Category Archive: 5) Global Macro

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Covid-19: what’s really going on in Russia? | The Economist

2020-06-05

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Vladimir Putin claims Russia has covid-19 “under total control”, but whistleblowers say the official figures are fabricated. As well as leading to many more deaths, this could dent Mr Putin’s popularity for years to come. Read more here: https://econ.st/2z4BJV0 Click here to subscribe to The Economist on YouTube: https://econ.st/2xvTKdy Further reading: Find The Economist’s most recent coverage of covid-19 here: https://econ.st/2QXX9sJ Sign...

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Covid-19: what’s really going on in Russia? | The Economist

2020-06-05

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Vladimir Putin claims Russia has covid-19 “under total control”, but whistleblowers say the official figures are fabricated. As well as leading to many more deaths, this could dent Mr Putin’s popularity for years to come. Read more here: https://econ.st/2z4BJV0 Click here to subscribe to The Economist on YouTube: https://econ.st/2xvTKdy Further reading: Find The Economist’s most …

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The Mirage of the Money Printer: Why the Fed Is More PR Than Policy, Feat. Jeffrey P. Snider

2020-06-05

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The conventional wisdom is that central banks are the most important economic actors in the world. Markets hang on their every word. Yet, what if that power has less to do with actual monetary policy and more to do with how the performance of that policy creates a self-fulfilling prophecy as market actors respond to media coverage? Jeff Snider is the head of global research at Alhambra Investments. In this conversation, he and NLW explore:...

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Dollar Firm as Risk-On Sentiment Ebbs Ahead of ECB Decision

2020-06-05

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2020-06-05

ECB Assets
Risk sentiment is taking a breather today after a strong run; the dollar is getting some modest traction. Fed tweaked its municipal bond program; weekly jobless claims are expected to rise 1.843 mln; Brazil and Mexico are seeing record high daily death counts.

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From QE to Eternity: The Backdoor Yield Caps

2020-06-04

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2020-06-04

Japan - JGB, 1986-2019
So, you’re convinced that low rates are powerful stimulus. You believe, like any good standing Economist, that reduced interest costs can only lead to more credit across-the-board. That with more credit will emerge more economic activity and, better, activity of the inflationary variety. A recovery, in other words. Ceteris paribus. What happens, however, if you also believe you’ve been responsible for bringing rates down all across the curve…and...

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The Post-Covid Economy Will Be Very Different From the Pre-Pandemic Bubble Economy

2020-06-03

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2020-06-03

As the old models break down, opportunities for new models will arise. Unstable, unsustainable systems can lull observers into a comfy complacency as instability increases beneath a thin veneer of apparent stability. That's the systemic story of the past 20 years: all the extremes that were needed to maintain the veneer of stability have increased the instability building beneath the complacent confidence.

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Dollar Broadly Weaker After Reports of Possible Brexit Compromise

2020-06-03

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2020-06-03

Balance sheets, USD Trin, 2007-2019
The dollar remains under pressure; there is a debate as to the root causes of recent dollar weakness. May auto sales will be the only US data release today; protests in the US are further denting Trump’s re-elections prospects, at least according to betting odds. The G7 meeting planned at Camp David this month was postponed after German Chancellor Merkel declined his invitation.

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We’re Living the Founding Fathers’ Nightmare: America Is Corrupt to the Core

2020-06-02

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2020-06-02

How Systems Collapse
Our ruling elites, devoid of leadership, are little more than the scum of self-interested, greedy grifters who rose to the top of America's foul-smelling stew of corruption. The Founding Fathers were wary of institutional threats to liberty and the citizenry's sovereignty, which included centralized concentrations of power (monarchy, central banks, federal agencies, etc.) and the tyranny of corruption unleashed by small-minded, self-interested,...

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All-Stars #107 Jeff Snider: Huge Money Printing Speaks For Itself….

2020-06-01

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All-Stars #107 Jeff Snider: Huge Money Printing Speaks For Itself, So Why Is Jay Powell Trying To Sell It So Aggressively? Download chartbook: https://bit.ly/3cppakW Please visit our website https://www.macrovoices.com to register your free account to gain access to supporting materials.

