• Knave Dave
    05/23/2016 - 18:16
    This past Thursday marked the one-year anniversary of the US stock market’s death when stocks saw their last high. Market bulls have spent a year looking like the walking dead. They’ve...

Quantitative Easing

Steve H. Hanke's picture

On Hyperinflation Hype

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.

Tyler Durden's picture

Putting It All Together: When Does The Junk Bond Sell Off End, And When Should One Buy

Bottom line, our conversations with investors suggest yields in the 20 – 25% context could be attractive enough to draw in marginal capital – although several investors noted that is reasonable for triple C risk excluding commodities. In short, we're not there yet.

Tyler Durden's picture

"Negative Rates Are Dangerous" OECD Chair Warns "Our Entire System Is Unstable"

"There is excessive debt everywhere and negative interest rates are dangerous... My number one fear? That’s the same as asking me where it will start. When you view the economy as a complex, adaptive system, like many other systems, one of the clear findings from the literature is that the trigger doesn’t matter; it’s the system that’s unstable. And I think our system is unstable... Central Bank models are just wrong"

Tyler Durden's picture

The Physics Of Energy & The Economy

When the economy collapses, it will collapse down to a lower sustainable level. Much of the world’s infrastructure was built when oil could be extracted for $20 per barrel. That time is long gone. So, it looks like the world will need to collapse back to a level before fossil fuels - perhaps much before fossil fuels.

Tyler Durden's picture

Buyer's Remorse? Axel Merk Warns "The Fed Doesn't Have A Clue!"

"The Fed doesn't have a clue!" - We allege that not only because the Fed appears to admit as much, but also because our own analysis leads to no other conclusion. With Fed communication in what we believe is disarray, we expect the market to continue to cascade lower - think what happened in 2000. To understand what's unfolding we need to understand how the Fed is looking at the markets, and how the markets are looking at the Fed.

Tyler Durden's picture

"The Market Knows It's Over" Jim Rogers Warns "We're All Going To Suffer"

"...investors around the world are realizing that the jig is up... We’re all going to suffer… Central Banks will panic but the market knows this is over and we’re not going to play this game anymore."

Tyler Durden's picture

The Cozy Relationship Between The Treasury And The Fed

As much as economists talk about the independence that the Fed holds from Congress, remittances represent a strong link. In fact, since they enable federal spending they create a form of quasi-fiscal policy for the Fed to use, in addition to its more common monetary policy options. Without Fed remittances, retirees might see their monthly check cut by about 12 percent.

Tyler Durden's picture

Why One Hedge Fund Thinks Saudi Arabia's Three Decade Old Currency Peg Will Fall In 2016

"Speculators (like hunters) sense wounded prey, and already bets are being laid on a riyal devaluation. Although it is possible Saudi Arabia can afford to maintain its oil regime and U.S. dollar peg, this will come will escalating costs, financial and political, and one suspects the Saudi citizenry is not big on sacrifices."

Tyler Durden's picture

The Coming Revaluation Of Gold

The discipline of gold as Reserves backing currency at a revalued price will restore order to a world that has refused to adopt the necessary discipline until forced to do so in the desperate situation now evolving, where there will be no other alternative but to accept the detested fiscal and financial discipline imposed by gold.

Tyler Durden's picture

The Global Economy Could Fall Farther and Faster Than Pundits Expect

Systemic fragility doesn't respond to central bank jawboning or Keynesian claptrap; unlike those "policy tools," fragility is real.

Tyler Durden's picture

Did A Central Banker Just Margin Call All Other Central Banks' Credibility?

Did the BOJ’s out-of-the-blue reversal on its monetary stance which was refuted just weeks prior by Mr. Kuroda himself take place because after listening to the arguments, suggestions, as well as concerns, from the participants at Davos he concluded much like what the movie “Margin Call” depicted: It was all about to unravel? And if so: is this him deciding to be “first” and considered it his only choice?

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