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Notes From Underground: Policy Should Set Stock Prices. Imagine That
The ideas CNBC is spreading about the FISCAL CLIFF is just absurd. The addiction to higher stock prices has meant that a failure to get the equity market to rally due to falling off the “CLIFF”...
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Notes From Underground: The Markets Continue Floating On A Sea Of Liquidity
The world’s equity markets continue to float on the continued liquidity provided by the world’s central banks. Last week the European markets saw short-term rise on the announced payback of LTRO (Long...
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Notes From Underground: The G-20 Communique … YADA,YADA,YADA … What Currency...
As expected, the G-20 communique was more insipid blathering about global growth, BIS capital regulation and the enactment of some new macroprudential regulations to ensure global financial...
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Notes From Underground: Greeks Need to be Aware of Frenchmen Bearing Gifts
In the London Telegraph, it was reported that French President Hollande visited Greece in an effort to show solidarity with the Greek people in pledging to support growth over austerity. The French...
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Notes From Underground: The FOMC Minutes … Worried About Premature Extraculation
In reading through the FOMC minutes I ponder the headlines that screamed about the hawkish tone in the minds of the FOMC members. You have to be looking for “negative waves” to find an overly cautious...
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Notes From Underground: Bernanke and Yellen Are in Lockstep With Policy
Friday night Chairman Bernanke delivered a speech on long-term interest rates at the Annual Monetary/Macroeconomics Conference sponsored by the San Francisco Federal Reserve. The basis of his remarks...
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Notes From Underground:Just A Few Quick Hitters After Last Night’s Deluge
Today was a very slow news day and thus little news to slow the steady rise of equities and the sell off in other asset classes. There was a story in the Financial Times about the Brazilian government...
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Notes From Underground: The Europeans and Cyprus … The Idea of 10 Billion...
The lunacy of the IMF and German government have pushed the limits of bank bailouts and proceeded to create a need for bank BAIL-INS. The IMF, with German prodding, desired the depositors in Cypriot...
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Notes From Underground: Raising The Specter of Secretary Robert Rubin...
It was a very muddled and confusing day in the markets as the news wires carried numerous rumors. The Cypriots were going to approve the lunacy and then they weren’t as the government couldn’t get the...
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Notes From Underground: All of Germany is a “Tea Party”
For the last three years, this blog has made the point that a moral drama playing out on the global financial stage. The U.S. Tea Party was based on a concept of liquidating the assets of large debtors...
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Notes From Underground: Kuroda Sings Karaoke …“We Didn’t Start The Fire”
Yes, the U.S. and Canadian unemployment data were well below market expectations. Nonfarm payrolls in the U.S. were half of the consensus number and under the 110,000 NFP that we wanted to see so as to...
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Notes From Underground: … And From The Joker (IMF Director Christine Lagarde)
Today we got follow-through in the global equity markets as the EUR/YEN cross rallied to three-year highs since the YEN was, again, the chief recipient of the Bank of Japan’s (BOJ) enhanced efforts to...
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Notes From Underground: George Soros Gets It Right; Cyprus Follows Britain...
Over the last few years of writing Notes From Underground, I have taken his eminence, George Soros (aka the palindrome) to task for advocating that the German polity surrender its sovereign authority...
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Notes From Underground: The Markets Are Reacting to Rising Interst Rates,...
In post-Memorial Day trading the BONDS had a large selloff as yields on long-term debt rose dramatically. The U.S. DOLLAR followed the rate increase and rose against all major currencies. Let’s...
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Notes From Underground: Is It Possible To Win BEN STEIN’S Money? (BEN...
The unemployment data from the U.S. and Canada were very much on target. After last month’s robust employment data, there was a small decrease in Canadian jobs and nothing outstanding in terms of...
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Notes From Underground: Good Trading Advances One Funeral At A Time (Thanks,...
When Max Planck opined that “Science Advances One Funeral At A Time” it is believed that he meant that when proponents of long-held theories die, science is allowed to advance. In terms of trading I...
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Notes From Underground: A New Tapering That Is Needed
Japanese Prime Minister ABE may need to taper, but this would be a fiscal tapering as he may want to take a Greenspanian approach to raising the sales tax and drip feed the increase into the economy....
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Notes From Underground: Fiscal Tapering (CNBC’s Santelli Exchange)
Click on the image to watch Rick and I dive into Thursday night’s blog.
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Notes From Underground: Who’s COO COO For CoCos?!?!?
The newswires over the weekend were quiet except for the continued mounting tensions in Egypt. At this juncture It is too difficult to measure the impact of the political crisis on global financial...
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Notes From Underground: Madness Dominates In an American-Centric Media World
As the U.S. Congress and executives continue the pursuit of political one-upmanship, it seems as if nothing else matters in the global finance. European banks, German politics, the Trans-Pacific Trade...
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