“I think the right lesson to draw from all of this is that a global order needs to be based on a distributed operating system, not on a centralized architecture…” – Niall Ferguson In this wide ranging conversation CoinDesk’s Michael Casey speaks with author, historian and Hoover Institution senior fellow Niall Ferguson about our disrupted world, inevitable crisis and what it could mean for money. Source
Money
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Submitted by Market Crumbs , The sudden outbreak of the coronavirus and its effects on the economy, which has ground to a halt, are being felt by just about everyone. Whether you’re an investor who has seen your portfolio take a hit or someone without any investments who has lost a job, the current situation is very difficult for many. While you can’t go back a […]
Authored by James Rickards via The Daily Reckoning, Since Federal Reserve resources were barely able to prevent complete collapse in 2008, it should be expected that an even larger collapse will overwhelm the Fed’s balance sheet. That’s exactly the situation we’re facing right now. The specter of a global debt crisis suggests the urgency for new liquidity sources, bigger than those that central banks can provide. […]
Tucked into coronavirus relief legislation passed unanimously by the Senate on Wednesday evening was a little-noticed provision that guarantees more taxpayer money will be spent in the coming months on radio, digital, and direct-mail ads promoting members of Congress ahead of their re-election contests. Language in that legislation codifies a carve-out for official communications by senators and congressmen that, while not overtly political, serves to boost […]
In retrospect, Mario Draghi will be remembered as the central banker who was always willing to go the extra mile to backstop the historic asset bubble that the ECB inflated since he replaced Jean-Claude Trichet in 2011, making the European Central Bank the biggest hedge fund in the world with more than $5 trillion in assets assets. As shown below, since his arrived, the ECB’s balance […]
Authored by Simon Black via SovereignMan.com, Yesterday the Chair of the FDIC released an astonishing video asking Americans to keep their money in the bank. Accompanied by soft piano music playing in the background, the official said: “Your money is safe at the banks. The last thing you should be doing is pulling your money out of the banks thinking it’s going to be safer somewhere […]
Authored by Alastair Crooke via The Strategic Culture Foundation, As the US and the UK, to stem Covid-19 infections, adopt a close-to-wartime approach, with intrusive levels of intervention into social life, these governments – as the corollary to lockdown – are proposing massive bail-outs. At first brush, this may seem both sensible and appropriate. But wait. Bailing out what? Well, financial markets of course, but then… […]
The main American stock indexes jumped on Tuesday on optimism that the huge government rescue bill to save the economy from the coronavirus is close to being passed, and an unlimited stimulus promise from the Federal Reserve. The Dow Jones Industrial Average jumped over 1,100 points higher after the opening bell, gaining over six percent. The S&P 500 was gaining nearly five percent, while the Nasdaq […]
The Federal Reserve pledged Monday to buy bonds in an unlimited quantity while allocating at least $300 billion to new emergency-lending programs. These measures are being taken as Wall Street reels from fresh predictions of a steep drop-off in economic output due to coronavirus-related lockdowns, business disruptions and job losses. “The coronavirus pandemic is causing tremendous hardship across the United States and around the world,” the […]
Wall Street’s main indices are down after opening on Monday for the first ever all-electronic trading session, which is aimed at protecting New York Stock Exchange employees from the coronavirus. Both the Dow Jones Industrial Average and the S&P 500 were down around four percent as of 16:00 GMT. The Nasdaq Composite, an index comprised of America’s top technology companies, was down over two percent. Global […]
“Consensus reality is like paper money. It has no value except everyone believes in it. It has no real value, only pretend value, which is fine as long as everyone keeps pretending.” – Jed McKenna “As helicopter money becomes increasingly inevitable, the big news is that we are calling for the thawing of the Ice Age after the next recession – whenever that arrives.” […]
The U.S. airlines wasted no time telling us how much they wanted to bail them out from this crisis: $50 billion. Boeing wants more—$60 billion to “support the health of the broader aviation industry.” The Aeronautical Repair Station Association wants $11 billion. Source
At Saturday’s coronavirus briefing, President Donald Trump was asked about whether his own companies in the hospitality industry might received government assistance in any bailout package that gets passed. The president did not rule out the possibility. “Do you expect your family companies to seek assistance, if it’s eligible,” asked a reporter during the Covid-19 presser. “I don’t know. I just don’t know what the government […]
