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And Now For Something Completely Different

By |2018-05-16T12:02:10+00:00May 16th, 2018|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Back in February, Japan’s Cabinet Office reported that Real GDP in Japan had grown in Q4 2017 for the eighth consecutive quarter. It was the longest streak of non-negative GDP since the 1980’s. Predictably, this was hailed as some significant achievement, a true masterstroke of courage and perseverance. It was taken as a sign that [...]

The Best ‘Reflation’ Indicator May Be Japanese

By |2018-04-02T17:16:00+00:00April 2nd, 2018|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Japanese industrial production dropped sharply in January 2018, Japan’s Ministry of Economy, Trade, and Industry reported last month. Seasonally-adjusted, the IP index fell 6.8% month-over-month from December 2017. Since the country has very little mining sector to speak of, and Japan’s IP doesn’t include utility output, this was entirely manufacturing in nature (99.79% of the [...]

Questions Not of Success, But of the Effectiveness of Illusion

By |2018-03-06T11:54:09+00:00March 6th, 2018|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Last week, Bank of Japan Governor Haruhiko Kuroda unleashed a mini-controversy with remarks he now claims were taken somewhat out of context. On March 2, speaking before Japan’s parliament, the central banker sure sounded quite confident: Right now, the members of the policy board and I think that prices will move to reach 2 percent [...]

The Global Burden

By |2017-04-10T17:47:51+00:00April 10th, 2017|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Bundesrepublik Deutscheland Finanzagentur GmbH (German Finance Agency) was created on September 19, 2000, in order to manage the German government’s short run liquidity needs. GFA took over the task after three separate agencies (Federal Ministry of Finance, Federal Securities Administration, and Deutsche Bundesbank) had previously shared responsibility for it. On September 17, 2014, almost exactly [...]

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