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08.21.17- 10 Reasons Why Central Banks Will Miss the Cryptocurrency Renaissance
This has huge implications for central banks, which today enable nation states to maintain their monopolies over the issuance of notes, coins and sovereign bonds. Read More |
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08.19.17- Fed Will Overshoot & Cause Massive Inflation
Thursday was the second worst day on Wall Street this year. Despite the recent drop in the stock market, he sees the stock market will continue higher because of dovish language and the 180 degree turn by Fed Chair Janet Yellen. The Fed minutes this week showed that Fed officials want inflation higher. Mannarino warns the Fed should be careful what they wish for. He believes the Fed will overshoot their target, and create massive inflation. Read More |
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08.18.17- Will the Fed turn the US into
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08.17.17- Fed policymakers grow more worried about weak inflation
The readout of the July 25-26 meeting, released on Wednesday, also indicated the Fed was poised to begin reducing its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities. Read More |
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08.16.17- Central banks: a sausage based conundrum
Despite the Federal Reserve expanding their balance sheet from $800bn to $4.4tn; despite holding interest rates at zero for 8 years; despite all the new ‘jobs’ that have reduced unemployment to 4.4%: the Fed’s measure of inflation is 1.8% and falling, wages are going nowhere, and the Keynesian holy grail of surging ‘aggregate demand’ is as elusive as a glass of lemonade in a Dublin pub. Read More |
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08.15.17- The Return of Sound Money
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08.14.17- Is Inflation an issue
-William J. Durant The Fed has been trying to create the illusion that inflation is an issue. The guys from the hard money camp also maintain that inflation is an issue and to a point they are right. Their definition of inflation is an increase in the money supply. The Fed, on the other hand, defines inflation as an increase in prices. The real definition of inflation is an increase in the money supply; rising prices are just the symptom of the disease. This article from mises.org summarises this concept quite succulently. Read More |
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08.12.17- Weekend Rant: Cliché Series # 3: Dissimulators Dispersing Disingenuous Dangers
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08.11.17- Planning for an Uncertain Future
The crisis which faces us is a crisis of government: the corrupt, puppet regimes across the Western world, and the psychopathic Puppet Masters who pull their strings. These Puppet Masters are known to regular readers. They are the Western oligarchs who control the financial crime syndicate known as the One Bank. Read More |
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08.10.17- The War on Cash: Jeff Berwick Faces Off Against Statists on Al Jazeera
Some of the people on the panel were quite strong proponents of living a cashless existence, but they did admit that fiat currency cannot be done away with as easily as some say. I mentioned that I, of course, prefer my Wirex bitcoin card (get one here) and Goldmoney (get one here) and Perpetual Assets precious metals cards (get one here) over using terrorist financing Federal Reserve notes or digital fiat. Read More |
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08.09.17- By This Measure The Current Stock Market Bubble Is Far Bigger
As another friend of mine, Eric Cinnamond, recently asked, “If valuations are similar or higher than past bubble peaks, how can today’s cycle not be considered a bubble?” Good question. Read More |
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08.08.17- Richard Sylla: This Is An Inherently Dangerous Moment In History
"The rates we’ve had in recent years, including right now, are the lowest in history. The book that I co-authored on the history of interest rates traces back to the code of Hammurabi, Babylonian civilization, Greek and Roman civilization, the Middle Ages, the Renaissance, and early modern history right up to the present. And I can assure our listeners that the rates that they’re experiencing right now are the lowest in human history." Read More |
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08.07.17- It’s Officially the Biggest Bubble in Stock Market History
A big hat tip to John Hussman for catching this. Why does this matter? Because, earnings, cash flow, book value, and other metrics can be easily massaged by corporates. As such, valuing a business based on its P/E, P/CF, or P/B multiples isn’t necessarily accurate. Read More |
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08.05.17- Debt + Fake Money = Final Collapse
But it didn’t take long for a different and much more subtle form of slavery to be introduced. It started officially in 1913 with the creation of the Federal Reserve Bank in New York. More than 100 years before that, the German banker Mayer Amschel Rotschild had stated: “Give me control of a nation’s money and I care not who makes its laws.” The bankers who gathered on Jekyll island in November 1910 were totally aware of the importance of controlling the country’s money and that was the objective of their infamous secret meeting which laid the foundations to the Fed. Read More |
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08.04.17- Western Central Bank Fear Of Gold Is In The Air
Wednesday evening at 7:06 EST, at one of the least liquid trading periods of the 23 hour trading day for Comex paper gold, a “motivated” seller unloaded 10,777 August gold contracts into the CME’s Globex trading system, knocking the price of gold down $9 in 25 minutes. There were no obvious news or events reported that would have triggered any investor to dump over 1 million ozs of gold with complete disregard to price execution. Read More |
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08.03.17- The Fed Gave Wall Street a Bomb, and the Taxpayers are Paying Ransom
While ending this taxpayer subsidy to Wall Street is important, it’s also important to understand the dangers posed by allowing these excess reserves to be lent out of major financial institutions. Read More |
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08.02.17- The Fed’s Dilemma – Doing The Right Thing Won’t Help Janet Yellen Or Us
The bigger problem is that it probably doesn’t make much difference what they do – or don’t do. The definition of dilemma is: “a situation in which a difficult choice has to be made between two or more alternatives, especially equally undesirable ones.” We are hooked on low interest rates and the drug of cheap and easy credit. Read More |
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08.01.17- Should The Federal Reserve Register As A Foreign Agent?
