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There Was Never A Need To Translate ‘Weimar’ Into Japanese

By |2020-05-13T17:26:47-04:00May 13th, 2020|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

After years of futility, he was sure of the answer. The Bank of Japan had spent the better part of the roaring nineties fighting against itself as much as the bubble which had burst at the outset of the decade. Letting fiscal authorities rule the day, Japan’s central bank had largely sat back introducing what [...]

Eurodollar University’s Making Sense; Episode 7: The Anti-Weimar

By |2020-05-11T12:52:39-04:00May 11th, 2020|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

iTunes: https://apple.co/3czMcWN Google-cast: https://shorturl.at/fpsEJ Spotify: https://spoti.fi/3arP8mY Alhambra-tube: https://youtu.be/S1qjswZdisM Twitter: https://twitter.com/JeffSnider_AIP Twitter: https://twitter.com/EmilKalinowski Art: https://davidparkins.com/   [Emil's Summary] The monetary system is missing of money. Expectation of its return is no longer enough; actual recreation of modern money is needed. That job belongs to the private sector, the banks. It was true of the 1930s, and [...]

Everyone Knows The Gov’t Wants A ‘Controlled’ Weimar

By |2020-05-06T19:37:25-04:00May 6th, 2020|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

There are two parts behind the inflation mongering. The first, noted yesterday, is the Fed’s balance sheet, particularly its supposedly monetary remainder called bank reserves. The central bank is busy doing something, a whole bunch of something, therefore how can it possibly turn out to be anything other than inflationary?The answer: the Federal Reserve is [...]

Weimar Thirties Didn’t Happen Because It’s What You Don’t See

By |2020-05-05T20:33:28-04:00May 5th, 2020|Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

It was an absolutely mad scramble. Banking difficulties in the Fed’s sixth district, the Atlanta branch, had sparked an irresistible wave of panic which spread throughout the Eastern seaboard. By December 1930, it had reached the streets of New York City – the world’s monetary capital. On December 11, customer withdrawals had left the Bank [...]

Weimar Ben Didn’t Happen, So Now Weimar Jay?

By |2020-05-04T17:26:01-04:00May 4th, 2020|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Anna Jacobson Schwartz often gets buried under the mountains of study Milton Friedman conducted on his own. Contrary to what some, perhaps many, might think, Friedman didn’t write A Monetary History by himself. Anna Schwartz was his co-author for what would become one of the most important volumes of economic scholarship of the entire 20th [...]

The *Optimists* Have Some Terrible News For the ‘V’

By |2020-05-27T19:18:33-04:00May 27th, 2020|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

It has to be a combination of confirmation bias and rationalizations. Not even the official story finishes up with the fairy tale ending. The “V” people seem to be ignoring what the most optimistic group is actually saying. And these optimists absolutely want it to be that way.It bears repeating the “V” case; that once [...]

Getting A Sense of the Economy’s Current Hole and How the Government’s Measures To Fill It (Don’t) Add Up

By |2020-05-26T18:10:57-04:00May 26th, 2020|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

The numbers just don’t add up. Even if you treat this stuff on the most charitable of terms, dollar for dollar, way too much of the hole almost certainly remains unfilled. That’s the thing about “stimulus” talk; for one thing, people seem to be viewing it as some kind of addition without thinking it all [...]

Ring, Ring, Hündchen

By |2020-05-19T16:02:24-04:00May 19th, 2020|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

They really do seem to love Jay Powell’s announcement effect, these Germans. Magic words, no relation to what’s actually done only what’s said. Confirming in every way what I wrote yesterday, the psychology of money-less monetary policy being acted out exactly according to the plan. Central bankers do, those trained by Economics schools respond in [...]

Eurodollar University’s Making Sense; Episode 9: The Japanese Were A Monetary Example To Avoid, Not Follow

By |2020-05-18T17:56:55-04:00May 18th, 2020|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

iTunes: https://apple.co/3czMcWN Spotify: https://spoti.fi/3arP8mY Google: https://shorturl.at/fpsEJ Alhambra-tube: https://youtu.be/1--doZDGZ1M Twitter: https://twitter.com/JeffSnider_AIP Twitter: https://twitter.com/EmilKalinowski Art: https://davidparkins.com/   [Emil's Summary] Dr. Milton Friedman, in a December 1997 article, correctly diagnosed what was wrong with the Japanese economy: not enough money. His prescription? Quantitative easing. It was, unfortunately, malpractice. In late April 2020, the Bank of Japan announced its 24th iteration of [...]