No, Mario is NOT about to give up – whatever! China monetary trends might mean the industrial earnings cycle has peaked. US debt levels are still OK, but the low cost is promoting slightly worrisome growth – nor are Tech balance sheets entirely without blemish. Commodities – clueless and friendless. Please click for the latest Monitor […]
Category Archives: ECB
The new M4 is here. Tech tremors, Musk magic and a rich US equity market. Ex-energy to give it some gas? The pounded sterling and taking aim at the TARGET. Latest thoughts to be had by clicking on the link. 17-06-13 M4 No 4
SUMMARY: Thanks to the election of President Trump and to his uncompromising attitude to the establishment media, much hot air is being expended on the subject of ‘fake news’. What we should really be getting worked up about is ‘fake economics’, for this is a much more pervasive evil, as well as a much more […]
Amid the relative torpor of the US holiday, it might be the moment to wax a little philosophical and ask if you, the listener, have ever noticed that so much of what passes for economic wisdom today involves the persistent overuse of the word ‘uncertainty’?
Having already touched upon the UK’s shaky fiscal position, all that really needs to be added, now that the Chancellor has actually delivered his Autumn Statement, is a quick, ‘I told you so!’ The gloomy prospect is thus one of more borrowing, more spending, stealth tax tinkering, an ill-advised switch to industrial intervention, cost-overrun concrete […]
As what will be an interval greatly shortened by the Thanksgiving Day holiday dawns, traders and investors seem happy to continue where they left off on Friday, buying stocks, selling currencies, and giving bonds a fairly wide berth. A little respite would not be entirely unwelcome after a period in which we have experienced record […]
Having just managed to quell a dangerous rebellion among her fellow Committee members, it did not seem the most opportune time for Janet Yellen to start dreaming of the sort of post-war ‘demand management’ that would happily trade a few extra percentage points of price inflation in order to move a little further up the […]
I was recently flattered to be asked how I envisaged the dreaded ‘helicopter money’ working if it were not to simply add further to commercial banks’ already crippling mass of deadweight liabilities and assets, given that not only would printing it up in physical form be tortuous but that cash itself is only one conveniently […]
In light of the breathless anticipation which preceded the Fed Chair’s speech to her peers at Jackson Hole and cognisant of the mild state of befuddlement with which it was received, we felt it would be of interest to readers to have a translation, together with a gloss (each in bold), in order to try to remove some of […]
As we have laid out in some detail in our professional work, it is clear that Chinese banks have entirely lost their inhibitions about creating money these past twelve months. It is equally clear that once such money is called into existence, someone must be caught in the act of holding it when a balance sheet snapshot […]