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07.31.17- Bank Deregulation Back in Vogue: It’s time to dance the last fandango!
The banks need to be able to entice more people into debt because potential borrowers with good credit and easy access to financing are showing no interest in taking the banks’ current enticements toward greater debt. That could indicate the average person is smarter than the banks and apparently recognizes they are at their peak comfort levels with debt. The banks, on the other hand, want to reduce capital-reserve requirements in order to leverage up more. Read More |
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07.29.17- The Globalist One World Currency Will Look A Lot Like Bitcoin
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07.28.17- Why the U.S. Dollar Has a Long and Rough Road Ahead
Let’s examine a few possible scenarios, and investigate the best ways to preserve your wealth against a major dollar downturn… The dollar is down 8% against its global counterparts this year, with the poorest performance of any G10 currency. And the US dollar index is now sitting at its lowest point in over a year. Read More |
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07.27.17- Central Banks ARE The Crisis
It really should -but doesn’t- make us cringe uncontrollably to see Bank of England governor-for-hire Mark Carney announce -straightfaced- that:
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07.26.17- This Will Lead to a Panic Unlike Any We’ve Ever Seen
Central banks have pushed so much new money into bonds (in an effort to manipulate interest rates lower) that corporate bonds have begun trading with negative yields, meaning that corporations are now being paid to borrow. This, as you might realize, makes absolutely no sense. Sooner or later, it's going to cause catastrophic problems with the world economy – perhaps even the collapse of the entire financial system Read More |
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07.25.17- Russia’s Real Endgame
Russia’s Putin has never taken his eye off the ball. His ambition is not global hegemony or European conquest. Putin seeks what Russia has always sought: regional hegemony and a set of buffer states in eastern Europe and central Asia that can add to Russia’s strategic depth.Read More |
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07.24.17- Former 'Plunge Protection Team' Member Warns "Blockchain Is Freaking Governments Out"
Townsend started the interview by asking Malmgren, who also served as a special assistant to the president during the Obama administration, her thoughts about the thousands of refugees who continue to pour into Europe. Surprisingly, despite her liberal views regarding the free movement of people, Malmgren said she’s “quite worried” about the crisis, and believes it will only worsen as governments in Northern Africa become increasingly unstable, potentially leading to a financial crisis in Europe. Read More |
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07.22.17- How Will the Federal Reserve Untie its Gordian Knot?