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Personal Income and Spending: The Other Side

2020-06-01

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2020-06-01

Personal Income & Spending, 2017-2020
The missing piece so far is consumers. We’ve gotten a glimpse at how businesses are taking in the shock, both shocks, actually, in that corporations are battening down the liquidity hatches at all possible speed and excess. Not a good sign, especially as it provides some insight into why jobless claims (as the only employment data we have for beyond March) have kept up at a 2mm pace.These are second order effects.

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This Is How Systems Collapse

2020-06-01

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2020-06-01

How Systems Collapse
Flooding the financial system with "free money" only restores the illusion of stability. I updated my How Systems Collapse graphic from 2018 with a "we are here" line to indicate our current precarious position just before the waterfall: For those who would argue we're nowhere near collapse, consider that over 20% of the Federal Reserve's $2 trillion spew of free money went directly into the pockets of America's billionaires.

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The Event Has RevealedThe Structural Fragilities Of America,The CB Model Failed Charles Hugh Smith

2020-05-31

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by X22 Spotlights

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Dollar Firm as US-China Tensions Continue to Rise

2020-05-31

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2020-05-31

Chinese Fix Yuan, 2019-2020
Tensions between the US and China continue to rise; the dollar is finding some traction. Fed Beige Book contained no surprises; NY Fed President Williams said the Fed is “thinking very hard” about targeting yields; weekly jobless claims are expected at 2.1 mln vs. 2.438 mln last week .

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CHARLES HUGH SMITH – That System Is Completely And Incredibly Unfair

2020-05-30

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Asia Lockdowns vs. Re-Openings

2020-05-30

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2020-05-30

We apply the five-factor model used to analyse lockdowns and openings in developed markets and in Latin America to Asian Markets. It evaluates the restrictions imposed by different countries in the region, how they compare in terms of severity of lockdown, and where they are heading in the spectrum of reopening. The scale we use measures grade restrictions from 1 (open) to 4 (closed) across the following five factors: (a) schools/universities, (b)...

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The Event Has RevealedThe Structural Fragilities Of America,The [CB] Model Failed:Charles Hugh Smith

2020-05-29

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Prepare Today And SAVE $100 Off A Full 4-WEEK SUPPLY My Patriot Supply http://preparewithx22.com Today’s Guest: Charles Hugh Smith Todays Interview: Todays interview is with Charles Hugh Smith, Charles talks cv-19 in Hawaii and how the island is handling it. The discussion then branches off into centralization, the [CB] and how the people have the …

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How scientists calculate climate change | The Economist

2020-05-29

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Climate activists talk a lot about following “the science” around climate change. What actually is the science and how is it calculated? Read more here: https://econ.st/3ci07Qy Find our school briefings series here, including our recent climate explainers: https://econ.st/2Zeo7kV Sign up to receive The Economist’s fortnightly newsletter to keep up to date with our latest coverage on climate change: https://econ.st/3dZrKz6 Find The Economist’s...

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How scientists calculate climate change | The Economist

2020-05-29

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Climate activists talk a lot about following “the science” around climate change. What actually is the science and how is it calculated? Read more here: https://econ.st/3ci07Qy Find our school briefings series here, including our recent climate explainers: https://econ.st/2Zeo7kV Sign up to receive The Economist’s fortnightly newsletter to keep up to date with our latest coverage …

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

2020-05-29

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2020-05-29

GDP Pro Forma, 2010-2020
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 the way through first.You have to begin by sizing up the gross economic deficit it is being haphazardly poured into – with an additional emphasis...

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Charles Hugh Smith on Meeting the Challenges of the “New Normal” World

2020-05-28

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Charles Hugh Smith on Meeting the Challenges of the “New Normal” World http://financialrepressionauthority.com/2020/05/27/the-roundtable-insight-charles-hugh-smith-on-meeting-the-challenges-of-the-new-normal-world/

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