03/04/2018 - James Grant: Putting The Cart Of Asset Prices Before The Horse Of Enterprise
02/14/2018 - Danielle DiMartino Booth On Federal Reserve Policy
Former analyst at the Federal Reserve Bank of Dallas Danielle DiMartino Booth thinks those expecting the Federal Reserve to continue the market support will likely be quite disappointed.
01/18/2018 - Danielle DiMartino Booth: The Consequences Of Rising Interest Rates
Danielle DiMartino Booth Economic and Market Consequences of Rising Interest Rates
Jay Taylor Media, Released on 1/17/18
Danielle DiMartino Booth, former advisor to Dallas Fed Richard Fisher, talks about how rising interest rates could impact the economy.
12/22/2017 - Druckenmiller: “Central Banks Are The World’s Darth Vader”
This Vader Grows Asset Bubbles Then They Burst. Central Banks Have Repeated The Same Mistake Of 2003-2007. $8.3 Trillion Central Bank Intervention & Only $2.1 Trillion GDP Growth….
12/15/2017 - Stan Druckenmiller: Central Banks Are Financial World’s “Darth Vader”, Creating Exploding Asset Bubbles
“If I was ‘Darth Vader’ of the financial world and decided I’m going to do this nasty thing and create deflation, I would do exactly what the central banks are doing now” the billionaire told CNBC Tuesday.
12/02/2017 - James Grant Interviews Alan Fournier: “Pension Funds Are So Desperate For Yield, They’re Systemically Selling Vol…”
“The central banks have succeeded in pushing people out on the risk curve. They’re taking people that are managing the pensions of state pensioners and they have them in negative earning sovereign instruments. And now they have them– they’re so desperate for some yield, they’re systemically selling volatility, which is remarkable.”
12/01/2017 - Nobel Prize Economist Joseph Stiglitz: “Bitcoin Ought To Be Outlawed .. It Is Successful Because Of Its Lack Of Oversight”
Stiglitz: “Bitcoin is successful only because of its potential for circumvention, lack of oversight .. So it seems to me it ought to be outlawed .. It’s a bubble that’s going to give a lot of people a lot of exciting times as it rides up and then goes down.”
11/27/2017 - Danielle DiMartino Booth On The Federal Reserve’s Biggest Fears
“The Fed’s biggest fear is they know darn well this much credit has built up in the background, and the ramifications of the un-wind for what has happened since the great financial crisis is even greater than what happened in 2008 and 2009. It’s global and pretty viral. So, the Fed has good reason to be fearful of what’s going to happen when the baby boomer generation and the pension funds in this country take a third body blow since 2000, and that’s why they are so very, very intimidated by the financial markets and so fearful of a correction.”
“Look back to last year when Deutsche Bank took the markets to DEFCON 1. Maybe you were paying attention and maybe you weren’t, but it certainly got the German government’s attention. They said the checkbook is open, and we will do whatever we need to do because we can’t quantify what will happen when a major bank gets into a distressed situation. I think what central banks worldwide fear is that there has been such a magnificent re-blowing of the credit bubble since 2007 and 2008 that they can’t tell you where the contagion is going to be. So, they have this great fear of a 2% or 3% or 10 % (correction) and do not know what the daisy chain is going to look like and where the contagion is going to land. It could be the Chinese bond market. It could be Italian insolvent banks or it might be Deutsche Bank, or whether it might be small or midsize U.S. commercial lenders. They can’t tell you where the systemic risk lies, and that’s where their fear is. This credit bubble is of their making.”
“I don’t think any of us know what the implications are for a $50 trillion debt build since the great financial crisis (of 2008). It is impossible to say. We have never dealt with anything of this magnitude.”
“To me, Bitcoin is a reflection of panic. It’s a reflection of people trying to get money into a safe place knowing the major governments of the developed world have got their printing presses running 24/7. It is a reflection of anxiety in fiat currencies and the fact it’s not practical to go back to a gold standard. What scares me about Bitcoin is the central bankers are studying it to figure out how the blockchain works. . . .They are going to be controlling our spending with blockchain technology that is being perfected in the crypto currency universe.”
“2017 is the record for quantitative easing (money printing) globally. We have never, not even in the darkest days of the financial crisis, central banks have never injected as much money as they have into the markets. . . . I am not a gold bug, but we do know that in times of corrections that there is no place to hide in traditional asset classes that you can get at your Merrill Lynch brokerage. Gold and silver in the precious metals complex are the only places to hide and get true diversification and safety.”
11/22/2017 - The Great Debate About Bitcoin, Cryptocurrencies and Gold – David Kotok & Others
David Kotok: “Following up on our recent commentary, and with permission, we continue to quote the excellent work of Nick Colas and Jessica Rabe of DataTrek Research .. ‘Do cryptocurrencies like bitcoin meet the definition of an ‘Asset class’ for investors that care about that designation? At the moment, the answer has to be ‘No’. A few reasons why:
• They are too small ..
• Cryptocurrencies do not yet have as robust a regulatory framework around them as stocks, bond, currencies or other traditional asset classes ..
• Cryptocurrency exchanges and wallet operators around the world operate with varying levels of know-your-customer and anti-money laundering laws. There is no absolute assurance, for example, that a bitcoin you just purchase online didn’t have a member of the North Korean military or Iranian Revolutionary Guards ultimately on the other side of the trade ..
