This Week on RealVisionTV: Jeffrey Snider
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Stuck In Yesterday
It is understandable why everyone is right now fixated on Washington. The repeal, or not, of Obamacare is, to paraphrase former Vice President Biden, a big deal. In terms of market expectations, it is difficult to discern by how much. That was to be, after all, but one step of several reductions to the administrative burden on the economy. Maybe [...]
Non-Randomly Surveying RMB
China’s central bank, unlike other central banks, is constantly active almost never resting. Because it is always in motion, the PBOC can seem to be “adding” liquidity at the very same time it might be “draining” it. Its specific actions should never be interpreted as standalone procedures related solely to some unknown policy stance. That is particularly true given that [...]
The Confidence In Confidence
Why aren’t there more homes for sale? The lack of inventory continues to stifle the real estate market, but there aren’t any good reasons offered for what seems on the surface a bit of a paradox. The total volume of resales, according to the National Association of Realtors, was in the prior month (January 2017) the highest in more than [...]
Economics Through The Economics of Oil
The last time oil inventory grew at anywhere close to this pace was during each of the last two selloffs, the first in late 2014/early 2015 and the second following about a year after. Those events were relatively easy to explain in terms of both price and fundamentals, though the mainstream managed to screw it up anyway (“supply glut”). By [...]
Pressure, Sure, But From Where?
It may just be that in life you have to get used to disappointment. Though not for lack of trying, I have spent a great deal of time over the years intending to piece together exactly what happened on days like October 15, 2014. The official explanation is an obvious whitewash, one so haphazard that I doubt it will ever [...]
All In The Curves
If the mainstream is confused about exactly what rate hikes mean, then they are not alone. We know very well what they are supposed to, but the theoretical standards and assumptions of orthodox understanding haven’t worked out too well and for a very long time now. The benchmark 10-year US Treasury is today yielding less than it did when the [...]
Again?
It is more than interesting that Herbert Hoover has become the modern ideal of the liquidationist. In these very trying times, one is either that or a Keynesian, Hoover’s supposed opposite, an interventionist who believes there is no good in any recession or deflation at any time. To “prove” the superior foundations of the latter, the ideological associates of that [...]
Baselines Matter Eventually
In a stroke of immensely fortuitous timing, India’s largest automaker Tata Motors was able to raise funds by selling bonds on offshore markets. Faced with an increasing cash crunch and unable to finance working capital needs via strictly Indian banks, the company turned to Singapore. On May 10, 2013, Tata raised S$ 350 million (Singapore dollars) Regulation S bonds paying [...]
Further Unanchoring Is Not Strictly About Inflation
According to Alan Greenspan in a speech delivered at Stanford University in September 1997, monetary policy in the United States had been shed of M1 by late 1982. The Fed has never been explicit about exactly when, or even why, monetary policy changed dramatically in the 1980’s to a regime of pure interest rate targeting of the federal funds rate. [...]
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