I’m starting with the premise that the Fed is trying to talk up the reduction of its balance sheet, starting in September, because it actually wants to unwind and still hasn’t realized it cannot. That premise, of course, may be wrong. They could simply be lying, but strong historic precedence argues in favor of stupidity. Read More |
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07.21.17- The Fed Has Hit the ‘Pause’ Button
No rate hikes are coming at the July, September or November Fed FOMC meetings. The earliest rate hike might be at the December 13, 2017 FOMC meeting, but even that has a less than 50% probability as of today. I’ll update those probabilities using my proprietary models in the weeks and months ahead. The white flag of surrender came in two public comments by two of the only four FOMC members whose opinions really count. The four voting members of the FOMC worth listening to are Janet Yellen, Stan Fischer, Bill Dudley and Lael Brainard. Read More |
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07.21.17- The Fed Has Hit the ‘Pause’ Button
No rate hikes are coming at the July, September or November Fed FOMC meetings. The earliest rate hike might be at the December 13, 2017 FOMC meeting, but even that has a less than 50% probability as of today. I’ll update those probabilities using my proprietary models in the weeks and months ahead. The white flag of surrender came in two public comments by two of the only four FOMC members whose opinions really count. The four voting members of the FOMC worth listening to are Janet Yellen, Stan Fischer, Bill Dudley and Lael Brainard. Read More |
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07.20.17- Don't Be Fooled - The Federal Reserve Will Continue Rate Hikes Despite Crisis
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07.19.17- Dying petrodollar could spell disaster for the Fed as they try to dissolve their balance sheet
Yet for just this instance let us take Yellen’s words as truth this time, and expect that the Fed will begin drawing down their balance sheet slowly sometime by the end of the year. Read More |
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07.18.17- Peak Bull: Fake Economy, and Fake News
The American economy has been mangled by decades of assault on capitalist prosperity. Growth is now dying because the Federal Reserve’s hit on corporate America that has strip-mined its balance sheets to feed the halls of Wall Street. Trillions of dollars have been thrown into financial engineering (stock buybacks, M&A deals and leveraged recaps) while neglecting real investment and productivity in Flyover America. Read More |
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07.17.17- National Debt Too High…
Given the massive national debt and 100 years of experience, silver prices could easily be double or triple their current prices, and far higher in a panic. WHY? Examine over a century of official national debt data graphed on a log scale. Official debt in 1913 was $3 billion. Since then it has risen 8% to 9% every year to reach $20 trillion or $20,000 billion. Debt will continue rising as long as politicians spend and bankers lend. Read More |
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07.15.17- How Dumb Is the Fed?
“Momentum” stocks like Tesla, to paraphrase our friend Dani Hughes on CNBC last week, will adjust and the mother of all rotations into bonds and defensive stocks will ensue. We must wonder aloud if Chair Yellen and her colleagues on the FOMC fully understand what they have done to the US equity markets. […] Once the hopeful souls who’ve driven bellwethers such as Tesla and Amazon into the stratosphere realize that the debt driven game of stock repurchases really is over, then we’ll see a panic rotation back into fixed income and defensive stocks.Read More |
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07.14.17- And Now, for Something Entirely Different: Why and How to Get a Second Passport
And if the U.S. government controls your ability to travel around the globe, you have no choice in mobility. If the government cancels your passport, then you are done. You have no options for traveling outside of the United States. But McDonald’s is not your only food choice, Monsanto thankfully does not control all agriculture, and the U.S. government is not the only choice for obtaining a passport. Sovereign Man has highlighted four options for obtaining a second passport. Read More |
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07.13.17- On Borrowed Time
So far, so anecdotal. How about some data to back up the thesis that, as Thorstein Polleit puts it, the super bubble is in trouble ? Read More |
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07.13.17- Yellen’s Shocking Announcement:
She didn’t use those words, but the words she did use weren’t all that different. But first a little context… The fact is that the $USD has been falling steadily throughout 2017. At this time of this writing, it was down nearly 7% year to date. Read More |
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07.12.17- Janet Yellen’s complacency is criminal
Federal Reserve Chair Janet Yellen is brilliant, but last week she said something remarkably stupid that future authors will quote with scorn. She predicted that there would be no new financial crisis in the United States within her lifetime due to reforms after the Great Recession. Steve Keen wrote a devastating column in Forbes that took Yellen to task for her complacency. Read More |
