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Bank of England Governor Andrew Bailey’s blunt warning that fund managers have to cut vulnerable positions before the central bank ends debt purchases pummeled UK gilts and sent a shiver around already-fragile global bond markets. UK government bond yields rose, with the rate on 20-year gilts reaching the highest level since the Lehman crisis in 2008, as the strict deadline...
“I don’t think there will be a recession. If it is, it’ll be a very slight recession. That is, we’ll move down slightly,” Biden said sparking chaos at the Fed for blowing up their carefully planted narrative that the Fed will somehow not push the economy into a recession.
Wall Street has been keeping a close eye on monetary action overseas, as Bank of England Governor Andrew Bailey announced the bank would end its emergency bond-buying program Friday.
On the surface, the September job numbers looked pretty good. The economy continues to add jobs and the unemployment rate fell. But these headline numbers paper over underlying problems in the economy.While President Biden brags about job growth, the average American is working more just to maintain last year's standard of living.
Producer price data for September was bad news for people looking for relief from rising prices.The Producer Price Index (PPI) rose by 0.4%, doubling the 0.2% projected increase, according to data released by the Bureau of Labor Statistics (BLS).
A bill introduced in the US House would put the American financial system back on a gold standard.Rep. Alex Mooney (R-WV) introduced HR9157. Titled the Gold Standard Restoration Act, the legislation would peg the dollar to a fixed weight of gold.
In a series of tweets, Rich Dad Poor Dad author Robert Kiyosaki said now is a great time to buy silver.Kiyosaki predicted that the dollar will ultimately crash when the Fed pivots and surrenders to inflation.
The word “inflation” is heard and read everywhere these days. However, since different people sometimes have very different understandings of inflation, here is a definition: Inflation is the sustained rise in the prices of goods across the board.
Ben Bernanke's Nobel Prize: The Committee Rewards an Arsonist for Claiming to Fight the Fire He Started | Mark ThorntonOct 11, 2022 - 12:55:19 PDT
Along with Douglas Diamond and Philip Dybvig, Ben Bernanke was awarded the Nobel Prize in Economics today. The three have written extensively on the need to bail out the banks in times when the economy is in corrective mode, generally after a long period of monetary injections.
This is what the “experts” have done to the world, a crisis that began in the laboratories of intellectuals who believe they know a better way than freedom to manage the world. Now the rest of us are forced to watch as they all give awards to each other for a job well done, thus adding another layer of moral hazard: there are literally no professional consequences for being terribly wrong.
The "Economy Is Starting To Go Through The Windshield" - El-Erian Blames The Fed For "Totally Avoidable" CrisisOct 11, 2022 - 12:26:29 PDT
“The economy is starting to go through the windshield, the financial system is starting to go through the windshield,” warned Mohamed El-Erian during an interview with Bloomberg TV this morning, following remarks from JPM Asset Manager CIO Bob Michel's comments:
Oct 11, 2022 - 12:21:46 PDT
A concern that many recent experts on this channel have raised is that there is a dangerously high percentage of corporations that classify as "zombie companies". As the cost of debt increases as interest rates rise, the likelihood that these companies could start failing en mass increases.
Bank of England’s Bailey Tells Pension Funds They Have 3 Days To RebalanceOct 11, 2022 - 12:21:16 PDT
Bank of England Governor Andrew Bailey told pension fund managers to finish rebalancing their positions by Friday when the British central bank is due to end its emergency support programme for the county's fragile bond market.
The bullish news of the OPEC+ output cut is wearing off, and the market is once again focusing on the possibility of a global recession.
Biden Is Re-Evaluating Relations With Saudi Arabia Following The OPEC+ CutOct 11, 2022 - 11:53:46 PDT
U.S. President Joe Biden is re-evaluating the United States’ relationship with OPEC’s de facto leader Saudi Arabia after the Kingdom led the OPEC+ group to announce a major oil production cut last week, John Kirby, the coordinator for strategic communications at the U.S. National Security Council, said on Tuesday.
The Wall Street Journal squarely hits the nail with its assessment: The U.S. and its allies undermine their own interests with little environmental payoff.
The effective overnight interbank lending rate is now 3.08%. It was just 0% a little over six months ago. According to the Fed’s current plans, the Fed Funds Rate (FFR) is heading to at least 4% by the end of this year; and perhaps all the way to 4.5-5% by early 2023. Is that going to cause a problem, you ask? Well, rising rates have already caused stocks, bonds, gold, crypto–...
Oct 11, 2022 - 11:03:09 PDT
Inflation is a multi-headed hydra (from Greek Mythology). It is composed of 1) monetary stimulus (that The Fed is slowly withdrawing), 2) massive, reckless Federal spending and 3) Biden’s anti-fossil fuel mandates. So, when the inflation numbers are out later this week, it will be fun to dissect the damage being done to the US economy and middle-class/low-wage workers.
Oct 11, 2022 - 10:57:42 PDT
I feel like I am living in the horror movie “Saw”. The Federal Reserve is tightening their BIG green bag of money to fight inflation … caused by Biden’s energy policies and massive Federal government spending.
