Mervyn King

BOE's Carney May Announce Decision To Step Down This Week

According to several British newspaper, including The Times and Mail Online, Mark Carney’s "self-imposed deadline" for declaring whether he will stay in office beyond 2018 is fast approaching, and the central banker may decide to step down as soon as next week. The 51-year old Canadian may announce his decision "within days" at his next scheduled public appearance on Thursday.

Former Goldman Chief Economist Jim O'Neill Quits UK Government

While the UK has so far avoided to implode in a depressionary supernova in the aftermath of Brexit contrary to what most of the "experts" and Tokyo-owned UK journalists had predicted, changes are taking place, mostly among the top echelons of power. Earlier today, the latest political fallout from the Brexit vote was the news that former Goldman economist, and BRIC acornym creator, Lord Jim O’Neill, resigned from the U.K. government.

Why One Hedge Fund Is Once Again Preparing For The End Of The Euro

"The time for treating the EUR-peg as a taboo may soon be past us, and an open discussion become the dominant narrative, in pursuit of a long-term durable solution to economic stagnation, in an attempt to save the European Union, so to orderly drive the process as opposed to end up being overwhelmed by the trending course of events."

Frontrunning: August 29

  • Central Bankers Spurn Call for Radical Approach at Jackson Hole (BBG)
  • Turkey deepens Syria offensive, at odds with U.S. (Reuters)
  • Another red line: U.S. says clashes between Turkish forces and opposition in Syria 'unacceptable' (Reuters)
  • Iceland Raises Alarm After Largest Volcano Starts to Rumble (BBG)
  • On Syria, Democrats look to deflect the conversation (AP)

Europe Has Two Options: Revolution Or Elections

European leaders have responded to new challenges in this post-war era with old solutions. Chief among them is the forced integration of Europe into a single political and economic construct. There are two options when an “unelected mafia” has seized control: elections and revolution. The Brits opted for an election. What if Italy, Portugal, and/or the Netherlands do the same, with the same outcome?

Jim Grant: Gold Isn't A Hedge Against Monetary Disorder, It's "An Investment In It"

"The degree of which I am bullish gold, I would characterize as 'very'. I would characterize gold not so much as a hedge against monetary disorder, but as an investment in it. People will say well that's a hedge against armageddon, no, armageddon doesnt' happen mostly, but what we are in the midst of is monetary shenanigans, and I see no real chance of being fewer of them, and a great chance there will be more of them."

Merkel Facing Political Rebellion After Caving To Erdogan

The backlash has been intense against the German Chancellor as many claim this is an outrageous infringement of free speech, and to add insult to injury, it's being used simply to placate Erdogan who already has strained relations with the German people over the Syrian refugee crisis. As the Telegraph reports, Merkel is now facing a government rebellion over her decision.

Wikileaks Reveals IMF Plan To "Cause A Credit Event In Greece And Destabilize Europe"

In a leaked transcript, IMF staffers are caught on tape suggesting that a threat of an imminent financial catastrophe was needed to force other players into accepting its measures such as cutting Greek pensions and working conditions, or as Bloomberg puts it, "considering a plan to cause a credit event in Greece and destabilize Europe."

Global Markets Surge After Traders "Reassess" ECB Stimulus

Less than 24 hours after European stocks tumbled on initial disappointment by Draghi's announcement that rates will not be cut further, mood has changed dramatically and the result has been that after "reassessing" the ECB kitchen sink stimulus, risk has soared overnight with both Asian and European stocks surging. As of this moment European bourses are all broadly higher led by banks, with the DAX and FTSE both up over 2.7%, while the Stoxx 600 is higher by 2.3% as of this writing.

Striking Admission By Former Bank Of England Head: The European Depression Was A "Deliberate" Act

While warnings by former central bankers who are more responsible about the current global mess sound as nothing but revisionist bullshit. And yet, it was what King said today at the launch of his new book that left us surprised.As the Telegraph reports today, according to the former head of the Bank of England Europe's economic depression "is the result of "deliberate" policy choices made by EU elites.