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Posts Tagged ‘ Balance Sheet ’
Will the Fed Bring Clarity or Confusion?
Next Wednesday, between 12:30 and 2PM, we will get a ton of new information to digest and analyze. The Federal Reserve will make a series of statements while unveiling its new communication effort. A portion of the new information will be contain...
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You Can’t Fool Mother Nature For Long: The Substitution of Debt for Productivity
The "big story" of the U.S. economy is that we have substituted expansion of debt for meaningful increases in productivity.
For the past 30 years, the U.S. economy has become increasingly dependent on explosive debt expansion for its "growth" rath...
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Fed Transparent Only If The “Facts” Are Bullish
Liquidity indications have remained neutral over the two weeks since I last updated this report. Panic outflows from Europe boosting theUSsystem seem to have taken a breather, or been covered up, in the wake of the massive ECB liquidity operation just before Christmas. However, other indicators which had been bearish such as bank purchases...
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The Next Head of the SNB – Thomas J. Jordan
Mr. Jordan is my guess as the next head of the Swiss National Bank. He’s been at the SNB since 1997. He moved up from the economics department and is now the Vice Chairman.
Mr. J is well qualified. This link to his CV shows that he is an academic at...
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How Banks Are Using Your Money to Create the Next Crash
In 2008, reckless credit default swaps nearly obliterated the global economy. Now comes the next crisis - rehypothecated assets.
It's a complicated, fancy term in the global banking complex. Yet it's one you need to know.
And if you understand it, you will...
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Fed Finally Settles First Round Of MBS Offsetting Other Negatives in Liquidity
Liquidity indications were neutral this week, thanks to ongoing panic inflows of cash from Europe, as well as the fact that the Fed finally started settling the MBS purchase commitments that have been building up, but had gone unsettled since October. These positive flows offset the negatives of bank and FCB selling of Treasuries....
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For Central Bank Balance Sheet Wonks- Assets Must Equal Liabilities + Capital
The judgment that such and such a policy was the right choice in current exceptional
circumstances should not make us complacent about possible medium-term risks arising
from such a significant shift in the size and composition of central bank balanc...
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Part 2: Hyper-Hypothecation Madness
Wednesday, December 14, 2011
Part 2: Hyper-Hypothecation Madness
"A prime broker need not even require that an investor sign all agreements with a European subsidiary to take advantage of the re-hypothecation loophole. As a result of these peripheral...
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If Being Totally, Disastrously Wrong Were a Virtue, Bernanke and His Fed Mates Should Be Sainted
Ben Bernanke and his Fed mates' secret letterhead: "destroying capitalism from within."After four years of disastrously wrong policies, let's declare stubborn, hubris-soaked wrongheadedness a virtue and saint Ben Bernanke and his Federal Reserve mates....
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Portugal raids public pension fund, joining Ireland & Hungary..
UK Telegraph
Excerpt:
The cabinet agreed to transfer the assets from four of Portugal’s biggest banks to the state balance sheet.
The assets will be used to bridge a gap needed to meet the fiscal deficit target of 5.9pc of GDP set by the terms of...
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How The GOP Became the Party of the Rich
The nation is still recovering from a crushing recession that sent unemployment hovering above nine percent for two straight years. The president, mindful of soaring deficits, is pushing bold action to shore up the nation's balance sheet. Cloaking h...
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Wake up! U.S. Looking Even Worse Than Japan
With 10-year Treasuries sub 2%, and growth restagnating, more and more people are buying into the "US is Japan" scenario. And it's not just that the numbers look similar conomically.
The same thing has ailed both countries: a multi-year project to pa...
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Goldman: Wake Up! We Just Got QE3!
Very important point from Goldman's Dominic Wilson on yesterday's "Twist" announcement. Essentially he argues that the part of the operation where the Fed is going to sell $400 billion of short-dated bonds is irrelevant. Only the buying part really ...
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Fed to Print $16 Billion
Fed will print $16 billion in the next month, up a crappy, measly, cheesy, chintzy $2 billion from last month, to account for the spected increase in MBS paydowns. http://www.ny.frb.or...n_schedule.html Those paydowns should be a bit bigger than that, ...
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Traders Pulling A Boner On Bernanke’s Meeting Extension?
US banking system measures continued to rise over the last 2 weeks, driving the composite macroliquidity picture to a new high. Until the past week, the Treasury market had acted as a black hole absorbing all of that liquidity at the expense of stocks and commodities. But traders apparently felt that Bernanke had sent...
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Dick Bove likes Bank of America
Dick Bove, renowned banking analyst, is back again, touting the "strength" of Bank of America's balance sheet, as reported here:
http://www.bloomberg.com/news/2011-08-23/bofa-has-no-reason-whatsoever-to-raise-
capital-as-stock-falls-bove-says.html
Yo...
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Cheap Money, Broken Markets and Stupidity
Would you lend money to Spain, Italy and the US at these ridiculously low levels? The answer is no. The World has during the past years experienced an explosion of sovereign Debt, but yields have been coming off, as a result of Central Bankers buyin...
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More Bad News for Greenback’s "Reserve Currency" Status
Uh-ho… The Swiss mega-bank UBS completed a survey of 80 central bank reserve managers yesterday. More than half predicted the US dollar would be replaced as the world’s reserve by a “portfolio of currencies” sometime in the next 25 years.
...
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The Fed Is Paralyzed
Here's all you need to know about the current paralysis of Fed monetary policy. The FOMC is officially forecasting an unemployment rate of 7.8%-to-8.2% by the end of 2012----3 ½ years into the "recovery"---and has decided it cannot do anything abo...
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"Stealth QE3" Comes to Fruition – Soaring Inflation is Next
U.S. Federal Reserve Chairman Ben Bernanke did what most everyone expected yesterday (Wednesday) at the culmination of the Federal Open Market Committee's (FOMC) two-day meeting - he left average Americans vulnerable to the pangs of higher prices and soaring inflation.
Indeed, as yet another FOMC meeting drew to...
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After 100 Years of Service, IBM Corp. (NYSE: IBM) Is Still a ‘Buy’
IBM Corp. (NYSE: IBM) has provided information technology (IT) products and services worldwide for 100 years, making it the very definition of a blue-chip stock.
And when the market gets weak and starts to show signs of volatility, it usually is the blue-chip stocks that are the...
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Taking Away The Punchbowl
Whenever I unleash a tirade at home about how Federal spending has leaped 40% in three years and how the government is now borrowing 42% of its spending, my wife points out that nobody cares because the deficit doesn't impact them at all. This alwa...
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de Soto is correct…
Last week in the NY Times he stated that we are suffering from the obliteration of the factual based that allows a capitalist system to function. Whether it is inflation numbers or employment stats, it is all bogus. I just happened to notice GM pricing...
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Hold on to your bonds
The Fed can expand its balance sheet all it wants, but if the private sector can’t or won’t create credit, it can’t inflate, despite its best intentions...
1) For the first time in history total bank credit has fallen; adjusted for the onboardin...
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SPX and VIX Updates: Bears Running Out of Real Estate
Yesterday, the Fed announced that it will continue to keep interest rates low "until late 2014 or until we all get fired, whichever comes first." The market immediately rallied, as hopeful investors cheered the news that the Fed&nb...
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