The Unkle wrote:
You ever feel that anytime you read a comment by George Corwin that you lose a point or two off your IQ?
Oh, the irony!
Down goes the Dow
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Oh, the irony! -
Irony Mann wrote:
The Unkle wrote:
You ever feel that anytime you read a comment by George Corwin that you lose a point or two off your IQ?
Oh, the irony!
How do you keep coming up with all the new, clever material? -
The Unkle wrote:
Irony Mann wrote:
The Unkle wrote:
You ever feel that anytime you read a comment by George Corwin that you lose a point or two off your IQ?
Oh, the irony!
How do you keep coming up with all the new, clever material?
I’m just trying to keep it simple for you. -
Irony Mann wrote:
The Unkle wrote:
Irony Mann wrote:
The Unkle wrote:
You ever feel that anytime you read a comment by George Corwin that you lose a point or two off your IQ?
Oh, the irony!
How do you keep coming up with all the new, clever material?
I’m just trying to keep it simple for you.
Simple suits you -
So says the guy who still hasn’t figured out how to use the “Quote Post” function after 7+ years.
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Biden boom coming?
Busiest port in usA is crazy busy.
https://twitter.com/javierblas/status/1330194042639036420?s=21 -
Johannes wrote:
So says the guy who still hasn’t figured out how to use the “Quote Post” function after 7+ years.
Now there's a novel comment.
How do you guys keep coming up with such gems? -
2021 will be a disaster.
Lockdowns are coming. Don't let them fool you.
And they will kill the world economy -
I said several months ago that whoever was elected would have a tough time. Massive debt at all levels, asset inflation, rising grocery and rent, collapse in commercial real estate, zombie companies, divided electorate, and 10 million unemployed. Corporate taxes will have to go up. I see more likely a Biden collapse as the country is forced to deal with problems kick down the road for decades
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The culprits (enablers) for trouble ahead:
https://twitter.com/NorthmanTrader/status/1330218524896321541 -
WRONG! If there is one thing that Sven Henrich knows how to do consistently and with inserted caveats narrated for the sake of those known consistent failed forecasts and analysis, it’s WRONG!
https://www.finomgroup.com/failed-forecasts-new-forecasts-from-failed-advisors-of-sorts/ -
Ghost of Igloi wrote:
The culprits (enablers) for trouble ahead:
https://twitter.com/NorthmanTrader/status/1330218524896321541
That's the dumbest narrative I've ever seen. It's basically unanimous that Powell and Berneke did what they had to do and the rest of the fallout is on stupid government policies. Yellen, there might actually be a case for her to have raised rates but based on the uneven economic recovery, largely dependent on region, I think she's probably safe.
ZeroHedge perma-bears want something worse than the Great Depression though to make up for decades of being completely and irrefutably incorrect -
Racket wrote:
Ghost of Igloi wrote:
The culprits (enablers) for trouble ahead:
https://twitter.com/NorthmanTrader/status/1330218524896321541
That's the dumbest narrative I've ever seen. It's basically unanimous that Powell and Berneke did what they had to do and the rest of the fallout is on stupid government policies. Yellen, there might actually be a case for her to have raised rates but based on the uneven economic recovery, largely dependent on region, I think she's probably safe.
ZeroHedge perma-bears want something worse than the Great Depression though to make up for decades of being completely and irrefutably incorrect
D'accord
Most permabears be like
https://pbs.twimg.com/media/Ef4H4dLX0AI7imd?format=jpg&name=900x900
Also, in regards to Fed money printing.
https://behavioralmacro.com/there-is-zero-correlation-between-the-fed-printing-and-the-money-supply-deal-with-it/ -
la gente esta muy loca wrote:
Racket wrote:
Ghost of Igloi wrote:
The culprits (enablers) for trouble ahead:
https://twitter.com/NorthmanTrader/status/1330218524896321541
That's the dumbest narrative I've ever seen. It's basically unanimous that Powell and Berneke did what they had to do and the rest of the fallout is on stupid government policies. Yellen, there might actually be a case for her to have raised rates but based on the uneven economic recovery, largely dependent on region, I think she's probably safe.
