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Krugman Is Wrong (Again): Artificially Low Interest Rates Created BubblesJul 7, 2022 - 11:56:56 PDT
In his June 21 New York Times article “Is the Era of Cheap Money Over?,” Paul Krugman argues against the view that the Fed has kept interest rates artificially low for the past ten to twenty years.
Jul 7, 2022 - 11:51:49 PDT
Mortgage rates are falling … to pieces. Along with the US economy.
As the US approaches recession and the Atlanta Fed real-time GDP tracker falls to -1.9%, we are seeing mortgage rates falling to 5.30%.
As UK Prime Minister Boris Johnson finally had his stiff white knuckles pried from power yesterday, the rest of Europe - starting with Holland - is erupting in massive protests. Is this the beginning of the end for Europe's Covid-lockdowning, Ukraine-obsessed, WEF-hob-nobbing elite? Mises Institute President Jeff Deist joins today's Liberty Report.
With the war in Ukraine, skyrocketing inflation, looming food shortages and more, it’s easy to overlook the elites’ ongoing war on cash.
The Biggest Story NOT Being Told. It’s Easy to Overlook the Elites’ Ongoing War on Cash: RickardsJul 7, 2022 - 10:25:18 PDT
With the war in Ukraine, skyrocketing inflation, looming food shortages and more, it’s easy to overlook the elites’ ongoing war on cash.
Mortgage Rates Crash Most 'Since Lehman’ In 2008 as Loan Demand CollapsesJul 7, 2022 - 10:15:35 PDT
Of course, the big question is - Will Powell be pleased? Because prices are not really coming down much on the homes themselves (yet). This market-driven rate-cut stimulting demand is not what the inflation-battling folks in the Marriner-Eccles building are hoping for.
It was a rout! Other than oil and some commodities, virtually all asset classes took it on the chin in the second quarter of this volatile year. Our quarterly report looks at the performance of gold and silver vs. other major asset classes in Q2, along with YTD performance.
As we head into the heat of summer, the US economy finds itself in the doldrums. GDP growth for the year has been negative both in Q1 and Q2 -- which means we're now officially in a "technical recession".
Jul 7, 2022 - 08:36:06 PDT
A new world order may be coming in global finance, writes Frank Giustra. And this sort of transition isn’t always peaceful.
The former JPMorgan Chase & Co. managing director ran the bank’s precious metals business for more than a decade, making hundreds of millions of dollars in profit trading everything from silver to palladium. Now, he and two of his former colleagues face a federal jury in Chicago on criminal charges for thousands of so-called spoofing trades...
Inflation is no longer a coming attraction, it’s here, turning into a disaster, and not about to go away anytime soon.
As some states mull or roll out "inflation relief" like checks or tax rebates in a bid to help households weather soaring prices, critics argue such measures amount to fiscal stimulus that will keep inflation higher for longer.
Jul 7, 2022 - 08:00:49 PDT
The Fed’s cumulative repo loans for the fourth quarter of 2019 on a term-adjusted basis came to $19.87 trillion based on the data it released two years later. Just six trading houses received 62 percent of the $19.87 trillion, as illustrated in the chart below. If this is not a financial stability crisis, we don’t know what is.
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $85.5 billion in May, down $1.1 billion from $86.7 billion in April, revised.
British Prime Minister Boris Johnson resigned on Thursday amid scandal as the UK battles an acute energy crisis. The resignation follows a deluge of other ministerial resignations as well.
Jul 7, 2022 - 07:39:24 PDT
Before discussing the above Tweet, please note that due to lack of refining capacity in the US, some Oil From U.S. Reserves Was Exported.
Jul 7, 2022 - 07:26:46 PDT
Ben Hunt: "In late 1990s, the Fed began to use monetary policy as a political tool to make us richer than our economy could grow, inflating home prices and financial asset prices without (they thought) ever triggering wage/price inflation in the broader economy.” Change "richer" to "feel richer" and the idea is perfect.
I discuss the lead chart after a review of the minutes of the latest FOMC Meeting.
Gold's 20 year performance. Not too shabby.
@RonStoeferle
#Incementum
The report's bottom-line according to Goldman's Chris Hussey: some of what we are seeing today -- economic overheating and large increases in rates -- suggests that the world could be on the brink of a rather severe recession." That said, the bank highlights several other aspects of the current environment which provide a buffer against a notable turndown in activity.