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07.11.17- Warning Signs Abound for U.S. Economy One might ask if the two of them consider the unresolved Greek debt crisis, and the bailouts of Spanish and Italian banks, in violation of new EU banking rules, evidence of a “solid upswing”! Read More |
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07.10.17- The Bankers’ Endgame And The Rise Of Gold And Silver Prices
An unexpected financial crisis, however, will be much more consequential than Don Nelson’s magical resurrection of the Warrior’s NBA hopes. There, at least, the Warriors will have a chance. Read More |
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07.08.17- Tales from the FOMC Underground
The premise, as we understand it, was that as stock portfolios bubbled up investors would feel better about their lot in life. Some of them would feel so doggone good they’d go out and buy 72-inch flat screen televisions and brand-new electric cars with computerized dashboards on credit. Read More |
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07.07.17- The Fed Just Admitted, On RECORD, Stocks Are In a Bubble
The media didn’t catch it. Nor did the markets. The reason? Everyone is so busy focusing on whether or not the Fed wants to hike rates, that they’re not looking for other items… Other items…. such as the fact the Fed has decided it is going to pop the stock market bubble. Read More |
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07.06.17- Beware The Predictions Of "Experts"
In her conversation with Lord Nicholas Stern, Yellen also went on to list the reasons that, thanks to central bank intervention, there is unlikely to be another financial crisis “in our lifetimes.” Read More |
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07.05.17- And Now, for Something Entirely Different: Solving The Liquidity Problem
Specifically, we discussed how the liquidity of assets gets impacted when things go really pear shaped. I think it’s worth understanding this process. There are certain dynamics that are very pertinent to countries and economic systems which we’ve come to incorrectly associate with stability, safety, and people who, with their hand on the tiller, really should know better. But based on their actions they clearly don’t. Read More |
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07.04.17- Holiday Rant: What Pisses Me Off About
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07.03.17- Fed President Contradicts Yellen’s “No Crisis In Our Lifetime” Claims
Yellen is the primary figurehead for U.S. central banking, and her statements are heavily publicized. But she isn’t the only voice of the Fed. The Fed’s 12 district presidents speak to the public as well, just not as frequently and with less fanfare. Comparing their opinions against those of the Fed Chair is key to getting the clearest picture of the economic climate. Read More |
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07.01.17- Why Quantitative Tightening Will Fail
After nine years of unconventional quantitative easing (QE) policy the Federal Reserve is now setting out on a new path for quantitative tightening (QT). QE was a policy of money printing. The Fed did this by buying bonds from the big banks. The banks would then deliver bonds to the Fed, and the Fed would in turn pay them with money from thin air. QT takes a different approach. Read More |
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06.29.17- “Next Phase of Collapse Will Include the End of the Dollar as We Know It”
I have written on the subject of the Federal Reserve’s deliberate sabotage of the U.S. economy many times in the past. In fact, I even once referred to the Fed as an “economic suicide bomber.” I still believe the label fits perfectly, and the Fed’s recent actions I think directly confirm my accusations. Back in 2015, when I predicted that the central bankers would shift gears dramatically into a program of consistent interest rate hikes and that they would begin cutting off stimulus to the U.S. financial sector and more specifically stock markets, almost no one wanted to hear it. The crowd-think at that time was that the Fed would inevitably move to negative interest rates, and that raising rates was simply “impossible.” Read More |
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06.28.17- Central Banks Buying Stocks Have Rigged US Stock Market Beyond Recovery Brian Rich, writing for Forbes, describes the economic illusion created by central banks buying stocks during a time of presidential prosecution: Read More |
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06.27.17- The Fed Speaks Out of
New York Fed Chief William Dudley argued in a speech that he is worried that the jobless rate will fall too far, causing a tight labor market and forcing inflation higher. Dudley believes the Fed should continue to raise interest rates. His talk caused the U.S. dollar to rally, undercutting the oil market. Chicago Fed president Charles Evans delivered a more dovish outlook, arguing the Fed should hold off further rate hikes until the end of the year. Read More |
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06.26.17- Central Banks...
