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The Logic of Interventionism, or How to Wake up in a Prison

June 18, 2015

The Logic of Interventionism, or How to Wake up in a Prison

Archaic Financial Freedom

The mainstream press is still full of articles about the alleged evils of cash, which we regard as a typical “trial balloon” launched by the powers-that-be. The way this works is that they get a repressive measure they indent to implement out there, not only to propagandize in its favor, but also to gauge the reaction of the serfs. Is there an outcry? Does anyone care? If not, they quietly go forward with putting the measure into practice. If there is a great deal of pushback, they will simply wait for a better opportunity. A useful emergency always comes along after all. The Charlie Hebdo attack in France is a pertinent recent example: Under the false pretext that this is needed to “fight terrorism”, all cash transaction exceeding €1,000 have been banned in France.

 

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German daily Frankfurter Allgemeine Zeitung, has recently published an article about the “hoarding of cash” by citizens of Switzerland and the euro zone. With interest rates either at zero or negative, the cash currency component of the money supply has increased significantly, as more and more citizens prefer to hoard money under the proverbial mattress. The new European “bail-in” regime, so vividly demonstrated in Cyprus, is a major motive as well. Most recently, Greek citizens have resorted to withdrawing their deposits, with mainly small savers withdrawing cash (large depositors are more likely to simply transfer money to other parts of the euro area that seem safer).

…click on the above link to read the rest of the article…

 

 

FT Rejects Reuters Unsourced Trial Balloon About ECB Buying Corporate Bonds, Futures Refuse To Plunge | Zero Hedge

October 21, 2014

FT Rejects Reuters Unsourced Trial Balloon About ECB Buying Corporate Bonds, Futures Refuse To Plunge | Zero Hedge.

Preciselyhalf an hour ago, we mocked the overnight Reuters trial balloon about ECB corporate bond buying, whoseonly purpose was to send futures higher, when not only did we question the credibility of the report based on “one person familiar with the work inside the ECB, speaking on condition of anonymity” and said that now “we await Germany to throw up all over what is a clear Reuters trial balloon floated by “one person familiar with the work inside the ECB, speaking on condition of anonymity” to see what the market reaction is to even more stimulus (as if it is unclear).” Well, it wasn’t Germany. At least not yet. It was Reuters’ competitor in the coverage of ECB rumors and innuendo, the FT, which moments ago blasted this, via Bloomberg:

  • ECB SAID NOT TO HAVE PUT CORPORATE BOND BUYING ON AGENDA: FT

So just in case anyone forgot how credible the Reuters rumor mill is when bailing out European risk (think summer of 2011 and 2012), here is a stark reminder.

More from the FT:

…click on the above link to read the rest of the article…

Olduvai IV: Courage
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