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Sharing Risks To Counter Germany’s Plans Seeing Target2 Collaterilazation With Gold Reserves

Marcello Minenna, a division head at the Italian securities regulator, emailed his plan to "Cure the Eurozone". Despite being quite soft (there will not be permanent transfers between Member States), the recent proposals of the European Commission to deepen integration in the economic and monetary union could meet the opposition of Germany as soon as […]

America’s Decline And The Neglect Of Luther’s Principles Of Liberty

Authored by S.T.Karnick via Specator.org,  Freedom requires a sense of personal responsibility if it is to survive. With the nation’s news dominated by reports of political corruption (most recently, the Clintons’ apparent use of “pay to play” schemes during Hillary Clinton’s tenure as U.S. secretary of state), sexual harassment scandals pandemic among the nation’s elites, […]

BofA: “In Every Market Shock Since 2013 Central Banks Have Stepped In To Protect Markets”

There is a reason why those calling for a crash, or even a market correction in the past decade, have been carted out feet first: central banks, and noweher was this more obvious than the shocking aftermath of Brexit. The UK’s Brexit vote (Jun-16) marked the point when the buy-the-dip trade became a self-fulfilling put, […]

Get Government Out Of The Welfare Business

Authored by Lee Friday via The Mises Institute, Fighting poverty is a favorite pastime of government because politicians get to portray themselves as champions of the poor. However, the unfortunate few tend to be far fewer in number when aid is extended privately instead of through tax funded programs. Government Bureaucracies Benefit from Welfare Programs […]

Check this box if you want us to front-run your Bitcoin trades

Know government regulation, know moral hazard. No government regulation, no moral hazard. We have been reading quite a bit about rumors of governments trying to regulate crypto currency.  If and when they do, we will be told that it is for our own safety, of this I am certain.   We will also be told that […]

Stock Market 2018: The Tao Vs. Central Banks

Authored by Charles Hugh Smith via OfTwoMinds blog, The central banks claim omnipotent financial powers, but their comeuppance is overdue. I will be the first to admit that invoking the woo-woo of the Tao as the reason to expect a reversal of the stock market in 2018 smacks of Bearish desperation. With everything coming up […]

The Three Economic Eras Of Bitcoin

Authored by Randy Russell via Medium.com, The way the bitcoin ecosystem will play out is written in the mathematics of its consensus rules; we should all know the three phases it will go through. First Era: Satoshi’s Free Offer (2009–2014) In the early years of bitcoin, it was obscure and unvaluable. Demand was so tiny […]

Fed’s Kashkari Responds To Zero Hedge: “The Fed’s Job Is Not To Protect Investors”

Former Goldmanite and current Minneapolis Fed president, Neel Kashkari, conducted another #AskNeel session on Twitter where the dovish FOMC voter (he was the only one to dissent to the Fed’s rate hike decision earlier this year) received numerous questions. Among them was the following one from Zero Hedge: #AskNeel You have admitted the Fed has […]

“It’s All One Single, Giant $22 Trillion Position”: How Market Risk Became Systemic Risk

As excerpted from Fasanara Capital’s “Positive Feedback Loops and Financial Instability: the blind spot of policymakers.” The next time a Fed chair or macroprudential regulator argues that “there is no leverage in the market”, send them this. QE and NIRP have two predominant effects on markets: (i) relentless up-trend in stocks and bonds (the ‘Trend […]

Are Markets Really As Calm As They Seem?

Authored by Thorsten Polleit via The Mises Institute, Indicators for financial market "stress" have reached their lowest levels in decades. For instance, stock market volatility has never been this low since the early 1990s. Credit spreads have been shrinking, and prices for credit default swaps have fallen to pre-crisis levels. In fact, investors are no […]

Positive Feedback Loops, Financial Instability, & The Blind Spot Of Policymakers

Authored by Francesco Filia of Fasanara Capital, “Learn how to see. Realize that everything connects to everything else.” – Leonardo da Vinci A Dangerous Market Structure is More Worrying than Expensive Asset Valuations and Record Debt Levels Macro-prudential regulations follow financial crises, rarely do they precede one. Even when evidence is abundant of systemic risks […]

ECB Proposes End To Deposit Protection

Submitted by GoldCore It is the 'opinion of the European Central Bank' that the deposit protection scheme is no longer necessary: 'covered deposits and claims under investor compensation schemes should be replaced by limited discretionary exemptions to be granted by the competent authority in order to retain a degree of flexibility.' To translate the legalese jargon of the […]

The 4 Possible Channels For A Chinese Financial Crisis

That China is a widely accepted global outlier in the context of credit, debt and leverage, look no further than the latest Financial Stability Report from the IMF, which in no uncertain terms lays out where China can be “found” relative to its G-20 peers in the following chart: Yet according to the IMF, China’s […]

Bank Of Japan Is Buying Bonds From Scandal-Hit Kobe Steel

Last week, the simmering scandal involving Japan’s third largest steel producer exploded, when following reports that Kobe Steel had falsified data about the quality of its steel, aluminum, copper, iron powder and other products it sold to customers across virtually every single industry, Japan’s Nikkei also reported that some Kobe Steel plants in Japan had […]

House Passes $37 Billion Disaster-Aid Package

Disaster victims in Puerto Rico, Texas and Florida can breath a sigh of relief. A piece of legislation authorizing $36.5 billion in aid for communities affected by recent hurricanes and wildfires easily passed the House on Thursday, despite some conservatives' concerns about the growing cost of disaster relief as wildfires raging in California – expected […]