We haven’t commented on central bank policy for a while, mainly because it threatened to become repetitive; there just didn’t seem anything new to say. Things have recently changed a bit though. A little over a week ago we received an email from Brian Dowd of Focus Economics, who asked if we would care to comment on the efforts by the Fed and the ECB to exit unconventional monetary policy and whether they could do so without triggering upheaval in the markets and the economy**, so we are taking this opportunity to do just that. Read More |
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06.24.17- Four Reasons Central Banks are Wrong to Fight Deflation
The harmful character of deflation is today one of the sacred dogmas of monetary policy. The champions of the fight against deflation usually present six arguments to make their case. Read More |
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06.23.17- Get Ready for ‘QT1’: A First Look at the Federal Reserve’s Hidden Policy
First, it is important to examine QE and QT in a broader context of the Fed’s overall policy toolkit. Understanding the many tools the Fed has, which of them they’re using and what the impacts are will allow you to distinguish between what the Fed thinks versus what actually happens.Read More |
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06.22.17- Albert Edwards: "Citizens Will Soon Turn Their Rage Towards Central Bankers"
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06.21.17- The Fed Rate Hike and Gold – Precious Metals Supply and Demand
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06.20.17- Democracy Is A Front
RT asked me if the Fed was going to raise interest rates. I answered that the purpose of low interest rates was to restore the solvency of the balance sheets of the “banks too big to fail” by raising debt prices. The lower the interest rate, the higher the prices of debt instruments. The Fed drives bond prices up by purchasing bonds, and the Fed raises interest rates by selling bonds, or by purchasing fewer of them than previously. Read More |
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06.19.17- Here Comes Quantitative Tightening
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06.17.17- Central Banks Are Driving Many to Cryptocurrencies
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06.16.17- Good Question
The last time the U.S. Federal Funds rate was 1%, the 10 Year Treasury rate was 4%. In a normal free market system, real interest rates would be 2% to 3% above CPI. The fraud and dysfunction of the current global financial system is made unequivocally clear in the chart. Read More |
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06.15.17- Is the Central Bank’s Rigged Stock Market Ready to Crash on Schedule?
Yesterday’s dramatic “rotational” divergence between tech stocks and the rest of the market, which as Sentiment Trader pointed out the only time in history when the Dow Jones closed at a new all time high while the Nasdaq dropped 2% was on April 14, 1999, stunned many and prompted Bloomberg to write that “a crack has finally formed in the foundation of the U.S. bull market. Now investors must decide if any structural damage has been done.” (Zero Hedge) Read More |
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06.14.17- Who Controls All of Our Money?
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06.13.17- Massive Central Bank Asset Purchases: Last Ditch Effort To Save Economy & Cap Gold Price
The amount of Central bank asset purchases are now reaching insane levels. And they have to. It is the same thing as being a drug addict. Once, someone starts down the road of drug addiction, it takes more and more of the drug to reach the same effect. Thus, when Central banks started purchasing assets to prop up the market, they have to continue, and they have to continue buying even more. Read More |
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06.12.17- The Fed Hasn’t Done This in 80 Years
Let’s examine what makes the Fed’s current policy plan so historic, how it could impact markets in coming months, and what Americans can do in response… The Fed’s Toolbox: QE vs. QT Read More |
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06.10.17- In Washington, Is the Glass(-Steagall) Half Empty or Half Full?
In the world of romance, if you break up with someone, it’s pretty simple (emotional complications aside). You’re just not together anymore. In the world of financial regulation, it used to be as simple as that, too. It was like installing a traffic light at a dangerous intersection to avoid deaths. In 1933, when the Glass-Steagall Act was passed, it helped break up the biggest banks of the day and for good reason: Read More |
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06.09.17- Curve Inversion and Chaos to Begin by December 2017 An inverted yield curve, which has correctly predicted the last seven recessions going back to the late 1960's, occurs when short-term interest rates yield more than longer-term rates. Why is an inverted yield curve so crucial in determining the direction of markets and the economy? Read More |
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06.08.17- "Forget 'Super Thursday',
Today is not about UK elections. It’s too late to do or say anything except anticipate and hedge the result – if you care to do so. Personally, I reckon a blowout Tory victory might not be the panacea for sterling many expect. It will simply confirm Hard Tough Fraxious In-Yer Face Brexit – and may well prove a sell-the-fact moment for the Pound. Today is sort of about Central Banks. Read More |
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06.07.17- Less Than Zero:
The other day I was in my local branch of a Too Big To Fail bank where I have a few accounts. One of them is a savings account in which I keep some of my "dry powder" cash stored. It had been a while since I had checked what kind of return the savings account offered. I knew it was pretty low, but there have been a few Fed rate hikes since the last time I had checked. So I asked the teller to look up the current rate the account was yielding. Any guesses? Read More |
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06.06.17- "This Only Ends When
Now please don’t mistake my unwillingness to join the chorus of those warning about the dangers ahead as my belief that everything is rosy. I understand the arguments about the huge imbalances in the financial system. I don’t need a lecture about the unsustainability of the current environment. I get it, we are screwed. We have made too many promises, have not saved enough and have created a can’t win financial situation. Read More |
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06.05.17- The Next Thing to Upend Everything
Blockchain technology emerged with the advent of Bitcoin in 2009. It was created when a programmer, using the pseudonym Satoshi Nakamoto, came up with a novel solution using a network of computers to track transactions in a way that is secure, trustworthy, fast, and transparent. The technology is used in either public networks, open to the world or private ones that could connect any type of groups. But it may also be the catalyst of a peaceful revolution which will upend society’s most sacred institutions – including government. Read More |
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06.03.17- Another Weekend Rant:
I cannot let it go unsaid regarding one of these: Elon Musk. It is really hilarious to consider that he has no company without the government’s involvement in the climate. None of these CEOs is a climate expert; all of them publicly complain about regulation. You would think that this combination of characteristics would lead to either at best cheering the elimination of the horrendous regulatory burdens imposed by yet another scheme or at worst shutting up on a topic that they really don’t know much about. Read More |
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06.02.17- Dear Fed, It’s Not
But it’s OK to use these “limited policy tools” to inflate the greatest bubbles the world has ever seen and then preside over the damage they cause to the real economy before they even implode. Read More |
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06.01.17- Forget about Fake News...
