A couple of minor technical problems called “business” and “life” have now intruded on my increasingly bogged down publication schedule that, in the interest...
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Posts Tagged ‘ Central Banks ’
The E.U., Neofeudalism and the Neocolonial-Financialization Model
To fully understand the Eurozone's financial-debt crisis, we must dig through the artifice, obfuscation and propaganda to the real dynamics of Europe's "new feudalism," the Neocolonial-Financialization Model.
Forget "austerity"and political th...
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U.S. lets China bypass Wall Street for Treasury orders | Reuters
(Reuters) – China can now bypass Wall Street when buying U.S. government debt and go straight to the U.S. Treasury, in what is the Treasury’s first-ever direct relationship with a foreign government, according to documents viewed by Reuters. The relationship means the People’s Bank of China buys U.S. debt using a different method than...
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Treasuries Vacuuming Up All Available Liquidity
The Treasury had a light calendar last week. The market faced a big Treasury settlement on Tuesday but from then until the big end of month settlement of new paper, supply pressure wasn’t, and won’t be, a problem. With fear driving waves of capital into the Treasuries, a downside breakout in yields, and an...
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Investors Shun Gold—Demand Falls in First Quarter – CNBC.com
BloombergInvestors Shun Gold—Demand Falls in First QuarterCNBC.comGlobal demand for gold fell 5 percent in the first quarter to 1097.6 tones, according to the World Gold Council (WGC), driven by a decline in jewelry and central bank buying. Purchases...
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Market’s Liquidity Indicators Begin To Tilt Bearish – With Free Excerpt
The composite liquidity indicator downticked last week on small declines in most of its components. We know that the downtick in the Fed’s pumping to Primary Dealers is temporary, but the weakening in other indicators may not be. Over the course of this latest surge, most of the cash has been targeted at the...
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Money Market and Mutual Fund Flows Charts Updated
Equity Mutual Fund Flows The permanent page for these charts is Mutual Fund and Money Market Fund Flows Charts. The charts will be updated there regularly. April projected based on weekly figures. While not a primary liquidity driver, this chart is useful as a peripheral market indicator. It has begun to turn intermediate term bearish...
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Market Liquidity Trend Still Bullish, But Only Treasuries Get The Benefit
The composite liquidity indicator rose slightly last week, on slight increases on most of its components. The uptrend in the indicator has continued at a steady pace since it broke out in March. Over the course of this latest surge, most of the cash has been targeted at the Treasury market, with stocks getting...
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Our central bankers are intellectually bankrupt – Ron Paul in FT
by Ron Paul The financial crisis has fully exposed the intellectual bankruptcy of the world’s central bankers. Why? Central bankers neglect the fact that interest rates are prices. Manipulating those prices through credit expansion or contraction has real and deleterious effects on the economy. Yet while socialism and centralised economic planning have largely been...
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ISM and New Factory Orders Charts Explained in Real Terms
As this data is updated monthly you can access the updated data from the Economic Charts menu in the lower left sidebar. Or just bookmark the permanent page. ISM New Orders Index Not Seasonally Adjusted The ISM not seasonally adjusted (in other words, actual) new orders index as of April 2012 has been diverging...
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Plosser Says Rates Should Rise Before 2014 FOMC Target Date
Philly Fed President Charles Plosser said in a speech in San Diego: “You may know that I dissented from the FOMC decisions in August and September because it was not clear to me that increasing monetary policy accommodation was appropriate then. After all, inflation was higher and unemployment was lower relative to the previous...
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Why U.S. house prices won’t recover – MarketWatch
The fact that this writer is still relying on the Case Chiller shows that he’s a bit clueless, but I found it interesting that prices were back to 1955, 1986 and 1895 levels in real terms. That seems like an argument to be bullish on house prices, not bearish. By Jack Hough When will...
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Bad Neighbor Banks: Homes toxic for neighbors, good for lenders – South Florida Sun-Sentinel.com
I have long made the argument that shadow inventory is a bogeyman which, like shadow boxing, won’t hurt anyone, or at least won’t hurt the housing market in most areas, more than it already has. In effect it’s a sunk cost heavily affecting particular local markets, but will not affect the majority of the...
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What the “Bernanke Hall of Mirrors Put” Looks Like in the Real Economy
What the “Bernanke Hall of Mirrors Put” Looks Like in the Real Economy (via http://wallstreetexaminer.com) “The world over, governments and central banks are waging war on supply and demand- on the price mechanism.” - James Grant, interview here starts at 4:30 On the real economy and the hopium hates details front, fuel demand is down,...
