The Fed Funds market is not really a market. | Continue reading
"Clients say immediately 'We don't want to talk about China.'" | Continue reading
Someone forgot about... Ukraine... | Continue reading
There is very little that can be done to reverse this trend | Continue reading
Something big is happening in China. | Continue reading
See Japan post-1998 | Continue reading
Nothing of the sort | Continue reading
Expect it to get worse | Continue reading
Cash grab | Continue reading
A real pet peeve | Continue reading
Mine output is only half the equation | Continue reading
The risk from this point forward is not runaway inflation. It's Japanification | Continue reading
South Africa no longer... | Continue reading
Overboard | Continue reading
Predicts conventional China-India war | Continue reading
Peak China | Continue reading
Banks are becoming the vestigial organ of finance | Continue reading
Japan, here we come | Continue reading
Getting back to normal is going to look an awful lot like a recession | Continue reading
Nobody knows where profits are headed | Continue reading
The new 'New Normal' is just the old 'New Normal' on steroids | Continue reading
Not exactly news... | Continue reading
The new rules of the road | Continue reading
Up 38% over the five year average | Continue reading
Will this just be the next excuse for more stimulus? | Continue reading
"It's hard for people to understand the degree to which China is really squeezing the credit spigot right now" | Continue reading
It is now apparently easier to import an entire car than it is for Ford and GM to source the semiconductors they need to keep their American factories running | Continue reading
The race is on to spend as much money as quickly as possible for as long as possible | Continue reading
Emissions from the entire developed world have been declining for 15 years and are lower than they were in the late 1970s | Continue reading
Negative real rates seem to be the Fed's objective | Continue reading
Foreign purchases of financial assets are the primary mechanism that recycles back into the US the US Dollars accumulating overseas as a result of our ever widening trade deficits | Continue reading
An idea whose time has past | Continue reading
How many companies capable of withstanding higher borrowing costs will be left? | Continue reading
Just as the tide was starting to turn on the opioid epidemic and manufacturing employment saw its biggest jump in 30 years, Covid struck | Continue reading
Technocrats and central bankers seem incapable of grasping how zero interest rates and centralized over-regulation lead to 'winner takes all effects' | Continue reading
This is something new | Continue reading
If you're looking for a definition of central banking induced moral hazard, you'd be hard pressed to imagine a more conspicuous example | Continue reading
Why on Earth is the Fed still averaging the inflation rate on your home with the inflation rate on your iPad? | Continue reading
To put $4.23 trillion in perspective, the increase in the national debt this year was 96% the size of all federal spending in FY2019. | Continue reading
One has to wonder how Germany will generate economic growth on a sustained basis moving forward | Continue reading
The Fed is still overwhelmingly about financing our otherwise unfinancable federal deficits and propping up the US housing market | Continue reading
The Fed is already moving the goal posts | Continue reading
The US fiscal situation has reached the point of no return | Continue reading
As China has supplanted Russia as the leading military and economic rival to the US, its absence from arms controls agreements have rendered them obsolete | Continue reading
The Fed is moderating its massive monetary response to the ongoing economic crisis and reverting back to a more 'traditional' form of QE | Continue reading
This new breed of massive monetization is not your 'old-fashioned' QE | Continue reading
Several of the largest outbreaks are already peaking | Continue reading