Bank of England

Tyler Durden's picture

The Complete Jackson Hole Schedule





Over the past several years, the two-day Jackson Hole symposium had garnered a particular prominence among economists and market watchers as this is where various key inflection points by the Fed were hinted, leaked or announced, including QE2, QE3 and the taper. This year, however, the gathering of central bankers in Teton County, will be less exciting due to the absense of the most important central banker in the world: Janet Yellen, which means the highlighter will be Vice-Chairman Stanley Fischer when he speaks tomorrow at 10:25pm  which will be a key event given the recent market turmoil.

 
Tyler Durden's picture

1929 And Its Aftermath - A Contra-Keynesian View Of What Really Happened





A half-century ago, America - and then the world - was rocked by a mighty stock-market crash that soon turned into the steepest and longest-lasting depression of all time. Those who ignore the lessons of history are doomed to repeat it - except that now, with gold abandoned and each nation able to print currency ad lib, we are likely to wind up, not with a repeat of 1929, but with something far worse...

 
Tyler Durden's picture

In Less Than 10 Years, The Federal Reserve Has Driven Millions Of American Women Into Prostitution





It's a case of economic policy run amuck.  Real estate development can boost the economy, under the right conditions: lots of jobs and economic activity get generated when homes are built or refurbished.  And there is the wealth effect when home prices rise.  But when taken to extremes - as it is today and was in the previous economic cycle consumer spending gets squeezed out in order to pay mortgages and rent.  It becomes an incredibly unproductive use of capital. Simply put, we have a surge in college-age prostitution and it's the Fed's fault. It gives new meaning to the term "perverse monetary policies"

 
Tyler Durden's picture

Frontrunning: August 20





  • Crude prices fall towards $40 on global glut (Reuters)
  • China Central Bank Injects Most Funds Since February as Money Rates Increase (BBG)
  • Divided Fed Puts Yellen on Hot Seat (Hilsenrath)
  • So Long September: Bond Traders Defer Their Date With the Fed (BBG)
  • More Foods Boast Non-GMO Labels—Even Those Without GMO Varieties (WSJ)
  • UN to let Iran inspect alleged nuke work site (AP)
  • IAEA says access to Iran's Parchin military site meets demands (Reuters)
  • Time to End Quarterly Reports, Law Firm Says (WSJ)
 
Tyler Durden's picture

10 Things Every Economist Should Know About The Gold Standard





At the risk of sounding like a broken record we'd like to say a bit more about economists' tendency to get their monetary history wrong; in particular, the common myths about the gold standard. If there's one monetary history topic that tends to get handled especially sloppily by monetary economists, not to mention other sorts, this is it. Sure, the gold standard was hardly perfect, and gold bugs themselves sometimes make silly claims about their favorite former monetary standard. But these things don't excuse the errors many economists commit in their eagerness to find fault with that "barbarous relic." The point, in other words, isn't to make a pitch for gold.  It's to make a pitch for something - anything - that's better than our present, lousy money.

 
GoldCore's picture

Druckenmiller Buys A Lot Of Gold





Druckenmiller’s fund recently bought $300 million worth of SPDR Gold Trust (GLD), an ETF that tracks the price of gold. It’s a huge bet, even for a big-time trader like Druckenmiller. He put 20% of his fund’s money into this trade, and it’s his largest position.

 
Tyler Durden's picture

Frontrunning: August 19





  • $1 trillion in Emerging Market outflows in the past 13 months (FT)
  • German lawmakers back third Greek bailout (Reuters)
  • Dutch government faces test in "junkie" Greece debate (Reuters)
  • China c.bank offers selected banks medium term lending facility (Reuters)
  • Another "expert network" busted: Promontory settles over StanChart probe (FT)
  • Angola to Ship Most Crude in Four Years to Meet Asian Demand (BBG)
  • Hackers dump data online from cheating website Ashley Madison (Reuters)
  • Yuan’s Devaluation Brings Losses for Some (WSJ)
 
Tyler Durden's picture

Frontrunning: August 18





  • China stocks slump 6 percent on fears of further yuan depreciation (Reuters)
  • U.S. Lacks Ammo for Next Economic Crisis (Hilsenrath)
  • Emerging Markets Extend Slide as Commodities Fall; Pound Jumps (BBG)
  • China yuan to move both ways, more 'adjustments' unlikely: central bank economist (Reuters)
  • Playing Chinese markets is as simple as 'follow the leader' (Reuters)
  • PBOC Injection Shows China Worries About Outflows (WSJ)
  • Russia Fails to Soothe Oil Concerns as Citi Joins Ruble Bears (BBG)
 
Tyler Durden's picture

How Keynes Almost Prevented The Keynesian Revolution





Alas, by ignoring Keynes in 1925, Churchill triggered a calamity so severe that it not only inspired one man to kill himself beneath the British statesman’s very window but, more insidiously, also provided the impetus for the economics profession’s rejection of the “classical” axioms.

 
Tyler Durden's picture

Welcome To The World Of ZIRP Zombies





Central bankers are beginning to see what it has been like for their colleagues in Japan, where for twenty-five years with zero interest rates nothing tried seems to work. Welcome to Keynes's world of euthanized savers and state-sponsored funding. Welcome to the world of ZIRP zombies.

 
Tyler Durden's picture

Frontrunning: August 12





  • China central bank under pressure to weaken yuan further (Reuters)
  • Currency Rout Goes Global as Jen Sees Risk of 50% Loss on China (BBG)
  • Europe Stocks Fall Most in Two Weeks as China Sparks Growth Fear (BBG)
  • German Yields Drop to Record as China Boosts Bonds Around World (BBG)
  • FT to Japan, Economist to Italy: Agnelli Family Raises Stake in Economist as Pearson Exits (BBG)
  • Goldman Sachs to Give Out ‘Secret Sauce’ on Trading (WSJ)
  • Greece's Preliminary Bailout Deal Faces German Turbulence (BBG)
 
Tyler Durden's picture

This Is What Global Currency War Looks Like: A Complete History Of Recent FX Interventions





To help remind readers of what happens when the entire world engages in wholesale currency war, here is a complete list of all the recent FX interventions, courtesy of Stone McCarthy.

 
Tyler Durden's picture

China's Historic Devaluation Sends Equity Futures, Oil, Bond Yields Sliding, Gold Spikes





If yesterday it was the turn of the upside stop hunting algos to crush anyone who was even modestly bearishly positioned in what ended up being the biggest short squeeze of 2015, then today it is the downside trailing stops that are about to be taken out in what remains the most vicious rangebound market in years, in the aftermath of the Chinese currency devaluation which weakened the CNY reference rate against the USD by the most on record, in what some have said was an attempt by China to spark its flailing SDR inclusion chances, but what was really a long overdue reaction by an exporter country having pegged to the strongest currency in the world in the past year.

 
Syndicate content
Do NOT follow this link or you will be banned from the site!