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WSJ Reports on Bidding Wars in the Housing Market- Video
The Wall Street Journal’s Nick Timiraos interviews Redfin CEO on the current housing market. Surprise surprise! Bidding wars. Comparative Home Sales Chart Related story- Shiller Unaware Bernankinflation Winning Get regular updates on the US housing market, and stay up to date with the machinations of the Fed, Treasury, Primary Dealers and foreign central...
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What Happens When All the Money Vanishes Into Thin Air?
Issuing debt and printing money do not create wealth. All they can create is a temporary illusion of wealth.
I could have written "if all the money vanishes," but that would be misleading, for all unbacked money will most certainly vanish into thi...
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The Secret System that Blew Another Hole in the Euro
This may sound arcane and boring, but I promise you it's not.
What I've learned will blow yet another hole in the already shaky euro.
It begins with Bernd Schunemann, a law professor at the Ludwig-Maximilian University in Munich. He has sued the German Bundesbank over its...
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My Quick Take On the Housing Data
Some tweets on the housing data.
Lee Adler @Lee_Adler actual inventory to sales ratio at 4.5 lowest since Aug 05. http://pbckt.com/pA.RnqWlY
Lee Adler @Lee_Adler NSA inventory revised down each month Nov to Feb. Completed units revised dow...
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Good For Nothing $50 Billion Gift To Dealers Wasted
The markets got a gift in the week just ended, but they couldn’t do much with it. The Treasury paid down a whopping $50 billion in expiring short term bills on Thursday. That’s cash that came back to holders of the paper, many of whom were Primary Dealers. They used some of it to...
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Gold
Frederick J. Sheehan is the author of Panderer to Power: The Untold Story of How Alan Greenspan Enriched Wall Street and Left a Legacy of Recession (McGraw-Hill, 2009) and "The Coming Collapse of the Municipal Bond Market" (Aucontrarian.com, 2009) ...
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Builder Indexes Down In April, But Trend Is Still Up
The dark and dirty job of pointing out that the NAHB Housing Market Index present conditions index is up 11 points versus last April and traffic is up 5 points falls to me, I guess. The mainstream media and the NAHB itself has already widely reported only the bad news that April was down versus...
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Look Like 8% GDP Growth to You?
Power generation at the giant utility Huaneng Power in China was up less than 1% for the Q1. Two other Chinese electrical giants GD Power and Huadian Power showed a decline of 1.3% and an increase of 6.0% respectively. Look like 8.1% GDP g...
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Calling All Crash Test Dummies: Big Crash Ahead
If the stock market can never crash again due to the Bernanke Put, then why have all the crash test dummies been ordered up?
I know, I know: the stock market will never go down because Ben Bernanke and the other central bankers won't let it. ...
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A Week on (Relatively) Easy Street for Treasuries
The following is the executive summary of this week’s report to subscribers.To read the reports risk free for 30 days (one time only), click here. The markets face another week on relatively easy street in terms of Treasury supply. Even though the Treasury is auctioning a big slug of longer term paper, it is...
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In a Ministry of Truth World
All day, the MSM trolled out all the dynamite talking heads types, saying that a 2-3% correction is healthy, blah, blah and now the Fed can add stimulus. All day, you see words like rescue, followed by some lobbyist functionary talking his trade. This mantra has gone beyond merely obscene and feels like one...
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Markets Now On Their Own, Almost, But Major Top At Least 6 Months Away
The cash generated by the ECB’s second big LTRO operation has now settled in to wherever its holders wanted to park it so we’re entering a whole new world where the ECB sits on its hands, and the Fed keeps its balance sheet stable. The overwhelming force that the central banks had been applying...
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New House Sales Show Continued Improvement
While the media was touting a miss on consensus expectations, and Bloomberg posted an outright lie on Twitter, the actual unadjusted data did show a big improvement over the year ago performance.
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Treasury Yield Breakout? Not So Fast!
The 10 year yield arrived at the top of the base pattern at 2.40 this week. At that point the stock market mysteriously got the shakes and enough cash was freed up to buy enough Treasuries to prevent a major trend breakout in yields. The market sentinels deep in the bowels of the Treasury...
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The Bad News Is That Market is Celebrating What Was, Not What’s To Come
The cash generated by the ECB’s second big LTRO operation hit the US banking system last week. At the same time the Fed is still pumping cash into Primary Dealer trading accounts, and it just completed a big mid month cash infusion. This was all part of the master manipulators’ master plan, of which...
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As Good As It Gets No More, Treasuries Puke
Treasury supply was in line with the TBAC forecast in the week just completed, but there are signs in weak tax withholding that suggest possible surprise increases in supply that the market could ill afford at the moment. The Fed met a big Treasury issuance on March 15 with a big settlement of the...
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