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credit-based money

More TIC December: More Shadow(s) Than Shadow Money

By |2019-02-20T15:46:15-05:00February 20th, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

The TIC data for December 2018 starts out well enough, exactly the way it should. The headline says foreigners sold a record amount of US$ assets in that month. Anyone paying attention during it would be the opposite of shocked. Everyone sold anything they could in December. It follows from the idea of dollar shortage. However, then you start asking [...]

Curious Rush To Combine German Banks

By |2018-12-12T18:21:31-05:00December 12th, 2018|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Markets today celebrated more bad news out of Germany. Misunderstanding especially in stocks is par for the course, not that it’s much better outside of them. German officials are laying the groundwork to change the nation’s banking laws so that it’s two largest banks, really “banks”, can more easily combine. If it should ever come to that. The major sticking [...]

Collateral Silos And The Deflationary Gold Rush

By |2018-08-15T11:31:01-04:00August 15th, 2018|Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

It was never really all that much. The best that might have been said was that it was a pause in the building of renewed deflationary pressures. The dollar had “risen” again especially in April and May, but then traded sideways through July. It wasn’t a rebound or even much that was positive, just less immediate heaviness. That appears to [...]

A Slight Hint Of A 2011 Feel

By |2018-06-07T18:53:54-04:00June 7th, 2018|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Whenever a big bank is rumored to be in unexpected merger talks, that’s always a good sign, right? The name Deutsche Bank keeps popping up as it has for several years now, this is merely representative of what’s wrong inside of a global system that can’t ever get fixed. In this one case, we have a couple of perpetuated conventional [...]

Is Anyone Really Surprised DB’s Problems Had Nothing To Do With The DoJ Fine?

By |2018-05-31T17:03:13-04:00May 31st, 2018|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

You need only go back a little less than two years for an example. In later 2016, Deutsche Bank was a huge problem everyone was discussing if only because they couldn’t avoid it. Despite “reflation” then gripping much of the world, the German institution stood out for all the wrong reasons. Those were easily dismissed as nothing other than an [...]

The Big German Zombie

By |2018-02-02T18:23:21-05:00February 2nd, 2018|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

It’s kind of a cheap shot to go back and rehash corporate statements from way back in the past. Still, when the topic is banking and why the monetary system refuses more than intermittent and minor progress, it’s worth the revisit. What’s different now than before 2008, really August 2007, is far more than regulation. It’s the attitude that’s changed. [...]

This Explains A LOT (And It’s Still Not Enough)

By |2018-01-26T13:23:43-05:00January 26th, 2018|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

NOTE: This is really the second half of an earlier missive on the changing nature of the eurodollar system post 2014-16. While it’s not absolutely necessary to read the first here, it’s probably a good idea. The reason nothing ever goes in a straight line is that first everything is always changing. How and why are questions we often don’t [...]

F-I-C-C Spells Money

By |2017-09-12T16:54:26-04:00September 12th, 2017|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

How many little pieces of conventional wisdom never hold up to scrutiny? Things get repeated over and over until they are so common that no one ever stops and thinks about them. It isn’t really nefarious like the Big Lie, more just shorthand that may have made perfect sense at one time but has become anachronistically handicapped as the world [...]

No Surprise, Wells Fargo

By |2017-07-28T14:13:12-04:00July 28th, 2017|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

In September 2016, Wells Fargo fired 5,300 employees. These sorts of mass layoffs have become common in banking throughout the post-crisis era, especially those years of the “rising dollar.” This was different, however, as Wells was not cutting back in capacity but dealing with the aftermath of being far too aggressive. These employees were found to have opened secret and [...]

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