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For the past six years, and especially in 2015 when Yanis Varoufakis tried to stage a mutiny within the Eurozone and using some truly convoluted "game theory" ended up causing a near collapse of the Greek banking sector and the loss of hundreds of bi
On Friday, we reported that millions of small business owners around the country were stunned to learn that they weren't eligible for loans via the government's "Paycheck Protection Program", or would at least face more roadblocks, and more critical
The evolution of panic hoarding started with 3M N95 masks, then hand sanitizers, non-perishable foods, guns and ammo, and now cash?
Summary: With all the major central banks expected to be effectively zero bound in 2020, the scope for returns in bonds will be low for years to come.
As the gold market continues to deal with global liquidity issues, and virus-lockdown-related disruptions between paper and physical pricing as extremely high physical demand creates shortages, Russia made a surprise announcement on Monday.
Austrians and Libertarians are well-established critics of central banking in general, and emergency monetary stimulus in particular.
Two of Europe's largest banks tumbled on Wednesday, dragging down the broader Eurostoxx Bank Index, after they joined the rest of their peers in suspending shareholder payouts.
Another day, another trillion dollars.
With US dealers no longer using the Fed's repo facilities (this morning we had another "no bid" overnight repo with just $250MM in MBS submitted for a $500 billion op) as the Fed soaks up all securities via its aggressive QE which is still buying $75
Central bank free money doesn't create collateral or creditworthy borrowers, and without those foundations, the decayed, rotted shack will collapse.
Bitcoin
...just a week after the Fed "enhanced" its swap lines with central banks and included a bunch of non G-5 central banks to the list of counterparties, it has found that this is not working
Awe & Shock; Questions & Quislings
China's central bank joined the global easing bandwagon early on Monday when it unexpectedly cut the rate on reverse repurchase agreements by 20 basis points, the largest in nearly five years, as authorities stepped up measures to relieve pressure
At the end of January, the American Banker website, a proxy voice for the US banking industry, published a report explaining why in the author's view, the so-called CECL accounting standard (or Current Expected Credit Losses) is a threat to the finan
Two weeks ago, just after the Fed first announced its massive overnight and term repo operation expansion which now amounts to some $1 trillion in daily repo capacity (and before Powell expanded this bazooka to included ZIRP and unlimited QE), we sai
Accompanied by soft piano music playing in the background, the official said: "Your money is safe at the banks. The last thing you should be doing is pulling your money out of the banks thinking it's going to be safer somewhere else."
Seven years ago - to the day - Dutch megabank ABN Amro changed its precious metals custodian rules to "no longer allow physical delivery."
Over a decade since central bankers started a stealthy nationalization of capital markets by purchasing a wide range of securities from Trasuries, to MBS, to corporate bonds, to ETFs and single stocks, their actions are finally catching up to them, a
The coronavirus crisis has brought another first to U.S. financial markets -- negative yields on government debt.
The final version of the economic stimulus package offered by Speaker Pelosi the House Democrats no longer includes the U.S. Digital Dollar proposal; however, the language as proposed by Chairwoman Waters of the House Financial Services Committee sti
Quicken and Mr. Cooper are on the hook for principal and interest even if homeowners are in arrears
ast Sunday, when the Fed threw what appeared to be the kitchen sink at crashing markets, cutting rates to 0%, unveiling a $700BN QE (since expanded to include another $100BN in MBS), and enhancing G-5 central bank FX swap lines
Last November, in an article titled 'The Economic Crash So Far: A Look At The Real Numbers', I outlined the reality of statistical fraud by governments and central banks to hide the ongoing economic downturn.
The Federal Reserve moved with unprecedented force and speed Friday to pump huge amounts of cash into the financial system to ease disruptions that have escalated since the viral outbreak.
Last week, in the aftermath of the historic oil price collapse, we warned that the long-awaited "fallen angel" day has arrived, as $140 billion in oil producer (and up to $360 if one includes the mid-stream companies) investment grade debt was on the
The bucks don't stop anywhere
In the aftermath of the great Commercial Paper panic of 2020, which erupted over the past two weeks when initially the Fed failed to launch a Commercial Paper backstop facility, something it did with a two day delay on Tuesday, countless blue chip (a
With the Fed throwing the kitchen sink at the global dollar funding shortage problem, and failing to make much of a dent on the renewed surge in the dollar, last night we said that we expect even more aggressive swap lines with global central banks t
In March of 2003, we broke ground on the first real thing I ever built. The house I currently live in. Then I understood that there was only one way this economic and political system ended, badly.
