Is it over? That’s the question everyone is asking about both major crises, the answer is more obvious for only the one. As it pertains to the pandemic, no, it is not. Still the early stages. The other crisis, the global dollar run? Not looking like it, either. Stocks rebounded because of “major helicopter stimulus” or because that’s just what [...]
The Fed unveiled what was supposed to be shock and awe. Instead, it was the predictable series of upsizing the bazookas, monetary armaments in name only. I’ll write it again: there is no money in monetary policy. Central banks are not central. That was the primary lesson of September’s repo rumble, and not for the first time since August 9, [...]
Another day, another big risk-off move. And yet, the world's great end-of-world hedge, gold, is getting pummeled even as it seems the world is edging closer to its end. Yes, another day another clear demonstration of collateral scarcity - as opposed to bank reserve scarcity which isn't a thing (sorry, Jay). If you have a moment, check out the intraday [...]
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