11/03/18

Is A Dollar Funding Crisis Imminent: Libor-OIS Blows Out The Most Since 2012



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Is A Dollar Funding Crisis Imminent: Libor-OIS Blows Out The Most Since 2012
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Call it the latest paradox of bizarro centrally-planned markets.

On the same day when the Nasdaq hit a new all time high, when the Dow soared and when the payrolls report reincarnated the Goldilocks narrative with one flashing red average hourly earnings headline ("surging jobs + subdued wage growth = an economy that can handle 10Y yields at or above 3.0%"), one of the most closely followed leading indicators of an imminent funding crisis and global credit crunch finally broke above its 6 year range, when the USD Libor-OIS spread jumped 2bps on Friday, rising to 44.23bps.

This was the widest this critical spread has ....

The $233 Trillion Dollar Dark Cloud Of Global Debt



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The $233 Trillion Dollar Dark Cloud Of Global Debt
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Authored by Alex Deluce via GoldTelegraph.com,

Global debt has reached record heights without any signs of relief. While central bankers try to explain away the phenomenon of these out-of-control numbers, it's not much of a mystery. Immediate consumption with the promise of repayment sometime in the future has consequences.

Global debt is staggering to the point most of it will never be repaid. Certainly not in our generation. Perhaps by our grandchildren, but as ....

The Global Economy's Wile E. Coyote Moment



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The Global Economy's Wile E. Coyote Moment
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Authored by Lakshamn Achuthan and Anirvan Banerji via Bloomberg.com,

Our prediction last year of a global growth downturn was based on our 20-Country Long Leading Index, which, in 2016, foresaw the synchronized global growth upturn that the consensus only started to recognize .....

He realizes too late that he's in midair, and plunges into the chasm below. That's the crux of the problem for international economies and markets in danger of being blindsided by the cyclical downturn in global growth.


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La Cina si pappa la meta’ del Rame, Acciaio, Nickel, Carbone, Alluminio prodotto ogni anno. Il 25% di tutto l’oro.



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We Need A Gold Price Of At Least $8,000 To $10,000 To Balance The Fed’s Balance Sheet



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We Need A Gold Price Of At Least $8,000 To $10,000 To Balance The Fed's Balance Sheet
// Silver Doctors

Our empire is bankrupt but there is an end game. Here's what it means for the dollar and for gold… Dan Oliver interviewed by Jay Taylor on Jay Taylor Media �…�

The post We Need A Gold Price Of At Least $8,000 To $10,000 To Balance The Fed's Balance Sheet appeared first on Silver Doctors.


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La morte dei dinosauri



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La morte dei dinosauri
// Sa Defenza

La morte dei dinosauri

SA DEFENZA
 

La meteora elettorale che ha spazzato via l'establishment italiano non è stata il populismo, ma la pessima leadership dei partiti

I risultati elettorali dell'Italia vengono salutati come una vittoria per i populisti. Ma più di ogni altra cosa, il voto è il fallimento della gestione del paese. 

La capacità di Matteo Renzi di distruggere il capitale politico è stata sorprendente. L'ex primo ministro ha aggravato un errore dopo l'altro ed è diventato odioso per la maggior parte degli italiani, di cui ....

Recensione film: Una storia milanese (1962) - Eriprando Visconti

Recensione film: Una storia milanese (1962) - Eriprando Visconti Regia: Eriprando Visconti. Soggetto e Sceneggiatura: Renzo Rosso, Vittorio Sermonti,https://www.finanzaelambrusco.it/articoli/articoli/cultura/recensione-film-una-storia-milanese-1962-eriprando-visconti/

$21 Trillion And Rising: How Central Banks Are LBOing The World In One Stunning Chart



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$21 Trillion And Rising: How Central Banks Are LBOing The World In One Stunning Chart
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Back in late 2016, we showed the unprecedented domination of capital markets by central banks using a chart from Citi, which had put together a fascinating slideshow asking simply "Where is the utility in marginal QE" and specifically pointing out that the longer unconventional monetary policy such as QE continues, the bigger its marginal cost, until eventually QE becomes a detriment.

A broad criticism of monetary policy, the presentation carried an amusing footnote: "This presentation does not change any of Citi's existing, published views on the actual future path of monetary policy. It is merely intended as a contribution to the ongoing debate about the efficacy of available policy tools" -  after all, the last thing the market wanted is the realization that even banks no longer have faith in the central planners.

Incidentally, Citi's broad critique of global QE took place when central banks owned just over $18 trillion in assets.

Fast forward to today when in its latest update of central bank holdings, Citi shows that as of this moment not only has the total increased by another $3 trillion to a grand total of $21 trillion and rising, but that the big six central banks now own over 40% of global GDP, more than double the 17% they held before the financial crisis less than a decade ago.

Which is remarkable in a world where there is still some confusion about what is behind the "global coordinated recovery", and ...