Our officials make economic policy as if healthy markets must be planned and coerced, much like the politburo. Some of this policy is created and run in the open; the government bailouts, Quantitative Easing, and zero interest rate policy, for example. Read More |
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Gregory Mannarino joins Silver Doctors to discuss the latest market news as central banks around the world continue to destroy currencies and inflate their favorite asset bubbles…
Never in human history has the world been so much in debt. Never in human history has the world economy relied on such a high level of credit. Never in human history has the world been more globalised. What happens if the credit generating machine that powers our economy slows down in a meaningful way? I want to highlight the subject with some questions.
On Sunday evening, August 15, 1971, President Nixon 
The 2016 Presidential Election was quite the spectacle. During the primaries we watched Donald Trump go politically-incorrect 
Astute readers understand that we are living in a time of
crisis. This is not a crisis about Terrorist Boogeymen, nor is it (primarily)
even a crisis about the very real threat of global warming. 
Do we really need cash? That is the question that was presented to the panel I was included in on Al Jazeera. 
My friend, Dr. John Hussman, recently 
Based on the median Price to Sales for an S&P 500 company, the stock market is now officially the single biggest bubble in history.
Over the last 150 years, the West has gone from human slavery to debt slavery. Slavery was officially outlawed in most countries between the mid 1800s and early 1900s. In the British Empire, it was abolished in 1834 and in the US in 1865 with the 13th amendment.
Ballooning open interest, heavy fix selling, aggressive post-settlement selling, flash crashes – this all seems a lot of bother. Perhaps the Other Side is afraid of something. – John Brimelow from his 
When 
The Federal Reserve doesn’t know what to do. That’s too bad. For all of us.
The Great Recession was so great for the only people who matter that it is time to do it all again. Time to shed those bulky new regulations that are like clod-hoppers on our heals and dance the light fantastic with your friendly bankster. Shed the encumbrances and get ready for the new roaring twenties that are just around the corner.
This week the International Monetary Fund shocked some economic analysts with an announcement that America was "no longer first in the world" as a major economic growth engine. This stinging assertion falls exactly in line with the narrative out of the latest G20 summit; that 
Last week the dollar fell sharply against all major currencies. Both fundamental and technical indicators imply the trend could continue. When will the dollar find its bottom, and what should Americans do to protect the spending power of their savings?
If there’s one myth -and there are many- that we should invalidate in the cross-over world of politics and economics, it‘s that central banks have saved us from a financial crisis. It’s a carefully construed myth, but it’s as false as can be. Our central banks have caused our financial crises, not saved us from them. 
If you haven't noticed, a historic mania has developed in the world's bond markets.
[Ed. Note: Jim Rickards’ latest New York Times bestseller, 
Dr. Pippa Malmgren, a US policy analyst and former member of the Working Group on Financial Markets, a government entity better known by its nickname, the “Plunge Protection Team,” appeared on Erik Townsend’s 
The Federal Reserve is telegraphing that it is going to begin its great unwind in September. It’s going to untie its own not untiable knot. In case you cannot untie what I just said, that’s a knot that cannot be untied. I’m writing the article to ask you to ponder this conundrum with me. Can the Fed undo its quantitative easing without undoing the vapid recovery it fashioned out of that quantitative easing?
