Real Interest Rates

A Tale Of Two Countries (Or How The Fed Enabled Corporate Kingpins To Scalp Billions)

"...capital markets are deeply and perhaps irreparably broken by the Fed’s massive falsification of financial asset prices... all this financial engineering has starved the real main street economic for capital investment - even as the cash flows shunted back to Wall Street have showered the fast money operators and gamblers with massive windfalls."

Is Another Lost Decade Ahead?

"This time is 'not different'. The only difference will be what triggers the next valuation reversion when it occurs. If the last two bear markets haven’t taught you this by now, I am not sure what will. Maybe three times really is a 'charm'..."

Cryptocurrencies Are Crashing Again

The largest cryptocurrencies are under presure again today - Bitcoin, Ethereum down around 10% - as it seems some anxiety remains ahead of the August 1st scaling decision deadline, chatter about Russian Bitcoin viruses, and a new report from BofA has raised more questions than answers about the future of virtual currencies.

The Hidden State Of Money: Bonds, Bias, & Bullshit

"...the bond market is one of the few legitimate windows into hidden monetary conditions, and what it has said about the 21st century isn’t what economists and policymakers want to hear. The conundrum and its current revival are just that simple."

The Super Bubble Is In Trouble

Once the Super-Bubble pops, we will see for sure what people demand as the ultimate means of payment: gold or cyber units, or both.

SocGen: "Fundamentals No Longer Matter? Yeah Right..."

"Any systematic strategy formulated around any notion of price momentum (we’d put volatility weighted and risk parity into this group as well) are simply following slavishly these changes in fundamentals using price as the principal signal for a change in expectations. So it is not that systematic strategies are not driven by fundamentals, it is they offer no view to the future"