Will Thursday's Final TLTRO Finally Spark Carry Trades?

On Thursday, the ECB will hold its fourth tender under the TLTRO-II (Targeted Long-Term Refinancing Operations) programme. A large take-up is expected. A poll published by Reuters had a  median forecast of EUR 125bn net borrowing, with estimates as high as EUR 300bn. From a rates perspective, what matters is whether these funds will trigger flows into the bond or swap markets as banks set up carry trades.

Economics Of The Standoff Between Turkey And The Netherlands

As the diplomatic squabble between Turkey and the Netherlands continues to fester, concerns are raised about whether — and to what extent — the tensions will harm bilateral relations, particularly in economics where the two countries have robust trade and investment connections.

Doug Casey Has "Never Seen Anything Like This"

"What's going on in the US now is a culture clash. They don't just dislike each other and disagree on politics; they can no longer even have a conversation. They hate each other on a visceral gut level. They have totally different world views. I've never seen anything like this in my lifetime. There hasn't been anything like this since the War Between the States, which shouldn't be called "The Civil War," because it wasn't a civil war. "

Don't Confuse Immigration With Naturalization

As the immigration debate goes on, many commentators continue to sloppily ignore the difference between the concept of naturalization and the phenomenon of immigration. Immigration results naturally from allowing persons to exercise their property rights. Naturalization, on the other hand, is a political act.

This New Bubble Is Even Bigger Than The Subprime Fiasco

The total value of student loans in America today is LARGER than the total value of subprime loans at the peak of the financial bubble. And just like the subprime mortgages, many student loans are in default.

5 Charts That Scream "This Is It"

With the stunning run-up in markets since 2009, investors can’t reasonably expect returns to continue at double the long-term average. At a time of exuberance, it’s important to remember markets are cyclical. The other takeaway from today’s valuations is that when the drawdown does come, it will be severe.

'North Korean' Roulette

North Korea has tested the patience of America for way too long, now that there is a new sheriff in town, President Trump, things may be different.

Only 1 In 6 Americans Hold 'Favorable' View Of FBI Director Comey

The Director of The FBI has managed to do what many have failed to do - bring a desperately divided nation together. James Comey is unpopular across the political spectrum, according to a new poll that finds voters have a negative opinion of Comey by a more than two-to-one margin.

Pelosi, Schiff Slam "White House Surrogate" Nunes' "Act Of Diversion & Desperation"

"The unprecedented comments of Chairman Nunes are an act of diversion and desperation. The Chairman's highly irregular conduct with the White House raises serious questions about his impartiality, especially given his history as part of the Trump Transition team.... Chairman Nunes is deeply compromised, and he cannot possibly lead an honest investigation."

U.S. Prepping Case Linking North Korea To $81MM New York Fed Bank Heist

As tensions between the U.S and North Korea continue to escalate, with the most recent provacation coming from Kim Jong Un just last night, the Wall Street Journal has just reported that Federal prosecutors are building potential cases that would accuse North Korea of directing the theft of $81 million from Bangladesh’s account at the Federal Reserve Bank of New York last year.