Where central banks are concerned, it’s not conspiracy theory so much as the term “off-balance sheet.” There’s a reason Enron kicked off that mass-migration into the footnotes. For monetary officials, there’s the choice to be like Montagu Norman and what he thought of good practice at central banks. Silence.For years, the Chinese have tried it […]
Germany’s ifo Institute published June survey results for business confidence, reflecting the latest changes arising from the graduate, but fast, ‘normalization’ of economic activities. There are some improvements in forward expectations, set against v…
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Fed QE: $1.201B TIPS Purchase 2020-06-24 NY Fed treasury securities operations
For awhile there, a few weeks anyway, the 30-year US Treasury long bond had become the star of the mainstream show. Showered with its 15 minutes of fame, everyone loved how, for once, it seemed to agree with Jay Powell and the preferred narrative about the effectiveness of his technocracy. The idiocy of this attention […]
I guess in some ways it’s a race against the clock. What the optimists are really saying is the equivalent of the old eighties neo-Keynesian notion of filling in the troughs. That’s what government spending and monetary “stimulus” intend to accomplish, to limit the downside in a bid to buy time. Time for what? The […]
In the false religion of data, heresy is asking for data that is not being collected because it might reveal unpalatably unprofitable realities.Here’s how every modern con starts: let’s look at the data. Every modern con starts with an earnes…
Don’t let new highs on Nasdaq fool you. It’s still a bear market and I can prove it. First let’s acknowledge they are have and continue to throw the kitchen sink at […]
Gold is poised for a breakout. Here’s what to look for and a couple new mining picks to swing.
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The only institution with the ability to stop him is t…