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Lacy Hunt On The Unintended Consequences Of Federal Reserve Policies

Authored by Mike Shedlock via www.themaven.net/mishtalk, The Financial Repression Authority interviewed Lacy Hunt, Chief Economist at Hoisington Management on Fed policies. The interview below first appeared on the FRA website along with a video. The emphasis in italics is mine. FRA: Hi, welcome to FRA’s Roundtable Insight. Today, we have Dr. Lacy Hunt. He’s an […]


In An Unexpected Outcome, Trump Tax Reform Blew Up The Treasury Market

Over the past week we have shown on several occasions that there once again appears to be a sharp, sudden dollar-funding liquidity strain in global markets, manifesting itself in a dramatic widening in FX basis swaps, which – in this particular case – has flowed through in the forward discount for USDJPY spiking from around […]


In An Unexpected Outcome, Trump Tax Reform Just Blew Up The Treasury Market

Over the past week we have shown on several occasions that there once again appears to be a sharp, sudden dollar-funding liquidity strain in global markets, manifesting itself in a dramatic widening in FX basis swaps, which – in this particular case – has flowed through in the forward discount for USDJPY spiking from around […]


Twelve Days Of Christmas Fed’s QE Gave To Me – by Michael Carino, Greenwich Endeavors

On the 12th day of Christmas Fed’s QE Gave To Me: TWELVE Fed Districts Dancing ELEVEN Bubbles Bubbling – (11 – Crypto Currencies like the recently famous soon to infamous Bitcoin, Bonds (every one of them), Stocks, Intra-day leverage from high volume trading, Emerging Markets, Short Volatility Trades in a temporarily suppressed volatility environment, Liquidity […]


7 Reasons Why The US Canabis Industry Is About To Be “Rocked”

As DataTrek's Nicholas Colas reminds us, recreational marijuana sales become legal in California starting on New Year’s Day 2018. Given that one in eight Americans live in the state, this move will have major implications for the entire US legal cannabis industry. So, to address any pent up investor questions, Colas has put together a […]


Bridgewater’s Dalio Warns “There’s A War Going On… And Taxes Won’t Help”

The founder and CEO of Bridgewater, the world's largest hedge fund, was not exactly cock-a-hoop about Trump's tax reform plan ahead of this week's successful vote, and now that the details are out, Ray Dalio explains why the tax changes don't do what's needed to help America… When we look at the tax plan holistically, […]


Global Bond Rout Eases As Nervous Traders Watch For “Selling On The Tax News”, Catalan Vote

U.S. equity futures are little changed with the GOP Tax Plan now a done deal and no more daily “pricing in” of tax reform possible, as traders nerviously look to see if others will now be “selling the news”, a preview of which we got yesterday when US equity indexes closed red across the board […]


The Big Problem With The GOP Tax Cut, Charted

While the jury will be out for years whether the Trump tax cuts will boost the economy (they already had an outsized impact on markets, pushing the Dow by nearly 5,000 points higher since Trump’s election), there are several key problems that remain outstanding. The first one, as the following JPMorgan chart shows, is that […]


The Coming Fiscal Derailment – Stockman Explains Why FY 2019 Will Sink The Casino

Authored by David Stockman via Contra Corner blog, Since last November 8th the Russell 2000 has risen by 30% and the net Federal debt has expanded by an astounding $1.0 trillion dollars. In a rational world operating with honest financial markets those two results would not be found in even remotely the same zip code; and especially not in month #102 of […]


Dow 25,000 In Sight As Tax Cuts Are “Priced In” One Last Time

Dow futures are up some 80 points this morning after early on Wednesday morning the Senate passed the Tax Reform bill in a party-line vote, and is now set to become law after a follow-up vote in the House and Trump’s signature some time on Wednesday afternoon. The good news is that the biggest political […]


Saudi Economy Contracts For First Time In 8 Years, Unveils Record Spending Spree To Boost Growth

Back when oil was at $100 and above, the Saudi economy was firing on all cylinders, and nobody even dreamed that the crown jewel of Saudi Arabia – Aramaco – would be on the IPO block in just a few years. However, with oil stuck firmly in the $50 range, things for the Saudi economy […]


Greece Is The Patsy For Europe’s Failure (And The Ordeal Is Far From Over)

Authored by Raul Ilargi Meijer via The Automatic Earth blog, I feel kind of sorry this has become such a long essay. But I still left out so much. You know by now I care a lot about Greece, and it’s high time for another look, and another update, and another chance for people to […]


Saudi Arabia Launches Misguided $19 Billion Stimulus In Desperate Bid To Kickstart 2018 Growth

If you haven’t been living under a rock in recent months, it’s been impossible to miss the turmoil in Saudi Arabia and its relations with the outside world. A few weeks ago we published a piece by Chris Martenson of PeakProsperity.com “If The Saudi Arabia Situation Doesn't Worry You, You're Not Paying Attention”. Martenson argued. […]


Gundlach Reveals His Favorite Trade For 2018

One day after Stanley Druckenmiller confessional to CNBC that as a result of central planning and markets that make no sense, the legendary hedge fund manager had a “terrible” year, and his “first down year in currencies ever” (he also said many not very nice things about bitcoin), it was Jeffrey Gundlach’s turn to confess […]


Michael Hudson: America’s Monetary Imperialism

Authored by Michael Hudson via Counterpunch.org, In theory, the global financial system is supposed to help every country gain. Mainstream teaching of international finance, trade and “foreign aid” (defined simply as any government credit) depicts an almost utopian system uplifting all countries, not stripping their assets and imposing austerity. The reality since World War I […]