• Sprott Money
    05/26/2016 - 05:58
    How many “emergency” “secret” meetings do the central planners around the world need to have before the citizens of the respective countries begin to fully understand and take notice that something...

Mervyn King

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UK Establishment Stunned As Over 300 CEOs Back Brexit: "Business, Not Government, Creates Wealth"





It is business - not government - which generates wealth for the Treasury and jobs for our communities. Outside the EU, British business will be free to grow faster, expand into new markets and create more jobs. It's time to Vote Leave and take back control.

 
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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.

 
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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."

 
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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.

 
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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.

 
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Bail-In Regulation To Blame For “Bank Turmoil” In EU?





The Financial Times recently looked at how the new bail-in resolutions in the EU, U.S. and most of the western world and asked whether they may be leading to "bank turmoil" and increased concerns about banks and the banking sector in the EU. As is typically the case with coverage of the bail-in regime, the important article was little noticed.

 
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Frontrunning: March 1





  • Trump, Clinton poised for big wins on Super Tuesday (Reuters)
  • U.S. Index Futures Signal Equities to Rebound After Monthly Drop (BBG)
  • Barclays Plummets as Bank Slashes Dividend in Plan to Shrink (BBG)
  • Glencore Tumbles to Loss, Promises Accelerated Debt Reduction (WSJ)
  • The Angry Americans: Trump, Sanders and the Aftershocks of 2008 (BBG)
 
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"Another Crisis Is Certain", Warns Former BOE Chief





"Whatever can be said about the world recovery since the crisis, it has been neither strong, nor sustainable, nor balanced. There seems little political willingness to be bold, and so perhaps we should fear that the size of the ultimate adjustment will just go on getting bigger."

 
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2015 Year In Review - Scenic Vistas From Mount Stupid





“To the intelligent man or woman, life appears infinitely mysterious, but the stupid have an answer for everything.” ~Edward Abbey

 
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ECB's Nowotny Blames "Massive Failure Of Market Analysts" For Last Week's Unprecedented Hedge Fund Losses





"I think it was really a massive failure of market analysts," Nowotny told a news conference, adding that those analysts should have paid more attention to economic fundamentals.  The comedy continued when Nowotny said that "the ECB can and will not let itself be pushed by the markets," adding that "it’s not our job to correct wrong expectations of individualsand “it wasn’t the view of the whole market." Which, of course, was a lie.

 
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The Era Of The Rock-Star Central Banker Is Far From Over





Paul Volcker and Alan Greenspan were the Elvis and Beatles of this movement – the first to see widespread fame for their efforts. Then came Ben Bernanke, perhaps the Jimi Hendrix or Led Zeppelin of his day, taking existing tools and pushing them in new, previously unconsidered, directions.  Now, we have Janet Yellen and Mario Draghi, whose legacies are as yet undefined. They may end up like the next generation of rock stars from the 1970s – something like Bruce Springsteen, with a deep focus on common people in his music. Or, they could be the Bee Gees, who focused simply on commercial success. Only time will tell.

 
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The Inside Story Why The ECB Decided "The Markets Needed To Be Disappointed" And How It All Fell Apart





Here is what really happened: the ECB tried to engineer a modest market selloff because the "market needed to be disappointed", coupled with a modest rise in the EUR to give the Fed some rate-hike breathing room. Instead the market's dramatic overreaction in stocks and FX forced Draghi to not only panic but to publicly come out and admit that the only purpose of his Friday speech was to offset the damage from his failure to defeat the opposition at the governing council and to send markets surging. Which they promptly did.

 
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