1000x Systemic Leverage: $600 Trillion In Gross Derivatives "Backed" By $600 Billion In Collateral - By Tyler Durden (26/12/12) PDF Print E-mail
Tyler Durden   
Wednesday, 26 December 2012 09:42

Download PDF



Add this page to your favorite Social Bookmarking websites
Reddit! Del.icio.us! JoomlaVote! Google! Live! Facebook! StumbleUpon! Yahoo! Free social bookmarking plugins and extensions for Joomla! websites!
 
The Matterhorn Interview – Review 2012: Alasdair Macleod - “We Are Quite Likely To Have A Failure On COMEX In The Silver Market” - By Lars Schall (24/12/12) PDF Print E-mail
Lars Schall   
Sunday, 23 December 2012 21:36

Download PDF



Add this page to your favorite Social Bookmarking websites
Reddit! Del.icio.us! JoomlaVote! Google! Live! Facebook! StumbleUpon! Yahoo! Free social bookmarking plugins and extensions for Joomla! websites!
 
Bernanke Loosens Up - By Frank Shostak (24/12/12) PDF Print E-mail
Frank Shostak   
Sunday, 23 December 2012 21:34

Download PDF



Add this page to your favorite Social Bookmarking websites
Reddit! Del.icio.us! JoomlaVote! Google! Live! Facebook! StumbleUpon! Yahoo! Free social bookmarking plugins and extensions for Joomla! websites!
 
Fed's Hotel California - By Doug Noland (21/12/12) PDF Print E-mail
Doug Noland   
Friday, 21 December 2012 08:05

Credit Bubble Bulletin

At least for today (perhaps because I'm a little under the weather), when it comes to the Federal Reserve I'm about all ranted out. So this isn't supposed to be a rant, but more an effort to tie together some loose analytical ends. Key facets of my macro credit theory analysis seem to be converging: the myth of deleveraging, "liquidationist" historical revisionism, rules versus discretion monetary management, and "Keynesian"/inflationist dogma.

The Ben Bernanke Fed last week increased its quantitative easing program to monthly purchases of US$85 billion starting in January. "Operation Twist" - the Fed's clever strategy of purchasing $667 billion of bonds while selling a like amount of T-bills - is due to expire at the end of the month. The Fed will now continue buying Treasury bonds ($45 billion/month). It just won't be selling any bills, while continuing with $40 billion mortgage-backed security (MBS) purchases each month. The end result will be an unprecedented non-crisis expansion of our central bank's balance sheet (monetization). It's Professor Bernanke's "government printing press" and "helicopter money" running at full tilt.

During his Wednesday press conference, chairman Bernanke downplayed the significance of the change from "twist" to outright balance sheet inflation. Wall Street analysts have generally downplayed this as well. Truth be told, no one has a clear view of the consequences of taking the Fed's balance sheet from about $3 trillion to perhaps $4 trillion over the coming year or so. It's worth noting that in previous periods of rapid balance sheet expansion, the Fed was essentially accommodating de-leveraging by players (hedge funds, banks, proprietary trading desks, real estate investment trusts, etc) caught on the wrong side of a market crisis.



Add this page to your favorite Social Bookmarking websites
Reddit! Del.icio.us! JoomlaVote! Google! Live! Facebook! StumbleUpon! Yahoo! Free social bookmarking plugins and extensions for Joomla! websites!
Read more...
 
Fed Drops The Pretense, Buys Bonds - The Federal Reserve's New Policy 'Twist' Proves That Its Old Money-Printing Habits Die Hard - By Bill Fleckenstein (21/12/12) PDF Print E-mail
Bill Fleckenstein   
Friday, 21 December 2012 07:50

MSN

Our redoubtable Federal Reserve was front and center last week as it continued its wildly aggressive monetary policy ways. It is ironic that the Fed is far more rabid now when it comes to conjuring dollars out of thin air than it was when the financial system threatened to seize up in late 2008, but that is what central planning committees do. They eventually overreact when they don't get the response they want.

That is not to say that the Fed won't get even more forceful, but it is following a time-honored, though inadvertent, tradition. The net of Wednesday's statement is that, not only is the Fed replacing its Operation Twist stimulus program (search on Bing for details) with $45 billion of outright bond purchases, it plans to do so until the unemployment rate hits 6.5%.

Fed fire sale still TBD

That is a wild concept by itself, but when you consider what a lagging indicator job growth is, one can only imagine how much excess paper money will have been printed before we get to the targeted level (assuming we do). I would guess if we do get close to that number, it will take several months -- not just one -- of low levels to be deemed "enough."

The amount of confetti that the Fed is printing is staggering, but that is only part of the mosaic, because the Swiss National Bank, the European Central Bank (after a fashion), the Bank of England and the Bank of Japan are printing massive amounts of money as well.



Add this page to your favorite Social Bookmarking websites
Reddit! Del.icio.us! JoomlaVote! Google! Live! Facebook! StumbleUpon! Yahoo! Free social bookmarking plugins and extensions for Joomla! websites!
Read more...
 
<< Start < Prev 341 342 343 344 345 346 347 348 349 350 Next > End >>

Page 349 of 790