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‘Someone’ Shaved Off the Peaks!
I have said this on many prior occasions, and it bears stressing and focused repetition, that there is an ongoing and troubling change blowing in the academic winds of economic orthodoxy. It is...
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The Biggest Razor With Which To Shave Off Peaks
It’s a masterful stroke of near-genius, the kind in which you wish that amazing effort were actually used for “good” instead of continued decay. The American malaise is now a global malaise, and the...
View ArticleZH: Car ‘Leasing’ Surge; Buyers Fall Off
I saw this today and was astounded by it, though not at all surprised given my take on the economy. ZeroHedge reports on Bank of America calculating car leasing vs. car buying: So with car sales...
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The Anniversary: No Going Back
It is hard to believe that this past weekend marked the seventh anniversary of the paradigm shift in global financial function. Everything that has occurred in the years since can be traced to those...
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Durable Goods Are ‘Better’ Only in Narrow Focus
Factoring the record pace of Boeing’s distortions on durable goods, the series has picked up in the past two months after major and large upward revisions to June’s estimates. The increase in growth...
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Attending the Exits, Part 2
There are several misconceptions about the US$ as the world’s reserve currency, including the use of the hegemony qualifier. Part of that stems from a very persistent lack of understanding about what...
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Attending the Exits, Part 3
Very much in-line with the stubborn and creative effort to convince you that the economy has healed, policymakers have taken to the notion of “resiliency” as they seek to exit the QE business once...
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Seven Years Without Trend and the Clock Is Ticking
They say the road to hell is paved with good intentions, but that is not the only ingredient in the asphalt used to make the highway to Perdition. Typically, intent is augmented (or actually degraded)...
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Desperate ECB’s Quixotic Quest to ‘Chase’ Eonia Below Zero If ‘Needed’
The ECB’s experimentation with negative nominal interest rates is exactly that – an experiment whose range of conclusions spans the full spectrum of possibilities. I have absolutely no doubt at all...
View ArticlePraying to the God of ‘Global Growth’
Part of the tale being spun perpetually about the economy, any economy in this day and age, relies on nothing more than circularism. Because monetary policy is so captured by managing expectations,...
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Crude Parallels
The Great Recession was seven years ago so it might seem appropriate that our memories of the specific nature and order of events is lost to time. However, given that it will be a seminal event in...
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A Eurodollar Impression On the Corporate Side of the Bubble Economy
Right along with the growing recognition that there is a systemic problem with labor utilization, and thus wages and earned income serious lag and cap true economic advance, there is at least the...
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Rather Than All Efforts Aimed At Making Central Banks More Efficient
Leave it to a self-described socialist to undermine his own argument. Decrying the apparent overabundance of personal hygiene and fashion, presidential candidate Bernie Sanders took to confounding as...
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Whose Recovery Is It Anyway?
You may have heard recently about the Transportation Safety Administration’s record for safety measures in airline transportation. The task with which the government agency is charged has become a bit...
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Looking For The Next One; Part 1, Orderly Or Not?
I generally remain noncommittal about giving specific predictions about the future because there is simply no way toward predilection. We can think about probabilities as a guide for analysis,...
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Looking For The Next One; Part 2, Finding Risk Rather Easily
Part 1 is here, Orderly or Not (short version: not). Also noted yesterday, the Fed sees no risks of bubble trouble because they are looking at it all from the 2008 perspective. That is completely...
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Time To Redefine ‘Easing’ Too
At his last news conference on June 3, ECB chief Mario Draghi issued his list of successes so far with QE in Europe. The program was only announced four and a half months ago, being operational only...
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Liquidity And Manipulated Prices Are Not An Economy And Never Will Be
The Greek drama seems to have reached somewhat of a boundary, with deadlines and credit assistance drawing toward maximums. If this seems more than a little déjà vu that’s because it is an almost exact...
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ECB, Monetarism and a Greek Half-Decade
Greece really should not matter, at all, outside of the tragic plight of the Greeks themselves. You’ll see that message echoed particularly inside the US where the status quo takes a contradictory turn...
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Agitating For A More Informed Inflation
There are numerous problems created by asset bubbles and many more as a result of a series of them. The financial system becomes highly destabilized, especially as authorities and policymaking bodies...
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