Media

05/05/2020 - Spanish: Alejandro Tagliavini – De cómo los argentinos pobres financian a Boeing

“Dos meses atrás Boeing Co. (NYSE:BA) fue a Washington a pedir un rescate de u$s60.000 M para sí y sus proveedores. Había gastado mucho en recompras de acciones mientras se recuperaba del desastre del 737 Max y cuando recién empiezan los efectos de la represión del mercado aerocomercial por parte de los gobiernos.”

LINK to the Article

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.


04/27/2020 - Dr. Albert Friedberg on the Economy and the Financial Markets

Quarterly Conference Call with Dr. Albert Friedberg – some notable points:

  • Discussion on the Federal Reserve “put” on the financial markets
  • Money supply is growing at 20% per year now
  • S&P 500 PE ratio of 35 now makes sense
  • Still bearish on oil, but cautiously bearish now
  • Discussion on gold in the international monetary system

LINK HERE to the podcast

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.


04/27/2020 - Dr. Albert Friedberg – “We have entered the third phase of the life of fiat money”

“We have now entered the third phase of the life of fiat money. There are now no restraints on its creation because it is widely believed that there is no link between money growth and inflation. Therefore, the Fed will create as much money as is needed to lift the economy from temporary deflation and depression. The money explosion under way will have an impact on consumer prices as soon as the economy begins to stabilize. My guess is that by the end of this year inflation will run at well over 3% per annum and at 3% to 6% per annum sometime in 2021. These are, of course, guesses as we are unable to know (a) how fast money will run by then, (b) what the precise relationship between money and prices is, other than it is positive, and (c) the role of expectations. If the latter turns into an inflation psychosis, inflation may run much higher than estimated. Such a scenario favours hard assets over investment/income-producing assets and, in turn, gold over most other hard assets. By tradition, gold is viewed, at least partly, as money because it possesses certain notable attributes. Unlike fiat money, it does not represent the liability of an issuer nor can it be created without cost by an issuer; for the past few thousand years, its supply has grown at no more than about 2% to 2.5% per year. It is extraordinarily liquid, portable, and marketable. Gold is quoted at the same price in every country of the world. These attributes qualify gold to retake an important role in monetary affairs.”

LINK HERE to the Commentary

 

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.


04/27/2020 - Spanish: Alejandro Tagliavini – Mmm… ¿en qué andará Warren Buffett?

“Lejos de la imagen de “bondadoso abuelo capitalista”, Warren Buffet logró gran parte de su fortuna denostando al libre mercado; de hecho, entre sus “brillantes negocios”, financió un referendo para que el Gobierno sostenga el monopolio eléctrico de su empresa NV Energy, en Nevada, contra la liberalización que, dada la competencia, abarataría las tarifas.”

LINK HERE to the Article

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.


04/20/2020 - Spanish: Alejandro Tagliavini – Optimismo global y el “pagadiós” argentino

“Entre otras “esperanzas”, el Gobierno apostaba a que la depresión global lograra que los acreedores se conformaran con mucho menos, pero, en todo caso, fallaron en el timing, porque vuelve el optimismo, aunque, en mi opinión, es algo apresurado. Si bien el virus parece que va camino de controlarse, no está claro que los gobiernos levantarán tan fácilmente las restricciones que destruyen a la economía. Mientras que los “Treasuries” tienen un rendimiento de hasta 1.265% anual (el de 30 años) y son considerados muy seguros, Wall Street no ha parado de subir.”

LINK HERE to the Article

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.


04/15/2020 - Sitka Capital on the Implications of the Virus and Central Bank Actions

“It is difficult to understate what this means for the value of the dollar over the coming decade. The period of “strong inflation” during the 1940s and 1950s, highlighted in the chart above, occurred while monetary policy was effectively taken over by the U.S. Treasury during another national emergency, and what we saw over the past month as the Fed put out fires in the bond market and coordinated with the Treasury to create special purpose vehicles and various lending programs was reminiscent of the earliest steps taken in that direction in the 1930s.”

LINK HERE to the PDF Letter

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.


04/14/2020 - Spanish: Alejandro Tagliavini – Wall Street, Argentina hacia la híper y …

Muchos inversores apuestan a que unas cuantas empresas irán a la quiebra y, entonces, las que sobrevivan aumentarán su participación. Y para eso es muy importante la solvencia, ya que nadie sabe durante cuánto tiempo las economías globales permanecerán reprimidas por los Estados, la verdadera causa de la crisis y no el coronavirus propiamente.

LINK HERE to the Article

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.


04/13/2020 - Spanish: Alejandro Tagliavini – Exagerado optimismo, la plata y el bitcoin?

“Podría terminar de confirmarse lo que muchos hemos venido diciendo desde hace tiempo y esto es que, finalmente, la pandemia del coronavirus pasará naturalmente y con menos muertos que por influenza. China anunció el primer día sin fallecimientos y personalmente he corroborado que la situación allí se normaliza. Se nivela la pandemia en zonas como Nueva York, según su gobernador, y en lugares clave de Europa en tanto que Anthony Fauci, principal asesor de Trump, se muestra confiado.”

LINK HERE to the Article

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.


04/06/2020 - Satyajit Das: If the Virus Hadn’t Caused the Crash, Something Else Would Have

The pandemic has exposed the vulnerabilities of a structurally unsound financial and economic system.

