Beware of the Monetary Mobsters!

Last month the IMF came up with a ‘brilliant plan’ to solve the crisis in Europe. As the old continent suffers from record unemployment and a debt pile that has gotten out of control in several (mostly) Southern European countries, the idea is to targe… [...]

1974 Enders To Kissinger: "We Should Look Hard At Substantial Sales & Raid The Gold Market Once And For All"

Four years ago we exposed what appeared to be a 'smoking gun' of the Fed's willingness to manipulate the price of gold. Then Fed-chair Burns noted the equivalency of gold and money, and furthermore pointed out that if the Fed does not contr… [...]

Guest Post: (Un)Paving Our Way To The Future

Submitted by James H. Kunstler via Peak Prosperity blog, You can’t overstate the baleful effects for Americans of living in the tortured landscapes and townscapes we created for ourselves in the past century. This fiasco of cartoon suburbia, overgro… [...]

European Unemployment Declines From All Time High, Youth Unemployment Hits Fresh Record – Full Breakdown

Following the “good” news in the inflationary front, in which European November CPI rose and beat expectations if posting the first sub-Japan inflationary rate in Eurozone history, Eurostat followed with more holiday cheer when it reported a surprising… [...]

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… [...]

No Red Futures On Black Friday

A hungover America slowly wakes up from a day of society-mandated consumption and purchasing excess to engage in even more Fed-mandated excess in the equity markets. The only difference is that while the “90%” was engaged in the former and depleting th… [...]

Howard Marks: "Markets Are Riskier Than At Any Time Since The Depths Of The 2008/9 Crisis"

In Feb 2007, Oaktree Capital's Howard Marks wrote 'The Race to the Bottom', providing a timely warning about the capital market behavior that ultimately led to the mortgage meltdown of 2007 and the crisis of 2008 as he worried about "c… [...]

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… [...]

Yen Carry Lifts Risk Around The Globe In Quiet Overnight Trade

In a carry-trade driven world in which news and fundamentals no longer matter, the only relevant “variable” is whether the JPY is down (check) and the EUR is up (check) which always results in green equities around the globe and green futures in the US… [...]

The Punch Line: The Complete Macroeconomic Summary And All The Chart To Go With It

From Abe Gulkowitz’ The Punch Line Meager Growth but the Market Roars… An interim deal on Iran’s nuclear program pushed oil prices lower and sent global equities higher as investors’ risk appetite rose on an easing of some Middle East tensions. A… [...]