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BofA: Even The Bubbles Are Becoming More “Bubbly” Thanks To Central Banks

Back in June, Citi’s credit strategist Hans Lorenzen pointed out that while QE had failed to spark inflation across the broader economy, it had achieved something else: “the principal transmission channel to the real economy has been… lifting asset prices.” That however has required continuous CB balance sheet growth, and with the Fed, ECB and […]


China Battles “Impossible Trinity”

Authored by James Rickards via Daily Reckoning blog, Just because something is inevitable does not mean it cannot be postponed. The popular name for this is “kicking the can down the road,” which is a perfectly good description. I prefer more technical terms such as dynamic systems in “subcritical” and “supercritical” state space, but it […]


Six Banks Join UBS’s “Utility Coin” Blockchain Project

Here’s a piece of news that the remaining human members of Wall Street’s FX sales and trading desks probably don’t want to hear. According to the Financial Times, six of the world’s largest banks have decided to join a blockchain project called “utility coin” that will allow banks to settle trades in securities denominated in […]


How BofA Learned To “Stop Fighting Central Banks” And Love Shorting The Euro

In a new report that may come as music to the ears of Mario Draghi, who has been valiantly hoping to show the European economy recovering while keeping the EURUSD below the “red line” of 1.20, BofA FX strategist Athanasios Vamvakidis is out with a new note today urging currency traders to “stop fighting the […]


Total G-3 Central Bank Control

    Total G-3 Central Bank Control Posted with permission and written by Craig Hemke, TF Metals Report      There’s a lot of amazement and wonder at how the “stock market” can be up today with the devastating news out of Texas and the latest North Korean missile launch. Longtime readers of TFMR know […]


The Average American Had A Bigger Savings Account… In 1997

Authored by Simon Black via SovereignMan.com, Quite literally as a I write these words to you, the heads of the world’s largest central banks are packing their bags and heading home after a three-day symposium in Jackson Hole, Wyoming. Central bankers aren’t exactly mega-celebrities, so their conferences don’t make international news outside of financial circles. […]


Russian Central Bank Bails Out Otkritie Bank, Country’s Largest Private Lender

It’s been a while since the world had any bank solvency concerns; in fact, ever since the thrice botched bail out of Monte Paschi and the debacle that was Banco Popular, it has been largely smooth sailing. That changed moments ago, when the Russian central bank announced on Tuesday afternoon it has bailed out Otkritie […]


The 5 Steps To World Domination

Authored by Charles Hugh Smith via OfTwoMinds blog, You don't need an army to achieve World Domination; all you need is enough cheap credit to buy up everything that generates the highest value and/or income. World Domination–it has a nice ring, doesn't it? Here's how to achieve it in 5 steps: 1. Turn everything into […]


Trump’s Big Decision: Why Not Danielle DiMartino Booth For A Fed Post?

  Trump’s Big Decision: Why Not Danielle DiMartino Booth For A Fed Post? Written by Peter Diekmeyer, Sprott Money News   Lead photo by Rose Baca of the Dallas Morning News.   US President Donald Trump’s decision about who will replace Janet Yellen when her Federal Reserve chairmanship expires in February will be the biggest […]


German Central Bank Completes Repatriation Of $28 Billion In Gold Three Years Ahead Of Schedule

On January 16, 2013, the Bundesbank – one of the biggest gold holder in the world, with 3,378 tonnes – shocked the world: out of the blue, the German central bank announced that by December 31, 2020, it intends to store half of Germany’s gold reserves in its own vaults in Frankfurt, up from only […]


Draghi: Trillions In QE Have Made Economies “More Resilient”

When last night we previewed this week’s annual Jackson Hole symposium at which Mario Draghi is scheduled to speak just before the market close on Friday, we said that the ECB head is warming up for the trip by speaking at the Lindau economics symposium in Germany this morning “and as such he could front […]


Jackson Hole Preview: Market Reactions, And Why UBS Says “Don’t Skip Lunch”

Historically the annual Jackson Hole symposium has been a major market-moving event as it has traditionally been the venue where central banks make critical announcements such as Bernanke’s preview and hints of QE2 and QE3 in 2012, as well as Draghi’s suggestion of the ECB’s QE in 2014. As shown in the chart below, market […]


Spanish Bond Yields Plunge To Record Lows As ‘Economy Improves’ (Just Don’t Tell The Nation’s Youth)

Spain’s two-year bond yields have collapsed to a record low -35bps this week and Portugal's followed suit, plunging near record low levels as Draghi's "whatever it takes" has benefitted all those front-running bondholders but left youth unemployment hovering still near record-high levels. As a strong euro weighs on the region’s inflation outlook, it makes it […]