LINK HERE to the Article

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.


04/06/2020 - Anthony Crudele and Yra Harris on the Currency, Bond and Commodity Markets

Click Here To Listen 🎧

Topics:

1.    Why the U.S. Dollar is Yra’s Primary Focus
2.    Reasons he’s Bullish Gold
3.    Trading Treasuries & Yield Curves
4.    Oats & Wheat
5.    Crude Oil & Russia

Anthony Crudele

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.


04/06/2020 - Spanish: Alejandro Tagliavini – Bolsas -robo advisors- y bitcoin: ¿llega la recuperación?

“La economía global caerá 1,9% en 2020, según Fitch Ratings, en medio de la paralización global decidida entre muchos gobiernos. La recuperación de China se ralentizará por el bajón del resto. El PBI de EE.UU. caería 3,3%, el de la zona euro 4,2% y el de Gran Bretaña 3,9%.”

LINK HERE to the Article

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.


04/01/2020 - The Roundtable Insight: Charles Hugh Smith on the Social, Financial and Economic Implications of the Coronavirus!

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.


04/01/2020 - Marillac Saint Vincent Family Services – see note from Yra Harris

from Yra Harris: “I ask my readers to contribute to a fund affiliated with the 50-year work of my friend Mike Sturch, which feeds the hungry and clothes the naked and every penny goes where intended. My wife and I have written a check, sent today to the following address:
Marillac Saint Vincent Family Services
c/o Peter Beale-DelVecchio
6340 N. Magnolia Ave  #1 S
Chicago, IL 60660
Peter told me that the demands on their resources are growing exponentially as they are seeing a rise of people that never came for help. I hope that those who have benefited from NOTES FROM UNDERGROUND will be generous as the needs of the community increase everyday.
Paul Tudor Jones expressed the same sentiments today so I ask great support from this wonderful community.Please put my name as a way to track our community’s efforts to deal with the pain and suffering from Covid-19. Many thanks.”

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.


04/01/2020 - The Roundtable Insight: John Charalambakis and Yra Harris on the Virus, Economy and Investing

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.


03/31/2020 - Spanish: Alejandro Tagliavini – El dólar después de coronacrash

“Es difícil proyectar en medio de la sorpresa del coronavirus. Pero hay que intentarlo para darle algo de racionalidad a esta película de alta ciencia ficción que han desencadenado los gobiernos.”

LINK HERE to the Article

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.


03/24/2020 - Yra Harris: My Fantasy News, “China Swaps U.S. Treasuries For Fort Knox”

“The issue for global finance has been and will be DEBTDEBTDEBT, aided by the policies of lower for longer interest rates by the Bernanke, Yellen, Kuroda, and for eight horrendous years, Mario Draghi. The tide is going out and it seems that everyone has been floating naked on a tsunami of cheap funds.”

LINK HERE to the Article

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.


03/24/2020 - Spanish: Alejandro Tagliavini – La peste que faltaba, el “dinero helicóptero”

“A ver. En el apuro muchos hablan de “la crisis económica del coronavirus” cuando este infecta a humanos, pero no realiza transacción alguna, de modo que sólo es causante de la crisis sanitaria. La económica, que probablemente sea la peor de la historia moderna, incluso peor que la que comenzó con la caída de Wall Street el 29 de octubre de 1929, se debe exclusivamente a las medidas adoptadas por los gobiernos y al pánico creado.”

LINK HERE to the Article

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.


03/16/2020 - Yra Harris: Demand Shock and Debt Overhang Risks

“The economic machine is being forced to slow to a crawl but the overhang of debt remains. This is the issue of the DEMAND SHOCK we have spent so much time discussing on this blog. If this situation continues for a few months how fast do you think unemployment rises to 5.5% or even higher? The effort to limit the pain by fiscal solutions will prove a very valuable tool but for how long can the government go without any revenue stream before FOREIGN LENDERS turn off the spigot?”

LINK HERE to the Blog Post

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.


03/16/2020 - Spanish: Alejandro Tagliavini – Coronavirus: después puede venir lo peor

“¿Realmente el coronavirus es tan serio? El especialista Pablo Goldsmith, por caso, dice que no. Como referencia, recordemos que la epidemia por el virus H1N1, otra neumonía viral, provocó en Argentina 685 muertes en 5 meses. No se tomaron medidas excepcionales, cierres de aeropuertos, restricciones a la movilidad individual, cancelación de actividades públicas, y mucho menos la abolición de las garantías constitucionales.”

‘”Is the coronavirus really that serious? Specialist Pablo Goldsmith, for example, says no. As a reference, let us remember that the H1N1 epidemic, another viral pneumonia, caused 685 deaths in Argentina in 5 months. No action was taken. exceptional, airport closings, restrictions on individual mobility, cancellation of public activities, much less the abolition of constitutional guarantees. ”

LINK HERE to the Article

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.


03/10/2020 - Spanish: Alejandro Tagliavini – Con la excusa del coronavirus, los Estados destruyen mercados y el rebote que vendrá

“Algún día entenderemos que la violencia solo destruye a la naturaleza que de suyo provee los recursos para una vida digna para todos. Entretanto seguiremos autoflagelándonos, creando pobreza y desorden.”

LINK HERE to the Article

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.