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Mid-East Massacre: Qatar Crashes, Saudi Stocks Plunge Most Since Black Monday
Mid-East Massacre: Qatar Crashes, Saudi Stocks Plunge Most Since Black Monday Broad middle-east and african stock markets crashed over 5%, erasing any gains back to November 2008 as the carnage from last week continues. From Kuwait (-4.3%) to Qatar (-8%) it was a bloodbath as Saudi Arabia Tadawul Index plunged 5.4% – the most since Black Monday (now down […]
The Citadel Is Breached: Congress Taps the Fed for Infrastructure Funding
The Citadel Is Breached: Congress Taps the Fed for Infrastructure Funding In a landmark infrastructure bill passed in December, Congress finally penetrated the Fed’s “independence” by tapping its reserves and bank dividends for infrastructure funding. The bill was a start. But some experts, including Congressional candidate Tim Canova, say Congress should go further and authorize funds […]
Austrians get (some) mainstream credibility
Austrians get (some) mainstream credibility Well, well: who would have believed it. First the Bank for International Settlements comes out with a paper that links credit booms to the boom-bust business cycle, then Britain’s Adam Smith Institute publishes a paper by Anthony Evans that recommends the Bank of England should ditch its powers over monetary […]
The Deflation Monster Has Arrived
Lukiyanova Natalia / frenta/Shutterstock The Deflation Monster Has Arrived And it sure looks angry As we’ve been warning for quite a while (too long for my taste): the world’s grand experiment with debt has come to an end. And it’s now unraveling. Just in the two weeks since the start of 2016, the US equity markets are […]
Let The Bail-Ins Begin
Let The Bail-Ins Begin Portugal is starting to bail-in banks. The fascinating aspect that nobody seems to see is that this is a total failure of socialism. The U.S. Federal Reserve was formed in 1913, with the shareholders being the banks, to provide the cash needed to prevent bank failures. To stimulate the economy when […]
Amazon And The Fantastic FANGs——A Bubblicious Breakfast Of Unicorns And Slippery Accounting
Amazon And The Fantastic FANGs——A Bubblicious Breakfast Of Unicorns And Slippery Accounting At year end we posted a rant about the “Brobdingnagian” bubble embedded in Amazon’s market cap. On December 29th it was valued at $325 billion and had gained $180 billion or 55% of that towering figure in just the previous 12 months. Self-evidently this was a flashing red warning signal that the end of the […]
US Economy – Slip-Sliding Away
US Economy – Slip-Sliding Away Economic Conditions Continue to Worsen It must be China. Or the weather, which is usually either too cold or to warm – somehow the weather is just neverright for economic growth. Surely it cannot be another Fed policy-induced boom that is on the verge of going bust? Sorry, we completely forgot […]
What If There Is No “Fed Put” – Paul Brodsky Thinks Yellen Will Not Bailout Markets This Time
What If There Is No “Fed Put” – Paul Brodsky Thinks Yellen Will Not Bailout Markets This Time Earlier today, Art Cashin summarized most (very desperate) traders’ thoughts when he said that as a result of today’s market crash, “the Fed will try anything” to prop up the wealth effect it had so carefully engineered with seven […]
You Can Either Surf, or You Can Fight
You Can Either Surf, or You Can Fight Kilgore: Smell that? You smell that? Lance: What? Kilgore: Napalm, son. Nothing else in the world smells like that. – “Apocalypse Now” (1979) Hello, hello, hello, how low? [x3] – Nirvana, “Smells Like Teen Spirit” (1991) Outside the bus the smell of sulfur hit Bond with sickening force. It was a […]
Oil Bust Could End Dollar Domination
Oil Bust Could End Dollar Domination The US dollar survived the collapse of Bretton Woods in the ‘70s because its use in crude oil transactions made it the king of reserve currencies, but can it survive a collapse of petro dollars? Can the world survive the catastrophic geopolitical consquences that would follow? There is an […]
The Chart That Explains Everything
The Chart That Explains Everything Why is the economy barely growing after seven years of zero rates and easy money? Why are wages and incomes sagging when stock and bond prices have gone through the roof? Why are stocks experiencing such extreme volatility when the Fed increased rates by a mere quarter of a percent? […]
What Does The Federal Reserve Have to Hide?
What Does The Federal Reserve Have to Hide? Over the years, dissidents in Congress (notably including former US Representative Ron Paul and current Republican and Democratic presidential contenders Rand Paul and Bernie Sanders) have periodically proposed legislation to audit the Federal Reserve. The legislation is always rejected and, when it gets any significant attention at […]
Gold – No Time Left for Conspiracy Theories
Gold – No Time Left for Conspiracy Theories To some, this is a religious battle. To others, it is just a time to rip off a lot of people by selling fantasies and sophistry. I have stated this many times, so here it goes again: Gold rises when people lose confidence in government. It has nothing to do […]
Billary Buddy Marc Lasry’s Last Rodeo——The Jig Is Up On 25 Years Of Bottom Fisher Bailouts
Billary Buddy Marc Lasry’s Last Rodeo——The Jig Is Up On 25 Years Of Bottom Fisher Bailouts As the Fed’s third and last bubble of this century heads for its splatter spot, the stench of desperate crony capitalism fills the air. You can count hedge fund mogul and Billary Buddy, Marc Lasry, among the upchucking financiers. […]
