Bitcoin Documentary: Bankers’ Worst Fear
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15 new UK banks in five years, predicts Metro founder
"Mr Thomson, backed by US banking entrepreneur Vernon Hill, launched Metro Bank in 2010. It was the first award of a new full banking licence since the 19th Century, underlining the barriers to entry that new competitors face. New entrants to the market have failed to loosen the grip of the 'Big Five' banks, which includes the taxpayer-owned Lloyds-Halifax brands and RBS-NatWest. It was announced in March that new applicants for UK banking licences would face more 'relaxed' demands on the amount of capital they hold as part of plans to reduce barriers to entry and stimulate competition." Continue reading →
Jim Rogers Exclusive Interview: QE, currency wars, inflation and gold
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Monetary Madness, Part II
"Like today, the Fed helped create a bond market bubble in the 1970s … but then began a panicky retreat in 1979 that helped drive T-bond yields to 13%, T-bill rates to 17% and the prime rate to 21%. Like today, the Fed kept the lid on short-term interest rates in the early 1990s … but then was forced to unleash them in 1994, causing the largest calendar-year decline in bond prices in modern history. And like today, in the first half of the 2000s, the Fed papered over every financial disaster it ran into — only to beat a sudden retreat by letting Lehman Brothers fail. They will do the same thing again — not because of any particular plan, but because they will have no other choice." Continue reading →
Most Bizarre Hedging Statement Ever?
"This last blow-off is going to be a merciless one that will precede perhaps a movement toward a more global currency or a diminishment of the dollar reserve standard itself. Many may be tempted to sit out this latest – promulgated – rally based on the obvious and evident macro-manipulations. And I will continue to point out the various machinations that are setting up the Party. They are a long ways away from snatching the punch bowl on this one and fortunes will be made because one thing this sort of vast manipulation portends is volatility and plenty of it. Is the market a kind of Titanic heading toward an iceberg? Of course it is. But it's going to be a helluva ride." Continue reading →
Australian central bank’s talk of intervention sends Aussie dollar down
"The overnight fall in the Australian dollar shows once again that just a few carefully targeted words from Reserve Bank governor Glenn Stevens have the power to move markets. While Mr Stevens did not say the Reserve Bank was about to intervene to pull the dollar down, his comment that the option was in the monetary policy 'toolkit' proves that words from the central bank governor can be timely bullets. The impact-laden comments show the RBA's frustration in its attempts to lower the dollar, despite 2.25 percentage points of cuts to the official cash rate since late 2011." Continue reading →
China Central Bank: No Longer in China’s Interest to Increase Reserves
"The People’s Bank of China said the country does not benefit any more from increases in its foreign-currency holdings, adding to signs policy makers will rein in dollar purchases that limit the yuan’s appreciation. 'It’s no longer in China’s favor to accumulate foreign-exchange reserves,' Yi Gang, a deputy governor at the central bank, said in a speech organized by China Economists 50 Forum at Tsinghua University yesterday. The monetary authority will 'basically' end normal intervention in the currency market and broaden the yuan’s daily trading range, Governor Zhou Xiaochuan wrote in an article in a guidebook explaining reforms outlined last week following a Communist Party meeting." Continue reading →
Keiser Report: Bitcoin is Beautiful
"In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss bitcoin barbarians at the gate as U.S. cedes dominance to China and as nations and people around the world reject U.S. made technology due to NSA spying. In the second half, Max interviews Karl Gray and Austin Craig about the documentary film, Life On Bitcoin, and about the latest in crypto-currencies, including Litecoin." Continue reading →
Open the Window and Let Out Tedious Tapering
"The exercise of power is often a ludicrously simple thing. And Federal Reserve deliberations often partake of such simplicity. The tapering debate is yet one more example. It is symptomatic of a dialectic that everyone can understand and participate in. We are meant to examine two choices, and two choices only: Either the Fed tightens or it doesn't. Either of these choices acknowledges the primacy of the Fed and its central importance. The Fed is NOT intrinsically important. Absent the force of the state, there is no way that a tiny group of mis-educated people would be able to gather in a well-appointed room to fix the value and volume of money for hundreds of millions." Continue reading →
Median CPI Up 0.1% in October
"My advice: ignore all price inflation statistics that are not accompanied by publicly available methodologies. The Median CPI is accompanied by public explanations. It is published monthly by the Federal Reserve Bank of Cleveland. The trend of the Median CPI is toward lower price inflation. It is not yet price deflation. But prices are barely rising. This leaves the Federal Open Market Committee lots of room to continue its quantitative easing policy of buying half a trillion dollars a year of long-term Treasury bonds and half a trillion worth of Freddie/Fannie bonds. The FOMC can continue to subsidize the housing market without fear of political repercussions." Continue reading →
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