For Jerome Powell to claim ignorance of one of the most important statistics used to monitor excess leverage in the financial system — the scale of margin debt — is an insult to the American people. … Read More Margin Debt Has Exploded by 49 Percent in One Year to $814 Billion. The Actual Figure May Be in the Trillions. Here’s Why.
As we have stated repeatedly, this market structure is the market structure from hell.… Read More Shades of 2008: Derivative Bets Blow Up Archegos Hedge Fund; Inflict Billions in Losses on Global Banks
What happens with GameStop and other similarly manipulated meme stocks is critically important to all Americans… Read More One Day After the Senate Hearing on GameStop Manipulation, Its Stock Puts on a Wild Show of Manipulation
Last month, former European Central Bank chief Mario Draghi formed a new government whose top ministries were handed to unelected technocrats. Now his “government of experts” has outsourced its economic plan to private management consultants McKinsey — without voters having ever had any say in the matter.… Read More Italy’s Government Is Outsourcing Its Economic Strategy To Private Management Consultants McKinsey
The pandemic has been a financial and political boon to the 1%. Will they really change the pattern in the next round of bailouts?… Read More Are The Days Of The “K-Shaped” Con Finally Over?
What has changed the course of economic history in the United States and put the country on a debt-fueled disaster course is the Wall Street crash of 2008 and the bailouts, both monetary and fiscal, that have followed ever since… Read More Within a Matter of Months, the Fed’s Balance Sheet Will Hit $8 Trillion; These Charts Tell the Rest of the Story
The man who hawked the shares of GameStop on Reddit’s WallStreetBets’ message board, far from being an “amateur trader,” actually held sophisticated trading licenses and was registered with the broker-dealer unit of MassMutual… Read More Subpoenas Start to Fly in the GameStop Saga as a Dude Sitting in Federal Prison Offers Guidance
All of the billions of dollars in Treasuries that the Fed has bought since August 6 are now trading at losses.… Read More The Fed Has a Problem: Yields Have Doubled on the 10-Year Treasury in Six Months, Despite the Fed Buying $400 Billion in Treasury Securities
This is not your grandmother’s “yield curve control.” There is only one thing that could force this ECB absurdity to end: a big bout of inflation… Read More Central Bank Machinations with No Exit: ECB Leaks New Thingy, It’s Doing Yield Spread Control
Following the stock market crash in 1929, more than 9,000 banks in the United States failed over the next four years. In just the one year of 1933, more than 4,000 banks closed their doors permanently as a result of insolvency… Read More Wall Street’s Casino Banks Party Like It’s 1929
Triggering a showdown — Government of Mexico v. Central Bank — over paper dollars, with ramifications in the US and globally… Read More Paper Dollars in Circulation Globally Spike. But a Mexican Bank Can No Longer Unload its Hoard of Paper Dollars
Bloomberg News attempts to capture the “speculative frenzy” of today’s markets; here’s the key stuff it missed.… Read More Welcome to a Rerun of the Roaring ’20s