Macro Considerations

The macro picture remains largely unchanged. Janet Yellen is expected to lead the Federal Reserve into a new phase by beginning to taper its long-term asset purchases early next year. The ECB is expect to move in the other direction, leaning against th… [...]

Frontrunning: November 29

So much for the euphoria: Stores open early on Thanksgiving but shoppers in no rush (Reuters) Get to work Mr. Chairwoman: Do-Nothing Congress Dithers on Budget as Deadline Nears (BBG) FX to Libor Probes Leave U.K. Traders Looking for Lawyers (BBG) Pro… [...]

Venezuela Denies Goldman’s Gold Deal As Inflation Tops 54%

Today’s AM fix was USD 1,241.75, EUR 913.11 and GBP 760.45 per ounce. Yesterday’s AM fix was USD 1,250.75, EUR 923.88 and GBP 773.69 per ounce. Gold fell $4.10 or 0.33% yesterday, closing at $1,236.33/oz. Silver slid $0.17 or 0.86% closing at $19.6… [...]

The Global Leverage Cycle: You Are Here

While one can make an argument that the central banks have now destroyed all traditional “cycles”, including the economic “virtuous cycle”, the business cycle and even the leverage cycle, the question remains how much longer can the Fed et al defy mean… [...]

Chart Of The Day: How In Five Short Years, China Humiliated The World’s Central Banks

The concept of the “liquidity trap” is well-known to most: it is that freak outlier in an otherwise spotless Keynesian plane, when due to the need for negative interest rates to boost the economy (usually resulting from that other inevitable Keynesian … [...]

Chart Of The Day: How China’s Stunning $15 Trillion In New Liquidity Blew Bernanke’s QE Out Of The Water

Much has been said about the Fed’s attempt to stimulate inflation (instead of just the stock market) by injecting a record $2.5 trillion in reserves into the US banking system since the collapse of Lehman (the same goes for the ECB, BOE, BOJ, etc). Eve… [...]

Key Events And Issues In The Holiday-Shortened Week

Looking ahead at the week ahead, data watchers will be kept fairly occupied before Thanksgiving. Starting with today, we will see US pending home sales with the Treasury also conducting the first of 3 bond auctions this week starting with a $32 billion… [...]

Stock Futures Rise To New Record Highs On Carry-Currency Driven Ramp

Another day, another carry currency-driven futures melt-up to daily record highs (the all important EURJPY soared overnight on the return of the now standard overnight Japanese jawboning of the JPY which sent the EURJPY just shy of a new 4 year high of… [...]

Guest Post: The Money Bubble Gets Its Grand Rationalization

Submitted by John Rubino of the Dollar Collapse blog, Late in the life of every financial bubble, when things have gotten so out of hand that the old ways of judging value or ethics or whatever can no longer be honestly applied, a new idea emerges that… [...]

Is Venezuela Selling Gold to Goldman Sachs?

With gold once again getting the slamdown treatment this morning (even as stocks shrug off any taper tantrum fears) the following article from Venezuelan newspaper El Nacional seems quite prescient. As Liberty Blitzkrieg's Mike Krieger notes, it ap… [...]