Lebanon’s government has called on people living in the country and those abroad to send donations to four bank accounts to aid the country’s fight against coronavirus. Minister of Information Manal Abdel Samad announced the scheme in a statement on 17 March, adding that the fund will be used “to face this crisis”. The accounts are expected to hold “Social Aid Donations” which will be distributed […]
Authored by Bill Blain via MorningPorridge.com, Helicopters = Orthodoxy “Orthodoxy means not thinking – not needing to think. It is unconsciousness.” Governments around the globe have pledged trillions to address the Virus Pandemic. It doesn’t matter if markets aren’t convinced. Yesterday’s bout of coordinated Global Spending promises are about keeping populations safe and secure by protecting the global economy from the Virus uncertainty. The Pandemic is being addressed! […]
The four-letter acronyms for ‘bailout’ continue to play out exactly like during the Lehman crisis (as we previewed here), as The Fed desperately tries to hold the backbone of the entire global financial markets together with whack-a-mole buying programs to avoid investors seeing behind the curtain of the whole Potemkin Village. Earlier this week we previewed all this, noting that, in addition to the revival of […]
Long gone are the days when central banks pretended they aren’t in the business of propping up the stock market. A week after we reported that the BOJ had bought a record amount of ETFs in a desperate attempt to stabilize its illiquid stock market, where the central bank now owns over 73% of all ETFs, Kuroda bought a whopping 121.6BN yen of ETFs on Tuesday, […]
LUDOVIC MARIN/AFP President Donald Trump announced via Twitter early Wednesday morning that government assistance would be coming to American citizens hurt by the severe economic downturn caused by the effects of the coronavirus pandemic. The White House Coronavirus Coordination team announced guidelines of social distancing that strongly discouraged going to food courts, bars, and restaurants which is a very smart public health policy but has understandably […]
US futures traded limit up overnight, plunge back to the lows of the day, soared back above overnight highs, dumped again, ripped again, then slumped… 1000s of Dow points in the swings on the back of various political and monetary headlines of ever-increasing bailouts (and warnings)… that is malarkey! So, some (brief, perhaps) exuberance in stocks. BUT… Despite The Fed’s CPFF, banking system liquidity worsened… Source: […]
While American asset-gatherers and commission-rakers were busy demanding investors ‘buy the dip for the long-term’ this week as each leg down just went further down (until Friday, of course), Brazilian money-managers were a little more frank with their clients. Although US markets were a bloodbath, Brazil was worse with shocking moves intraday – including a high to low drop of 20% on Thursday – leaving a […]
As the administration scrambles to soothe the market during yet another day of trading-halt chaos, Larry Kudlow just tried to jawbone the market higher by raising the prospect of helicopter money. Of course, the market wasn’t exactly impressed. Apparently, investors are tired of talk from the administration, and are now waiting until Trump’s economic team starts shot-putting rescue packages filled with prepaid Visa credit-cards. Essentially, the […]
As Bank of America’s rates expert, Mark Cabana – formerly of the NY Fed – writes on Saturday, “the Fed has been on fire” lately, which in light of the Fed’s activities in the past two trading days of the week, may be an understatement: the Fed announced a $5 trillion (assuming max allotment) expansion to its monthly repo operations and executed purchases on Friday of […]
Twenty Top Economists Conclude Medicare For All Saves Money And Lives By Staff, Hopbrook-institute.org March 13, 2020 Twenty Top Economists Conclude Medicare For All Saves Money And Lives2020-03-132020-03-13https://popularresistance-uploads.s3.amazonaws.com/uploads/2017/12/popres-shorter.pngPopularResistance.Orghttps://popularresistance-uploads.s3.amazonaws.com/uploads/2020/03/47027543742_45b537837f_o.jpg200px200px Above Photo: From Hopbrook-institute.org We are economists interested in public policy and healthcare. Some of us have worked to estimate the cost of alternative healthcare programs. Others have reviewed such estimates. We believe the available research supports the conclusion that […]
Washington state resident Kenneth Warren Rhule has been charged with laundering over $140,000 in bitcoin after agents with Homeland Security Investigations (HSI) made a series of undercover cash-for-crypto deals with the 26-year-old. Rhule faces multiple counts of operating an unlicensed bitcoin money transmitter business and laundering monetary instruments after allegedly meeting with government agents “posing as criminals” interested in buying untraceable bitcoin for their human trafficking […]