What I see is a global collapse of intangible capital that is invisible to most people.It’s only natural that the conventional expectation is a return to the pre-pandemic world is just a matter of time. Whether it’s three months or six months or 1…
We can’t print ourselves out of this crisis again, but that isn’t stopping the Federal Reserve from trying. Thursday’s intervention program, the latest in a string of panic moves to keep the […]
The Fed’s aggressive liquidity measures and resulting market recovery have created a precarious dynamic whereby badly distorted and inflated markets will require persistent liquidity support.
The fictitious valuation of the stock market will eventually re-connect with reality in a violent decline.No, buy the tumor, sell the news ™ is not a typo: the stock market is a lethal tumor in our economy and society. Buy the rumor, …
Lindsay Williams interviewed Lee about the market meltup. Lee warns that the Fed’s money printing may work, but with horrendous unintented consequences.
Federal tax collections are collapsing but the US Treasury now has $827 billion in cash in its bank account at the Fed. This is double…
Central banks will print a lot of money and keep cash interest rates at such low levels that they will have negative real returns and negative returns relative to assets that behave well in times of reflation.
Another day, another new Federal Reserve “bailout.” As these things go by, quickly, the details become less important. What is the central bank doing today? Does it really matter?For me, twice was enough. All the way back in 2010 I had expected other people to react as I did to QE2. If you have to […]
The Fed has cut back on its outright Treasury purchases. But the Treasury is still pounding away at the market, flooding it with enormous amounts of new supply day after day.
This should be bearish, but so far it hasn’t been. Here’s how that could change today.
NY Fed treasury securities operations $4.632B TIPS Purchase 2020-04-09