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You Are Not An Investor
You Are Not An Investor Giotto Legend of St Francis, Exorcism of the Demons at Arezzo c.1297-1299 You are not an investor. One can only be an investor in functioning markets. There have been no functioning markets since at least 2008, and probably much longer. That’s when central banks started purchasing financial assets, for real, […]
Where There’s Smoke…
Where There’s Smoke… …There’s central bank manipulation Central banks around the world have colluded, if not conspired, to elevate and prop up financial asset prices. Here we’ll present the data and evidence that they’ve not only done so, but gone too far. When wee discuss elevated financial asset prices we really are talking about everything. […]
The End of Quantitative Easing – Perhaps Now It Will Be Inflationary?
The End of Quantitative Easing – Perhaps Now It Will Be Inflationary? One of the greatest monetary experiments in financial history has been the global central bank buying of government debt. This has been touted as a form of “money printing” that was supposed to produce hyperinflation, which never materialized as predicted by the perpetual […]
Hell To Pay
Hell To Pay Behind the Curve Economic nonsense comes a dime a dozen. For example, Federal Reserve Chair Janet Yellen “think(s) we have a healthy economy now.” She even told the University of Michigan’s Ford School of Public Policy so earlier this week. Does she know what she’s talking about? Somehow, this cartoon never gets old… If […]
Fake News From the Fed
Fake News From the Fed What you see in the media is mostly “fake news.” Reuters had this story recently: Most Federal Reserve policymakers think the central bank should take steps to begin trimming its $4.5 trillion balance sheet later this year as long as the economic data holds up, minutes from their last meeting […]
Pulling Levers to Steer the Machine
Pulling Levers to Steer the Machine Ticks on a Dog A brief comment on Fed chief Janet Yellen’s revealing speech at the University of Michigan. Bloomberg: “Before, we had to press down on the gas pedal trying to give the economy all of the oomph that we possibly could,” Yellen said Monday in Ann Arbor, […]
Yellen’s Balance Sheet Baloney
YELLEN’S BALANCE SHEET BALONEY Of the many questions reporters asked Janet Yellen on Wednesday, at her press conference following the FOMC’s decision to raise the Fed’s policy rates, my favorite was the very first, posed by the Financial Times‘ U.S. Economics Editor, Sam Fleming. Here is Mr. Fleming’s question: [You’ve stated that the Fed wants to […]
The American Dream, Twice Removed
The American Dream, Twice Removed Vincent van Gogh Corridor In The Asylum 1889 Nicole Foss is in Christchurch, New Zealand right now for the Living Economies Expo, and sent me, I’m still in Athens, Greece, a piece written by yet another longtime Automatic Earth reader, Helen Loughrey (keep ’em coming!), who describes her efforts […]
Maybe The Recovery Wasn’t Real After All
Maybe The Recovery Wasn’t Real After All For a while there it looked like the US and its main trading partners had finally achieved escape velocity. Growth was up, inflation was poking through the Fed’s 2% target, and most measures of consumer sentiment were bordering on euphoric. Then it all started to evaporate. Lackluster manufacturing […]
Jim Rogers Warns, The Fed “Has No Clue… Will Ruin Us All”
Jim Rogers Warns, The Fed “Has No Clue… Will Ruin Us All” “What worries you?” asks a Bloomberg TV anchor of billionaire investor Jim Rogers. Rogers was not shy in his response: “The Federal Reserve… has no clue what they are doing. They are going to ruin us all.” Having driven rates to record lows […]
Why This Market Needs To Crash
bofotolux/Shutterstock Why This Market Needs To Crash And likely will Like an old vinyl record with a well-worn groove, the needle skipping merrily back to the same track over and over again, we repeat: Today’s markets are dangerously overpriced. Being market fundamentalists who don’t believe it’s possible to simply print prosperity out of thin air, we’ve […]
Bank Loan Creation Crashes At Fastest Pace Since The Financial Crisis
Bank Loan Creation Crashes At Fastest Pace Since The Financial Crisis Last weekend, after looking at the latest H.8 statement by the Fed, we noted something concerning: total loans and leases by U.S. commercial banks were rising at an annual pace of about 4.6%, based on weekly Fed data. That is down from a 6.4% pace for […]
Banks Are Evil
Barandash Karandashich/Shutterstock Banks Are Evil It’s time to get painfully honest about this I don’t talk to my classmates from business school anymore, many of whom went to work in the financial industry. Why? Because, through the lens we use here at PeakProsperity.com to look at the world, I’ve increasingly come to see the financial […]
Raising Interest Rates Can’t End Well!
Raising Interest Rates Can’t End Well! The Federal Reserve would like to raise target interest rates because of inflation concerns and concern that asset bubbles are forming. Part of their concern seems to arise indirectly from the rise in oil prices, relative to their low level in early 2016. Figure 1. WSJ figure indicating likely reasons […]
The Bag Holder and His Bag
The Bag Holder and His Bag Can you see those swans coming in for a landing on Pond USA? They’re not exactly black swans, because you knew they were out there circling, but they’re dark enough against the twilight’s last gleaming to give you the heebie jeebies. Troubles and portents of more trouble are stacking […]