• An asset class needs some level of homogeneity among its constituent investments. GM and Facebook are wildly different companies, but the equity of each represents the same type of claim on residual corporate cash flows. Bitcoin and Ethereum – the two largest cryptocurrencies by market cap – are not the same in terms of structure or purpose. In fact, they aren’t even close ..
• There is not enough history to assess the price relationship between cryptocurrencies to other asset classes.’ ..
Meanwhile, Kerry Smith, a retired Stanford law graduate and serious student of the electricity grid, emailed an observation about how crypto is a large consumer of electricity. He notes that risk. We contrast it with a gold linked token which can use block chain successfully but is not subject to the electricity constraint. We shall see if gold tokens catch on. The turmoil in the Middle East may be the catalyst.”
Oliver Garrett in Risk Hedge:
#1: Cryptocurrencies Are More Similar to a Fiat Money System Than You Think.
#2: Gold Has Always Had and Will Always Have an Accessible Liquid Market.
#3: The Majority of Cryptocurrencies Will Be Wiped Out
#4: Lack of Security Undermines Cryptocurrencies’ Effectiveness.
#5: Hype and Speculation Continue to Drive Cryptocurrencies’ Value
#6: Cryptocurrencies Do Not Have Gold’s History as a Store of Value
Mike Novogratz on Bitcoin and Cryptocurrencies:
“This whole revolution came out of a breakdown of trust. It came out of the ’08 financial crisis when people said we no longer trust financial institutions, we don’t trust governments and, in parts of the world, today still. If you’re in Venezuela, it’s really hard to trust the central bank, or in Zimbabwe. So, the decentralised revolution, which Bitcoin is really the poster child of, is a response to the breakdown in trust.”
11/20/2017 - Dr. Albert Friedberg Sees Accelerating Inflation Ahead, Will Be Problematic For Central Banks
10/27/2017 - New Zealand Bans Foreigners From Owning Property – Is Canada Next?
10/26/2017 - McAlvany: Central Bankers Are The High Priests Of Perpetual Growth
A discussion on interest rates at a 5,000 year low. Central bankers are now the high priests of the perpetual growth religion, how long can it continue. We’ll dive into bitcoin investors who now are purchasing out of fear of missing out. Will governments soon move to regulate cryptocurrency.
10/02/2017 - Gordon T Long: The Next Financial Crisis Will Be Global And The Federal Reserve Will Not Be Able To Control It
“That is correct, and it won’t be something that is gradual, it will be very abrupt .. The system will break… and the financial markets will freeze up. When they come out of the other end of that freeze, and it may be a number of weeks because the next crisis will be global and much more complex than 2008. We could control that with the Federal Reserve . . . and this one you cannot do because you cannot get agreement with all those countries. Never mind understanding the complexity .. So, when we come out on the other side . . . there will be a massive revaluation in the U.S. dollar .. They will have to put some stability in the monetary system, and the only way they can do it is having something they cannot print. This is what has gotten us into this problem. We have to get back to sound money.”
09/28/2017 - McAlvany Podcast: Worldwide Central Banks Pumping In $300 Billion Per Month
09/19/2017 - James Grant On 100 Year Bonds, Inflation & Federal Reserve Policy
Jim Grant podcast: 100 year bonds, bitcoin, Tesla, inflation & Fed policy
Grant’s Interest Rate Observer Podcast, Released on 9/18/17
1:30 #Austria floats a 100-year bond
3:24 Limited supply of #bitcoin?
4:24 #Tesla promises one million cars per year
7:30 Five year/five year #Euro inflation swap rate
12:58 Hawkish hints
16:40 Half-empty #FOMC
09/18/2017 - Chris Martenson: Central Banks Are Petrified With Record High Markets
“We are talking about a steady erosion of the dollar as a reserve currency. I think that is most likely. The only thing that could make that really go fast is some kind of war. The United States and China, we got to keep our eye on this because Trump has been threatening a trade war with China. China responded and said if you do that, we may dump the dollar. . . . So, there is all this trade and financial back and forth and maybe even actual war at some point… China has the ability to really impact the dollar in a big way on the world stage. We better hope it does not come to that because a slow erosion we can adjust to; a quick erosion is going to really roil the markets and maybe blow a few of them up.”
artenson contends the U.S. could see hyperinflation in a short time if China “dumps the dollar.”
09/07/2017 - Jeff Deist And Dr. Mark Thornton: Central Bankers Are Responsible For Boom And Bust Cycles
Jay Taylor Interview ..
08/23/2017 - Dr. Marc Faber: “Compared To Assets, Money Has Lost A Tremendous Amount Of Purchasing Power.”
Central bankers, Bitcoin, and why he’s buying physical gold every month
Hard Assets Alliance, Released on 8/15/17
“It’s good to have a diversified asset outside of the banking system.”
08/18/2017 - Nomi Prins Speech On Global Monetary Policies: Central Banks In The U.S., Europe & Japan Hold Assets Equivalent To 17% Of Global GDP
“Central banks around the world are now pursuing a coordinated zero percent money policy and increasing their assets. The big three central banks in the United States, Europe and Japan now hold assets equivalent to about 17% of global GDP.”
08/10/2017 - McAlvany Podcast: Is A Cashless Society At The Doorstep? Look To Asia For The Answer
-Is a cashless society at the doorstep? – Look to Asia for the answer
-A dynamic approach to compounding the amount of ounces you own
-Dow at all-time highs…Echo of 1987, 2000 and 2008