Media

05/24/2021 - Yra Harris: To Russia With Love (Or Blinken Blinked)

“It seems like yesterday that Secretary of State Antony Blinken was asserting the U.S. to place even more sanctions on Russia as his boss was calling Vladimir Putin a thug and a murderer. The Russians took advantage of the “good news” and issued a long delayed bond offering and sold close to $2 billion of five- and 10-year debt. Also, if the removal of sanctions is indicative of more positive things to come, watch the ROUBLE, which has closed above the 200-day moving average for the last few days. I have remained long of RSX, the Russian fund for the past few years as it provides a solid yield but is far too heavy with energy/fossil fuel. Plus, the Russian central bank is helmed by one of the best bankers, Elvira Nabiullina.

The Biden administration is courting Russia for either an attempt to get greater support for a new Iran deal or, as some of NOTES readers have suggested, trying to move Russia a bit further away fro China. These are good conjectures as is also the idea that the U.S. is trying to repair some of the ill will with Germany created by the Trump administration. Given the way the DAX closed against the SPOOS it may be that repairing relations through removing sanctions on Russia will help generate greater economic activity in Germany. The S&P/DAX closed below the 200-day moving average.”

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.


05/21/2021 - Admitting Bitcoin’s Environmental Flaws

“The carbon emissions of bitcoin are not just Elon Musk’s problem. As much as bitcoin fans hate to admit it, Satoshi’s currency was built on an inefficient mechanism and must give way to alternative protocols. Time for a greencoin to emerge from the dust?”

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.


05/18/2021 - Alejandro Tagliavini – Global inflation rises and, by the time being, falls in Argentina

” If this inflation took time to transfer to prices – and that is why the CPI is now skyrocketing – it is due to the government’s repression on the exchange market and many prices – some subsidized – repression that, ironically, produced a drop in the increase of the production given the lack of profitability, ergo, a decrease in the demand for money, that is, a real inflation boosted.”

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.


05/17/2021 - Yra Harris: Is the Fed In a War?

“Did the Chinese outwit the global actors in a quest to protect their paper assets? The answer may cause a shift in our views about the present rise in commodity prices. There was a Reuters article on Friday titled, “U.S. Tariff Review Considers Commodity Shortage, Inflation–Official.” This discussion is laughable for the U.S. imports almost zero commodities from China so why would that be the area of concern?

The strengthening YUAN would be a far better barometer of Chinese impact on global raw material prices. There’s lots to think about but watch the long-end of the yield curve to discern market action. If the FED chooses like Bartleby the Scrivner not to play then how STEEP can the yield curve go. When Paul Volcker was FED chair he INVERTED the yield curve to more than 600 basis points in an effort to crush inflation. How steep will the FED allow the CURVE to rise in an effort to hit its inflation target?”

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.


05/11/2021 - Yra Harris: SIN or WIN, It’s a Generational Thing

“Put on your S.I.N. buttons and drive the FED to YIELD CURVE CONTROL, the mother of all tools in the YELLEN/POWELL toolbox.”

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.


05/05/2021 - Alejandro Tagliavini – ¿Cómo sigue el dólar?

” La divisa estadounidense ampliaba sus ganancias este martes en los mercados globales, anulando en parte un declive de un mes, ante el menor apetito por el riesgo y mientras los inversores esperaban los próximos datos y discursos políticos. Ante la cautela reinante, los principales índices de acciones bajan y avanzan levemente los retornos de los bonos gubernamentales, con lo que el atractivo del billete verde aumenta, describían desde de Scotiabank.”

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.


05/03/2021 - Yra Harris: Pay Attention to the Value of the Yuan

“Pay attention to the value of the YUAN as it is the linchpin to an attack of the sanctimonious nature of U.S. power and influence. I have opined for three months that it was the strengthening YUAN that was leading the rally in global commodity prices.”

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.


04/30/2021 - Dr. Albert Friedberg on the Potential for Rapidly Rising Inflation

Podcast – Link Here

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.


04/01/2021 - Evergreen Gavekal with Felix Zulauf and Jeffrey Gundlach

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.


03/24/2021 - Gerard Minack – The rotation into last cycle’s laggards will continue, while the former leaders will be facing headwinds.

