The last time the global bond index turned negative was in 2007 ahead of the global financial crisis; before then it turned very negative in late 1990s also, just before the bursting of the dot com bubble...
A new report finds that a full-time minimum wage worker, or the average American stuck in the gig economy, cannot afford to rent a two-bedroom apartment anywhere in the U.S.
The combination of ultra-low interest rates and vast monetary expansion, she explains, has caused “speculation to rage... much as a global casino would be abuzz if everyone gambled using everyone else’s money...”
A fight between Angela Merkel and and her Interior Minister Horst Seehofer is threatening to collapse the German government less than three months after it was formed. Not for the first time, the two can’t agree on how to treat asylum seekers at the border...
Draper argues that the state has become "nearly ungovernable"...and that it's "poorly served by a representative government dominated by a large number of elected representatives from a small part of the state."
Oil prices are in a holding pattern as we await the outcome of the OPEC+ meeting in a few days, and while the result of that meeting will almost completely control the direction of oil prices in the near-term, there is a bit of disagreement among analysts over the bigger picture in regards to the trajectory of oil prices going forward.
On this quad-watching Friday, U.S. equity futures slide alongside Asian and European shares, after a torrid week full of political news and central bank developments, with Friday now anxiously eyeing the start of trade war between the US and China.
Plenty of stuff to worry about from Turkey, Argentina, South-East Asia and just how bad the EM wobbles can get. We’ll spend the weekend wondering about Trump signing tariffs on China goods – what’s the likely response?
"Judging from statements made by G-7 leaders at the recent meeting, President Trump’s application of US sanctions to Europe and disregard of European interests, has not caused Europeans to disassociate from Washington’s hostility to Russia."
Yen is weaker following The BOJ's decision (with one dissent) to leave policy rates unchanged and maintain their JGB holdings target. BoJ did downgrade their inflation outlook but made no mention of its ongoing 'stealth' bond-buying taper.
" The great financial crisis of 2007/08 will be eclipsed. In a nutshell, this time the quantity of new money required will likely lead to the destruction of the 'full faith and credit' in the currencies themselves, which until now has been broadly unquestioned by ordinary members of the public. "
