Bank of Japan

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Japan To Unleash Inflation... By Fabricating Data

What do you do when you're a government statistician and the economic data doesn't say what you want it to say? Why you "adjust" it of course.

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European Union Challenged From Right And Left, "Maybe Too Much To Endure"

The heinous ISIS attack in Paris is a game changer in Europe. In addition to the horrific amount of individual casualties, the attack has also threatened severe damage to the long term survivability of the European Union as a political entity. Based on the unpopularity and unfeasibility of immigration controls under the EU's Schengen Plan, the events have opened up the Union to renewed attacks from the right, just as its support from the left is crumbling as a result of opposition to EU-mandated fiscal austerity. This two-front onslaught may be too much for the Union to endure.
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Global Stocks Tread Water After Two Consecutive Terrorist Scares; Oil Rises, Industrial Metals Tumble

If this weekend's gruesome terrorist attack on Paris ended up being hugely bullish for stocks, then two subsequent events, a stadium-evacuation scare in Hannover (where Angela Merkel was supposed to be present) and a raid in north Paris which left several dead in the ongoing manhunt against the alleged ISIS mastermind, appear to have but some question into if not stocks then algos whether a rising wave of terrorist hatred across Europe is truly what central bankers need to unleash more QE. That said, we expect the current weakness to last only until the traditional USDJPY carry ramp pushes stocks traditionally higher.

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Japan's Problems Will Not Be Solved By More QE, RBS Warns

"Japan’s experience suggests that QE has its limits, and could bring a range of side effects. These include years of tepid growth, the reduction in secondary trading liquidity, an increase in asset ownership by central banks (the BoJ now owns half of the national ETF market), potential formation of asset bubbles and social problems like inequality."

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Frontrunning: November 16

  • Belgian Police 'Arrest' Public Enemy No.1 (Sky News)
  • France Widens Crackdown at Home as Bombs Rain on Islamic State (BBG)
  • Putin Goes From G-20 Pariah to Player at Obama Turkey Talk (BBG)
  • Paris Attacks: 150 Raids as France Goes to 'War With Terrorism' (NBC)
  • 'Rocket Launcher Found' In French Police Raids (Sky)
  • Geopolitical worries lift oil after Paris attacks, but glut weighs (Reuters)
  • Japan's economy falls back into recession again (BBC)
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Albert Edwards Explains Why The "Global Economy Will Be Thrown Into Chaos"

"It is already too late. Having delayed way beyond the point when it might typically have raised rates in previous cycles, it has allowed an Orc-like monster to incubate, hatch and emerge into the sunlight, snarling and ready to do battle."

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Is Another Deflationary Spiral About to Hit?

Inflation expectations are collapsing in the EU, Japan and the US. Is another deflationary spiral about to hit?

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So You Want To Be A Modern "Trader": Here Are The Requirements

Below is a "help wanted" ad for a "trader" by the infamous 3Red "spoofing" outfit.  We put trader in quotation marks because... well, just read the ad and you will see.

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The Next Level of John Law Type Central Planning Madness

The cries for going totally crazy are growing louder... the lunatics are running the asylum. One shouldn’t underestimate what they are capable of. The only consolation is that the day will come when the monetary cranks will be discredited again (for the umpteenth time). Thereafter it will presumably take a few decades before these ideas will rear their head again (like an especially sturdy weed, the idea that inflationism can promote prosperity seems nigh ineradicable in the long term – it always rises from the ashes again). The bad news is that many of us will probably still be around when the bill for these idiocies will be presented.

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A Stunning Admission From A BOE Central Banker: This Is What The Coming "Helicopter Money" Will Look Like

“Consider for example a tax cut for households and businesses that is explicitly coupled with incremental Bank of Japan purchases of government debt – so that the tax cut is in effect financed by money creation”

- Ben Bernanke, Some Thoughts on Monetary Policy in Japan, 2003

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Another Abenomics Fail: New Survey Shows Inequality Growing In Japan

“Inequality seems to be widening. A sales-tax hike and price increases last year hit households hard. Abe hasn’t succeeded to bring benefits to most ordinary people.”

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Monetary Bazookas Or Not, "Global Crisis Is Inevitable"

Until recently, the consensus assumed a strengthening of the global economy in 2016. It won’t happen. If the global economic growth manages to reach 3.1% next year, as forecast by the IMF, it will be a miracle. We are close to the end of the current economic cycle. The outbreak of a new global crisis in the coming years is inevitable.  The Fed and other central banks are in a dead-end having fallen in the same trap as the Bank of Japan. If they increase rates too much, they will precipitate another financial crisis. It is impossible to stop the accommodative monetary policy.

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Desperate-To-Hike Fed Admits "Inflation Is Not As Low As You Think"

Following this morning's basic admission by Janet Yellen that "no matter what" The Fed is raising rates in December (which was then solemnly supported by an obedient Bill Dudley who "100% agrees with Yellen"), Fed Vice-Chair Stan Fischer, speaking tonight, reaffirmed this belief by, as we detailed previously, telling investors to ignore weak inflation. After San Fran Fed's Williams admission that "there's something going on here we don't understand," Fischer tonight admitted "US inflation is not as low as you think," at once contradicting Yellen's earlier comments and the various market-based measures, while confirming our previous detailed solving of the mystery of the hidden inflation.

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Have You Heard Of This Digital Currency That's A Total Scam?

You don’t actually have any savings. When you make a deposit, you’re trading your money for a banker’s promise to repay you. And there are countless regulations giving them the authority to break that promise. (If you want to test this premise, try withdrawing $25,000 just to see how your bank reacts.) That’s the system that controls your wealth today. It’s almost entirely digital. And it’s run by unelected bureaucrats whose interests are not aligned with your own. This is not a free system. And any rational person should consider parking at least a rainy day fund outside of this system.

Tyler Durden's picture

Peter Schiff On QE's Creeping Communism: Washington Joins Tokyo On The Road To Leningrad

So this is the endgame of QE: Exploding debt, financial distortion, prolonged stagnation, recurring recession, and the eventual government takeover of industry and the economy. This appears to be the preferred alternative of politicians and bankers who simply refuse to let the free markets function the way they are supposed to. If interest rates were never manipulated by central banks and QE had never been invented, the markets could have purged themselves years ago of the speculative bubbles and mal-investments. Sure we could have had a deeper recession, but it also could have been much shorter, and it could have been followed by a far more robust and sustainable recovery. Instead Washington has joined Tokyo on the road to Leningrad.
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