Last week the Fed raised the white flag on further rate hikes. There won’t be any for the foreseeable future.
Though stock markets in general are meaningless and indicate nothing in terms of the health of the economy they still function as a form of hypnosis, or a kind of Pavlovian mechanism; a tool that central bankers can use to keep a population servile and salivating at the ring of a bell. As I have mentioned in the past, the only two elements of the economy that the average person pays attention to in the slightest are the unemployment rate and the Dow. As long as the first is down and the second is up, they aren't going to take a second look at the health of our financial system. 
When Janet Yellen spoke at the last FOMC meeting, she reiterated the central bank’s desire to begin drawing down their balance sheet after close to 8 years of stimulus and bond buying. However, those who pay attention more to actions than from words understand that until the Fed actually begins to start selling their bond holdings, talk from the central bank is little more than the same rhetoric they used when promising a rate hike back in October of 2013, and then never instituting one until two years later.
[Urgent Note: David Stockman warns that the nation’s economy and a massive debt ceiling hangs in the balance as Wall Street’s peak bull stocks carry on. The economist is on a mission to send his new book 
Silver currently sells around $16, which would be sensible if the US national debt was much less than its current $20 trillion.
If you don’t have options, you are helpless. If you had only McDonalds to provide you food, you would not be able to make the choice to be healthy. If Monsanto monopolized the agricultural industry (
There are a number of things you don’t want to hear a central banker say. One of those things just popped out of Janet Yellen’s mouth – “I don’t believe we will see another financial crisis in our lifetime.” That has to be up there with Irving Fisher’s deathless observation from 17 October 1929 that "
Fed Chair Janet Yellen just announced that the Fed will be kicking the $USD off a cliff.
The perpetrators of the Global Financial Crisis have been allowed to keep their jobs and the proceeds of their crimes. Claims by Federal Reserve Chair Janet Yellen that no new crisis will grace the US within her lifetime reveal the stunning complacency that have allowed these complex frauds to continue. Economist William K Black investigates.
In the build-up to the G20 summit in Hamburg, there was much happy talk coming from Trans-Atlantic government officials, Central bankers and the media about the arrival of the long-awaited “economic recovery.” From Brussels, European Central Bank (ECB) chairman Mario Draghi sounded cautiously optimistic, telling European Union leaders on June 23 that the EU is experiencing economic growth and an “improving business climate”, while ECB Executive Board member Peter Praet was much less constrained. In a meeting of bankers in Paris on July 6, he declared that the recovery “has gathered some further momentum recently,” and that there is a “solid upswing” becoming an “increasingly solid cyclical recovery.”
In May 2007, in 
Many of today’s economic troubles are due to a fantastic guess. That the wealth effect of inflated asset prices would stimulate demand in the economy.
Yesterday, the Fed made the single largest announcement of the last 10 years.
Speaking in London, Federal Reserve chair 
Earlier this week I discussed Zimbabwe – the country that took and continues to take ineptitude to a whole new level.
Central banks buying stocks are effectively nationalizing US corporations just to maintain the illusion that their “recovery” plan is working because they have become the banks that are too big to fail. At first, their novel entry into the stock market was only intended to rescue imperiled corporations, such as General Motors during the first plunge into the Great Recession, but recently their efforts have shifted to propping up the entire stock market via major purchases of the most healthy companies on the market. 
A number of Federal Reserve policymakers were marched out this week to give opinions about monetary policies following the most recent action of the Fed.
The word “deflation” can be defined in various ways. According to the most widely accepted definition today, deflation is a sustained decrease of the price level. Older authors have often used the expression “deflation” to denote a decreasing money supply, and some contemporary authors use it to characterize a decrease of the inflation rate. All of these definitions are acceptable, depending on the purpose of the analysis. None of them, however, lends itself to justifying an artificial increase of the money supply.
The Federal Reserve is now setting out on a new path for quantitative tightening (QT) after nine years of unconventional quantitative (QE) easing policy. It is the evil twin of QE which was used to ease monetary conditions when interest rates were already zero.
