]
Money and Spheres
Money and Spheres In a tiny subsection of the analytical world, analysis is becoming more pointed and poignant. I appreciate Bill Gross’s August commentary, where he concluded: “Say a little prayer that the BIS, yours truly, and a growing cast of contrarians, such as Jim Bianco and CNBC’s Rick Santelli, can convince the establishment that […]
The Irony Of Market Manipulation
The Irony Of Market Manipulation Having gazed ominously at the extreme monetary policy smoke-and-mirrors intervention in bond markets, and previously explained that “the stock market is to important to leave to the vagaries of an actual market.“ While the rest of the world’s central banks’ direct (BoJ) and indirect (Fed, ECB) manipulation of equity markets, nobody bats an eyelid; but […]
Futures Soar On Hope Central Planners Are Back In Control, China Rollercoaster Ends In The Red
Futures Soar On Hope Central Planners Are Back In Control, China Rollercoaster Ends In The Red For the first half an hour after China opened, things looked bleak: after opening down 5%, the Shanghai Composite staged a quick relief rally, then tumbled again. And then, just around 10pm Eastern, we saw acoordinated central bank intervention stepping […]
