{"id":47073,"date":"2019-07-04T14:46:34","date_gmt":"2019-07-04T19:46:34","guid":{"rendered":"https:\/\/olduvai.ca\/?p=47073"},"modified":"2019-07-04T14:47:32","modified_gmt":"2019-07-04T19:47:32","slug":"blains-morning-porridge-4th-july-2019","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=47073","title":{"rendered":"Blain’s Morning Porridge – 4th July 2019"},"content":{"rendered":"\n

Blain’s Morning Porridge – 4th July 2019<\/a><\/h3>\n\n\n\n
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\u201cI know of no country in which there is so little independence of mind and real freedom of discussion as in America.\u201d <\/em><\/p>\n\n\n\n

In the headlines this morning: <\/strong>https:\/\/morningporridge.com\/stuff-im-watching<\/strong><\/a><\/p>\n\n\n\n

Subscribe to podcast via: https:\/\/podcasts.apple.com\/gb\/podcast\/blains-financial-porridge\/id1469567347<\/a> <\/p>\n\n\n\n

Happy birthday America! <\/strong>This morning\u2019s intro-quote is over 170 years old \u2013 and I could only use it on a day when all good Americans will be on holiday. Extra points to anyone who can name the author sans Google.<\/p>\n\n\n\n

Interesting markets y\u2019day. European bonds were off to the races, perceiving new ECB head Christine Legarde as a QE lower-for-longer dove who will continue to ease, ease and ease like Draghi. Bunds at -0.40%! Even Italian 2-year notes dipped below zero percent as the EU dropped threats to take action against the deficit. Some day we shall shake our heads in disbelief at that price\u2026 <\/p>\n\n\n\n

In the States, the Dow hit a new high, and Trump tweeted it as a personal triumph. He is not so stupid as to mistake the stock market as a proxy for economic health \u2013 but he is making idiots of the American people by telling them it is<\/strong>. To keep up the illusion, he\u2019s nominated new names to the Fed likely to toe his dovish line. Much comment on the private networks y\u2019day about Trump\u2019s latest nominations to the board \u2013 Judy Shelton being a particularly intriguing choice as Fed critic and gold standard advocate<\/a>. For the Fed to lose credibility doesn\u2019t just need Powell to surrender \u2013 packing the board will be just as effective. <\/p>\n\n\n\n

The bottom line is financial assets remain absolutely distorted by QE asset inflation. While its been great news for the market, the real economy remains deflated. That\u2019s what Jerome Powell and Christine Lagarde should be thinking about as they play with the monetary policy toolbox. <\/p>\n\n\n\n

\u00a0\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"

Blain’s Morning Porridge – 4th July 2019 \u201cI know of no country in which there is so little independence of mind and real freedom of discussion as in America.\u201d  In the headlines this morning: https:\/\/morningporridge.com\/stuff-im-watching Subscribe to podcast via: https:\/\/podcasts.apple.com\/gb\/podcast\/blains-financial-porridge\/id1469567347  Happy birthday America! This morning\u2019s intro-quote is over 170 years old \u2013 and I could only use it […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[15674,23143,1849,827],"class_list":["post-47073","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bill-blain","tag-blains-morning-porridge","tag-financial-markets","tag-united-states"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/47073","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=47073"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/47073\/revisions"}],"predecessor-version":[{"id":47074,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/47073\/revisions\/47074"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=47073"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=47073"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=47073"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}