• Steve H. Hanke
    02/11/2016 - 16:08
    The burgeoning literature contains a great deal of hype, which validates the 95% Rule: 95% of what is written about economics and finance is either wrong or irrelevant.

Archive

February 11th, 2016

Tyler Durden's picture

Canada Sells Nearly Half Of All Its Gold Reserves





The government of Canada sold off nearly half its gold reserves in recent weeks, continuing a pattern of moving away from the precious metal as a government asset. According to the International Monetary Fund’s International Financial Statistics, Canada held three tonnes of gold reserves as of late 2015. The latest data, published last week, show the total Canadian gold reserves now stand at 1.7 tonnes. That’s just 0.1 per cent of the country’s total reserves.

 

Tyler Durden's picture

If Credit Is Right, The S&P Is Facing A 40% Crash





...and credit is always right in the end!

 

Tyler Durden's picture

Liberty Activists And ISIS Will Soon Be Treated As Identical Threats





When all is said and done, who is the greater threat to you and your freedoms? A psychotic theocrat that has taken his religion so far into the forbidden zone that any evil, no matter how heinous, is justified through the circular logic of zealotry? The criminal government that funded that psycho, trained him, slapped a rocket launcher in his hands and then gave him a free plane ride to your favorite shopping mall? Or, some weirdo that stores lots of food and gas masks in his basement and every once in a while talks to you about 9/11? Come on, think about it…

 

Tyler Durden's picture

This Is What Central Bank Failure Looks Like (Part 4)





First, it was The BoJ's utter collapse from omnipotence to impotence. Then came the collapse of The Fed's credibility in the short-term.... and the longer-term. And now it is the turn of Mario Draghi's ECB to face total failure, as the European banking system - the prime beneficiary of "whatever it takes" - has crashed back to pre-Draghi levels.

 

Tyler Durden's picture

JPM's Kolanovic Warns Upcoming Recession Could Be Comparable To 2008 Crisis; Says "Buy Gold, Cash And VIX"





"Gglobal markets are now facing a significant ‘negative wealth effect’ that has a potential to result in a recession. This negative wealth effect of low commodity prices and a strong USD combined with the slowdown in China could be comparable to that of the 2008/2009 crisis (it involves diverse effects ranging from layoffs in the Global Energy sector to a lack of EM Sovereign wealth flowing into developed market equity hedge funds). While the economists were debating if the low-priced oil is good or bad for the economy, the equity markets never had any doubts – Oil and Equities were moving down together."

 

Tyler Durden's picture

Crushing The "Oil's Just A Supply Issue" Meme In 1 Painful Chart





Day after day we are told that the plunge in oil prices (just like the collapse in The Baltic Dry freight index) is a "supply" issue... it's transitory and global demand is doing fine thank you very much. Sadly, as everyone really knows deep down inside their Keynesian hearts, this is utter crap and as Barclays shows the shocking 18% YoY crash in distillates "demand" - something that has never happened outside of a recession - blows the one-sided argument of the energy complex out of the water.

 

Tyler Durden's picture

Abewrongics - 16 Months Of Japanese Money-Printing For Nothing





Neither USDJPY nor Japanese stocks can hold a bid in the early going in Asia markets which has dragged both into the red post-QQE2. Since Kuroda took over from The Fed by doubling down on his cunning plan in October 2014, Japanese stocks are down 11.4%, USDJPY is unchanged, and only Japanese bonds have made any gains (up 3.7%). So what we want to know is - how will Abe et al. explain to the Japanese people how they lost so much of their retirement funds by forcing GPIF to allocate so much to stocks?

 

Tyler Durden's picture

HSBC Cancels Pay Freeze After Two Weeks Following "Staff Revolt"





“We have listened to feedback and as a result decided to change the way these cost savings are to be achieved"...

 

ilene's picture

Oil Fears Spook Investors (Again)





Short-term, oil prices are a function of sentiment and manipulation. Here's how that works. 

 

Tyler Durden's picture

The War On Cash - The Central Banks' Survival Campaign





"The preservation of an insolvent currency system requires that the owners of currency have no way to protect it..."

 

Tyler Durden's picture

Iran Holds Nothing Back: "It's A Weird Suicide Mission That Will Have A Very Dark End"





“This would mean a regional war. Mistakes can’t be tolerated, especially with the tension mounting around the region. It’s not about Iranians, but about all troops on the ground fighting with the Syrian army. How would the Syrian army deal with a foreign country on its soil, without its permission, and maybe aiming [guns] at them?"

 

Tyler Durden's picture

The Best And Worst Performing Assets Since The End Of QE3





Since The Fed stopped its money-printing extravaganza things have changed a little for the status-quo "believers"...

 

Tyler Durden's picture

Russian Prime Minister Warns There Will Be A "Permanent World War" If Saudis Invade Syria





"Do they really think they would win such a war very quickly? That's impossible, especially in the Arabic world. There everyone is fighting against everyone... everything is far more complicated. It could take years or decades."

 

Tyler Durden's picture

America's National Debt Bomb Caused By The Welfare State





The news is filled with the everyday zigzags of those competing against each other for the Democrat and Republican Party nominations to run for the presidency of the United States. But one of the most important issues receiving little or no attention in this circus of political power lusting is the long-term danger from the huge and rising Federal government debt.

 

Tyler Durden's picture

Here Is The Real Reason Why Authorities Want To Ban High Denomination Bank Notes





Here is the real reason why suddenly high denomination bank notes are the target: it is not because "drug dealers" and tax-evaders use them, but because between banning Europe's €500 bill and the US $100 bill, over half of all physical currency currently in circulation would disappear.

 
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