ZeroHedge perma-bears want something worse than the Great Depression though to make up for decades of being completely and irrefutably incorrect
D'accord
Most permabears be like
https://pbs.twimg.com/media/Ef4H4dLX0AI7imd?format=jpg&name=900x900
Also, in regards to Fed money printing.
https://behavioralmacro.com/there-is-zero-correlation-between-the-fed-printing-and-the-money-supply-deal-with-it/
Eliminating price discovery in assets is good for those that own them. At least over the short run. The Fed is in a box. To keep GDP from falling an increasing unit of leverage and asset purchases are required. The income equality issue is equally obvious. The conversation should center on the end game. Certainly there will never be a reduction in the balance sheet. So debasement of the value of the currency is the likely plan. Not surprising gold, oil, commodities, Bitcoin, etc. are going higher. -
Pretty clear Fed policies are designed to encourage speculation, in an effort to boost confidence in consumer spending. Seems clear that a benign ending is wishful thinking. Not surprising, as we witness the greatest bubble ever.
https://twitter.com/jessefelder/status/1329820259721895938 -
Ghost of Igloi wrote:
https://twitter.com/NorthmanTrader/status/1330214527720452097
https://miro.medium.com/max/800/1*yN2Xhv-M5PPerWzDVNt3sw.jpeg
He's using seasonally adjusted numbers, it actually dropped $380.5 billion.
https://fred.stlouisfed.org/graph/fredgraph.png?g=y1iQ
So let's look at the Fed's balance sheet; assets and liabilities.
https://www.federalreserve.gov/releases/h41/current/
Liabilities: Mostly currency $2.060T ( lots sitting in underground vaults in Mexico, Central and South America and probably Bank vaults in Cyprus.
Treasury General account $1.547T
https://fred.stlouisfed.org/graph/fredgraph.png?g=y1la
Add in reverse repo, Treasury contribution to Fed credit facilities ( most of which is going back into Treasury G.A., misc. and you have $4.259T.
Now looking at reserve balances at the Fed, $3.033T, a little more than the 2014 peak.
https://fred.stlouisfed.org/graph/fredgraph.png?g=y1lB
Except now you have Base III with Liquid Coverage Ratios and the demand for High Quality Liquid Assets, where Bank Reserves are Primus inter pares.
https://www.bis.org/fsi/fsisummaries/lcr.htm
Add in Dodd-Frank Living Wills ( Resolution Plans ) and you create more demand for HQLA.
https://www.federalreserve.gov/supervisionreg/resolution-plans.htm
Here we have JPM's recent quarterly report, and one of the items they empathize,
$1.3 trillion liquidity sources, including HQLA and unencumbered marketable securities
https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/quarterly-earnings/2020/3rd-quarter/853d4e76-cb08-43b6-8f59-bc8ddd5ed8a8.pdf
https://files.stlouisfed.org/files/htdocs/publications/review/2019/07/12/how-have-banks-been-managing-the-composition-of-high-quality-liquid-assets.pdf
Before the financial crisis The Fed would allow banks a day time overdraft to settle claims, as the day progressed banks that realized they would be short would borrow O/N in Fed Funds. Being a closed system, if I'm short cash than someone else has excess cash. There is a nice story had the Fed operated during Daylight hours.
There is this small coastal village world renowned for it's beauty. One day an agent ( NY Fed) for the richest man in the world ( Federal Reserve ) checks in at the nicest hotel in town ( JPM )and places a $500 deposit to secure a room for the night. The hotel manager takes the money and pays off his provisions provider ( BAC ), who in turn pays off the local butcher ( WFC ). The butcher takes the money and pays off his favorite call girl ( C ), than the call girl goes the hotel to pay the rent for the suite she maintains there. Some time later the agent shows up at the hotel and says there has been a change in plans and takes the deposit back. Meantime all the debt in the village has been extinguished!
After the crisis the Fed was reluctant to take on settlement and credit risk, thus abundant reserves could solve the problem.
https://www.newyorkfed.org/medialibrary/media/newsevents/events/markets/2017/frbny-columbiasipa-michaelferoli-presentation.pdf
Some people to follow, Zoltan Pozsar at Credit Suisse's Global Money Notes, previously worked at NY Fed, OFR, and IMF.
@MagnusMacro
https://pbs.twimg.com/media/EhY_HeCWoAIaUpc?format=jpg&name=medium
https://twitter.com/MagnusMacro/status/1245480604914913289
https://twitter.com/MagnusMacro/status/1182090258944548864
They know the plumbing of the money markets, unlike some financial news letter writers that don't know the difference between a repo and a reverse repo. -
Oh man, feel the burn... :-)
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Poor Igy. His entire narrative just went up in smoke.
