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Norway’s Interest Rate Conundrum

March 12, 2016

Norway’s Interest Rate Conundrum Current Situation  The ECB recently stimulated more than expected, cutting rates by five basis points and expanding  quantitative easing. It is already expected that Norges Bank (The Norwegian Central Bank) will cut rates next week, seeing accelerating inflation as temporary. They have a 2.5% inflation target mandate “over time,” giving them lee-way. They see demand […]

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HSBC Looks At “Life Below Zero,” Says “Helicopter Money” May Be The Only Savior

February 27, 2016

HSBC Looks At “Life Below Zero,” Says “Helicopter Money” May Be The Only Savior In many ways, 2016 has been the year that the world woke up to how far down Krugman’s rabbit hole (trademark) DM central bankers have plunged in a largely futile effort to resuscitate global growth. For whatever reason, Haruhiko Kuroda’s move […]

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Germany Unveils “Cash Controls” Push: Ban Transactions Over €5,000, €500 Euro Note

February 3, 2016

Germany Unveils “Cash Controls” Push: Ban Transactions Over €5,000, €500 Euro Note It was just two days ago that Bloomberg implored officials to “bring on a cashless future” in an Op-Ed that calls notes and coins “dirty, dangerous, unwieldy, and expensive.” You probably never thought of your cash that way, but increasingly, authorities and the powers that […]

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Norway Pushes Panic Button: “We’re In A Crisis Now, We Can’t Deny That”

January 15, 2016

Norway Pushes Panic Button: “We’re In A Crisis Now, We Can’t Deny That”  We’ve spent quite a bit of time documenting Norway’s precarious balancing act in the face of slumping crude prices. On the one hand, falling crude puts pressure on the krone which essentially allows the Norges Bank to compete in the regional currency […]

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Did Mario Draghi Just Leak The Bazooka? Two-Tiered NIRP System May Presage Big Rate Cut

November 25, 2015

Did Mario Draghi Just Leak The Bazooka? Two-Tiered NIRP System May Presage Big Rate Cut Back in September (and on several subsequent occasions), we discussed the implications of a further cut to the ECB’s depo rate. A plunge further into NIRP-dom would have serious consequences for the Riksbank, the SNB, the Nationalbank, and the Norges Bank. In […]

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Global Easing Bonanza Continues As Norway, Taiwan Cut Rates To Spur Struggling Economies

September 24, 2015

Global Easing Bonanza Continues As Norway, Taiwan Cut Rates To Spur Struggling Economies On several occasions this year we’ve profiled Norway where the central bank, much like the Riksbank in neighboring Sweden, is walking a fine line between keeping rates low to support the economy (not to mention remain competitive in the global currency wars) […]

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This Is What Global Currency War Looks Like: A Complete History Of Recent FX Interventions

August 11, 2015

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 […]

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Olduvai IV: Courage
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Olduvai II: Exodus
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