“This is it. They can’t raise rates too soon because there’s too much debt, which has been supported by massive asset purchases instituted by all the world’s major central banks.”
Blog
07/23/2021 - Yra Harris: What A Week (Or Was It a Month)
07/22/2021 - The Roundtable Insight – Judd Hirschberg analyzes the Financial Markets
07/20/2021 - Russell Napier – We are entering a Time of Financial Repression
“The foundations for where we are today were laid in 1998. The book explains where our current predicament came from and how the financial repression we now live with is a fusion of the two forms of capitalism, social capitalism and financial capitalism, that did battle in Asia in 1997 and 1998.”
07/20/2021 - Yra Harris: Are You Ready When Delta Is?
“While traders are certainly cautious there is NO PANIC. The primary difference from 16 months ago is of course the FED having moved to the ZERO BOUND so yields are just too low at this juncture to attract those in search of a haven at any price. The critical question remains: IF THE ONSET OF THE DELTA VARIANT INCREASES GEOMETRICALLY, WHAT WILL BE THE RESPONSE OF THE MONETARY AND FISCAL AUTHORITIES? WHAT TOOLS REMAIN IN THE BOX? THESE ARE THE CRITICAL ISSUES CONFRONTING ALL INVESTORS WITH U.S. RATES AT ZERO.”
07/14/2021 - The Roundtable Insight – Peter Boockvar and Yra Harris on the Financial Markets
07/13/2021 - Alejandro Tagliavini – Grains and food, the inflation paradox
” ironically, as bulk food prices fall, many experts, such as Michael Snyder, recommend hoarding food from supermarkets: “For decades, Americans have not had to worry about food prices… Our supermarkets have always been full, and prices would always be roughly the same. Unfortunately, things are changing…”.”
07/06/2021 - The Roundtable Insight – Gerard Minack and Yra Harris on the Global Economy and Financial Markets
07/06/2021 - Yra Harris: A Question to Ponder
“Do China and Russia have state authorities investing in the markets?
If the answer is yes then global investors have many issues to consider. The use of massive amounts of leverage (perfectly legal) utilized by Sovereign Wealth Funds and national pension funds have the power to distort prices as much as the involvement by the FED, ECB and BOJ to cause major distortions in the credit markets .. THE FED MAY NOT BE THE ONLY GAME IN TOWN.”
07/02/2021 - Inflation Alert: Bank of Canada fully monetizing Canada’s deficit spending?
06/28/2021 - Alejandro Tagliavini – The Argentinian Economy in an Exceedingly Difficult Situation
Link Here to the English Version
“El repunte de la inflación a nivel global sin dudas afectará a la Argentina, aunque mucho más graves son sus problemas internos. Sucede que, los astronómicos programas fiscales proporcionados por las economías más potentes están inflando los precios globales de manera importante. La suba del IPC (consecuencia de la inflación) en EE.UU. durante mayo alcanzó el 5% interanual, mucho para un país desarrollado y, sin dudas, esto recién comienza. Aunque, por otro lado, la ralentización en el crecimiento económico provocará cierta baja en los precios (el IPC) a pesar del aumento de la inflación (devaluación intrínseca de la moneda por exceso de emisión).”
Link Here to the Spanish Version
06/23/2021 - The Roundtable Insight – Paul Brodsky and Yra Harris on the Financial Markets, Commodities, Currencies and Cryptocurrencies
06/22/2021 - Yra Harris – Plus ça Change, Plus C’est La Même Chose (An Ode to Jerome)
“Powell cherry-picked his transitory inflation indicators by specifically mentioning LUMBER and USED CAR PRICES. As Simon and Garfunkel sang 50 years ago, a man hears what they want to hear and disregards the rest. The FED has been, is and will be GUILTY of bias fitting in an effort to control the narrative they desire to foist upon the investing public.”
06/21/2021 - Alejandro Tagliavini – Humans, the natural market, and knowledge
“Human beings have a natural social vocation that, from the point of view of the production of material goods and services, gives birth to what we call the natural market, which, then, is made up of people who cooperate voluntarily and peacefully to improve themselves and serve society. Now this interaction leads us to find new knowledge, to discover previously unknown truths to improve our products and services in a process that has its origin in that “natural faith” that man has in the good and in the future. Knowledge that is born healthful when our emotions are accurate. Finally, knowing is loving. And in this process of knowing the Infinite is always present, reminding us of Perfection, of God.”
06/21/2021 - Yra Harris: From Tweets to Tweaks
“The “drastic” change in the DOT PLOTS also gave MONETARY HAWKS sustenance for an FOMC REVERSAL. The DOLLAR rallied as GOLD, SILVER and all the metals declined in response to the narrative to the end of the flexible adjusted inflation target (FAIT). The thinking goes that the FED will not allow inflation to run hotter for longer as has been the disposition of the market for the previous 10 months.
My sense is that this will not prove out. The massive selloff over Thursday and Friday was the result of the reflation trade being way overleveraged and margin clerks ruled the post-FOMC markets. Let the markets continue to correct for that is all part of being a successful trader.”
06/18/2021 - Adam Rozencwajg Podcast on the Fundamentals of Copper
Managing partner Adam Rozencwajg was recently featured on Financial Sense Wealth Management’s popular podcast to discuss the supply and demand backdrop for copper, and why we’ll likely see higher prices in the years ahead.
06/13/2021 - Alejandro Tagliavini – Stock markets in an unprecedented situation
” By the way, so far, the injection of money by central banks has been phenomenal, reaching USD 100 Trillions two weeks ago.”
06/07/2021 - Yra Harris: Schauble Pivots, Brainard Postulates
“The U.S. Treasury also wants to keep its borrowing costs as low as possible. One potential fundamental lifting bonds is if Congress does not agree on the massive stimulus package proposed by the Biden administration. But any failure of increased stimulus would see the stock market also correct as anticipation of stimulus gave way to disappointment. The S&P/BOND simple relationship, which has served us well over the last 25 years, should continue to be an important chart. DO YOUR WORK for the chart has been a key barometer of critical turns in the market — specifically October 2017 and October 2018.”
06/03/2021 - Sustainability in Art and Architecture with Prince Charles, Countess Chiara, Juan Yarur and Alec Oxenford
05/31/2021 - Alejandro Tagliavini – What the stock markets look like
“Most analysts estimate that Wall Street is oversold in the short term, even so, the rallies on Thursday and Friday were to be expected given that it was coming from several negative days in a row. But upside potential remains limited, as Lance Roberts estimates, although we can still see a relative rally for the S&P 500 and the Nasdaq over the next week. But a more extensive correction is expected this summer as markets are in an exceptionally long stretch without an expected 5% correction, so the odds are increasing.”
05/29/2021 - Tad Rivelle: Inflation is Already All Around Us
“The US system of finance was tested in 2020, the economy was tested and it survived the test which means that for now the reserve currency status of the Dollar is unquestioned – and that’s used for justification to continue the same policies. But there will be a point where people no longer can trust you to the same degree which runs the risk of a more generalized inflation and maybe a more generalized rebalancing away from the Dollar.”