During the populist revolt of 2016, which first led to the "shocking outcomes" of Brexit and then Trump, we cautioned that these phenomena were merely the "silent majority" of the developed world's middle class expressing their anger and frustration with a world that has left them - and their real disposable income - behind, while rewarding the Top 1% through policies that have led to a relentless and record ascent in global asset prices, largely the purview of the world's wealthiest. More recently, 
Several years ago when the Federal Reserve had its Fed funds rate at zero to 25 basis points (one-quarter of one percent—0.25%), there was a great deal of talk, somehow presented as urgent, whether the Federal Reserve would raise interest rates. 
All of a sudden the Fed got a little tougher. Perhaps the success of the hit movie Wonder Woman has inspired Fed Chairwoman Janet Yellen to discard her prior timidity to show us how much monetary muscle she can flex when the time comes for action. 
Two years ago, Bitcoin was considered a fringe technology for libertarians and computer geeks. Now, Bitcoin and other cryptocurrencies, such as Ethereum, are gaining mainstream adoption. However, mainstream adoption has been propelled by financial speculation instead of by demand for a privately minted and deflationary medium of exchange. After the Fed’s rate hike this week, Bitcoin and alternative cryptocurrencies, such as Ethereum and Dash dropped in value instantly. Bitcoin, for example, dropped by approximately 16% in value while other coins dropped by approximately 25%. However, Bitcoin’s price recovered to the previous high within 18 hours. 
It’s funny how facts are conveniently ignored by the mainstream media pundits, paid to mouth the narrative put forth by their corporate bosses. A critical thinking individual might look at the chart below and possibly question the validity of the economic growth mantra spewed by the politicians, central bankers and mass media. As anyone with two eyes can see, the central bankers of every developed country in the world have kept real short term interest rates negative for the last eight years and continue to do so.
We just saw a major rift open in the US stock market that we haven’t seen since the dot-com bust in 1999. While the Dow rose by almost half a percent to a new all-time high, the NASDAQ, because it is heavier tech stocks, plunged almost 2%. Tech stocks nosedived while others rose to create new highs. Is this a one-off, or has a purge begun for the tech stocks that have driven the nation’s third-longest bull market?
The Central banks bought a staggering $1.5 trillion in assets in the first five months of the year to keep the economy from imploding while at the same time, capping the gold price. Yes, it’s true…. $300 billion a month of Central bank asset purchases pushes up STOCK, BOND and REAL ESTATE values while it depresses or caps the gold (or silver) price.
Next Wednesday, the Fed will likely press forward on its mission to raise rates and cut its balance sheet. But, assuming it makes this move (as widely expected), it will be the first time in 80 years it has pursued this kind of policy amidst such tumultuous economic conditions.
Donald, listen, whatever you’ve done so far, whatever you’ve messed up, there’s one thing you could do that would make up for a lot. It would be huge! Terrific! It could change our world for the better in a big-league way! It could save us all from economic disaster! And it isn’t even hard to grasp or complicated to do. It’s simple, in fact. Reinstitute the Glass-Steagall Act. Let me explain.
The bounce in Treasury yields witnessed after the election of Donald Trump is now decaying in the D.C. swamp. If the Fed continues to ignore this slow growth and deflationary signal from the bond market and continues along its current rate hiking path, the yield curve will invert by the end of this year and an equity market plunge and a recession is sure to follow.
We all get it wrong, including Bass, Yusko, Icahn, Dalio, and [insert whatever guru you want in here]. So when you take solace in the fact the stock market is running higher without you, I would be weary of consoling yourself that you are in smart company.
When it comes to blockchain technology, the core technology underpinning bitcoin, the digital currency that operates on a decentralized swarm of computers, there are many other applications as well. A real revolution may be unfolding all thanks to the technology which underpins bitcoin.
I was thinking about writing a post containing the list of CEOs of major US corporations who have come out against Trump’s decision regarding the Paris Climate Accord. I am overwhelmed. I would make my life easier by writing a list of those who haven’t.
Minneapolis Fed President Neel Kashkari was the latest Fed official to claim in an 
The U.S. and other nations with “free market” economies got credit for defeating the communists in Russia. That is ironic, because it is now more clear than ever that western leadership actually shares the Soviet inclination for central planning, and they have been increasingly intervening in our markets since the collapse of the USSR.