“If we see fiscal policy take over as the primary manager of the economic cycle, with central banks just in a supportive role, then this could be an extended high-growth cycle where economies are run much hotter than they have been for arguably 15 years. And in that environment you want to invest in companies with the ability to expand earnings fast when sales go up.”

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.


03/24/2021 - Larry McDonald: Tectonic Shift from Tech Equities to Value and Commodity Equities

“Many investors around the world are long a portfolio of stocks that was designed for the deflationary environment of the previous decade. The decade ahead of us – with all what’s ahead in terms of fiscal and monetary stimulus, populism, regulation and taxes – will push investors toward more globally value related stocks. That’s where the best returns are going to be.”

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.


03/24/2021 - Yra Harris: How To Deal With Transitory Data

“We have never been in a position where the LONG END OF THE CURVE DICTATES ASSET PRICES BECAUSE THE FED HAS STRESSED THAT RATES AT ZERO UNTIL ALL THE PEOPLE SUFFERING FROM THE COVID ECONOMY THROUGH NO FAULT OF THEIR OWN HAVE BEEN RETURNED TO THE JOB MARKET.”

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.


03/22/2021 - Niall Ferguson: A Taiwan Crisis May Mark the End of the American Empire

“Losing in Vietnam five decades ago turned out not to matter much, other than to the unfortunate inhabitants of South Vietnam. There was barely any domino effect in Asia as a whole, aside from the human catastrophe of Cambodia. Yet losing — or not even fighting for — Taiwan would be seen all over Asia as the end of American predominance in the region we now call the “Indo-Pacific.” It would confirm the long-standing hypothesis of China’s return to primacy in Asia after two centuries of eclipse and “humiliation.” It would mean a breach of the “first island chain” that Chinese strategists believe encircles them, as well as handing Beijing control of the microchip Mecca that is TSMC (remember, semiconductors, not data, are the new oil). It would surely cause a run on the dollar and U.S. Treasuries. It would be the American Suez.

The fox has had a good run. But the danger of foxy foreign policy is that you care about so many issues you risk losing focus. The hedgehog, by contrast, knows one big thing. That big thing may be that he who rules Taiwan rules the world.”

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.


03/22/2021 - Dylan Grice: The Bubble is Just Beginning

“Stimulus today is excessive and credit conditions loose in part because central banks are relaxed towards the risk of CPI inflation. On this they might be right. But they are similarly relaxed over obvious signs of overheating in financial markets, and on this we are sure they are wrong.

The historical precedents we explore below do not bode well. We think it likely that we’re in the foothills of a policy mistake of epic proportion which will have potentially devastating consequences.”

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.


03/18/2021 - Ronald-Peter Stoeferle and Russell Napier on Yield Curve Control and Inflation

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.


03/16/2021 - Alejandro Tagliavini – Cómo sigue la inédita situación del dóla

“Las presiones cambiarias de este año podrían aminorarse respecto de las del año previo tanto por el lado de la oferta como la demanda de dólares.”

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.


03/01/2021 - Yra Harris: Bonds Talking Trash To the Central Banks

“An important variable to watch is the U.S. dollar for a dramatic fall in commodity prices — which is doubtful — coupled with a steep fall in emerging market currencies would conjure concerns of a global slowdown perpetrated by the massive amounts of DOLLAR-DENOMINATED DEBTS sitting on the balance sheets of emerging market corporations and other private borrowers.”

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.


02/25/2021 - New Podcast Program Show on Market Environmentalism

Check out this new podcast program by the British Conservation Alliance, in association with the Austrian Economics Centre and Cedargold – LINK HERE for the Anchor and Spotify channel – see Youtube podcasts below:

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.


02/25/2021 - Alejandro Tagliavini: Elon Musk y el Bitcoin muestran la “nueva normalidad”

“l fundador de Tesla mantiene su carrera carectizada por su desapego a “las autoridades” y al establishment, mientras que la criptomoneda obliga a los Bancos Centrales a adaptarse a las nuevas reglas.”

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.


02/24/2021 - Yra Harris: Was It the Fool On the Hill?

“The dramatic rise in RAW MATERIAL PRICES is not because of a strong global economy but because of some economic actor of major influence stockpiling massive amounts of everything needed for productive inputs.”

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.