While ebullient markets have briskly moved on, I’m not done with Archegos.
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Archegos and Ponzi Finance
by Doug Noland • • 0 Comments
Debt structures degenerate over time, as the boom is perpetuated by expanding quantities of debt of deteriorating quality. Archegos is emblematic of an out of control mania and a complete breakdown of responsible lending and regulatory oversight.
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Doug Noland’s Credit Bubble Bulletin: Double Trouble
by Doug Noland • • 0 Comments
The parallels to 1929 turn only more compelling and ominous.
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Jonathan Doyle Interviews Doug Noland
by Doug Noland • • 0 Comments
I’m not fond of self-promotion, but I would like to support Jonathan Doyle’s “The Supply Side” podcast. Jonathan interviewed me this week. Click here.
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Doug Noland’s Credit Bubble Bulletin: Powell on Inflation
by Doug Noland • • 0 Comments
I found the Powell press conference problematic. After less than glorious market responses to his recent congressional testimony and WSJ Q&A session, I would have thought some tinkering of his messaging was in order. But Powell doubled down.
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Doug Noland’s Credit Bubble Bulletin: Let the Facts Speak: Q4 2020 Z.1
by Doug Noland • • 0 Comments
Facts support the view that a major bear market is unfolding in long-term Treasuries and fixed income securities.
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Doug Noland’s Credit Bubble Bulletin: De-risking/Deleveraging at the Periphery
by Doug Noland • • 0 Comments
Zero chance of the Fed moving to tighten financial conditions in the event of inflation gaining a serious foothold. By that point, bond markets would surely already be in a state of disarray. The FOMC wouldn’t dare tighten.
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Doug Noland’s Credit Bubble Bulletin: Regime Change
by Doug Noland • • 0 Comments
The U.S., after all, is running unprecedented peacetime deficits, with a new $1.9 TN stimulus package scooting through Congress. This legislation will be followed by what is sure to be a major infrastructure program. There is literally colossal deficits and Treasury issuance as far as the eye can see.
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Doug Noland’s Credit Bubble Bulletin: Wrecking Ball
by Doug Noland •
Existing market infrastructure will buckle under tens of millions of synchronized sell orders.
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Doug Noland’s Credit Bubble Bulletin: The Short but Momentous History of Fed QE
by Doug Noland • • 0 Comments
Wall Street, of course, is bewitched by the Fed’s QE. Meanwhile, the Federal Reserve is these days uninterested in assessing either QE’s effects or risks. Observation and evaluation of QE is left to us. Every week, Doug Noland, summarizes the effects and dangers brilliantly.