Post Tagged with: "ECB"

Assessing the Significance of the Italian Elections

Assessing the Significance of the Italian Elections

by / on 03/04/2013, 3:17 PM / in Platinum & Palladium News, Stock Market News

The recent Italian elections wound up in a very inconclusive result. In a political lineup of the three Bs–(no Chuck, not Biggio, Berkman and Bagwell)–Bersani, Berlusconi and Beppe, the Italian populace dealt a massive defeat to Brussel-appointed technocrat Mario Monti. The vox populi raised its voice against continuing austerity and will look to whatever government is formed to be one […]

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Notes From Underground: Four Central Bank Meetings, and, Oh Yeah, the Fiscal Cliff

Notes From Underground: Four Central Bank Meetings, and, Oh Yeah, the Fiscal Cliff

by / on 12/03/2012, 3:29 PM / in Today's Economy

The weekend news was rather sparse as the Greeks got their trust fund check from the overlords in Brussels. The Greeks need to be leery of Eurocrats bearing gifts. The Sunday news shows in the U.S. highlighted the vast chasm between Speaker Boehner and Secretary Geithner. There was finger-pointing all around about as to which group was holding up the […]

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Notes From Underground: Japan’s BOJ … Seize the Day

Notes From Underground: Japan’s BOJ … Seize the Day

by / on 10/29/2012, 1:27 AM / in Today's Economy, Stock Market News

Monday night the BOJ will announce its newest and latest effort to stimulate the economy and most importantly try to undertake some genuine measures to weaken the YEN. The Japanese economy is suffering under the weight of an overvalued YEN. The YEN was only a minor problem when the global economy was experiencing strong growth but with the BRICs slowing and […]

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Notes From Underground: Central bank Poker–Three Checks and, Of Course, No Raises

Notes From Underground: Central bank Poker–Three Checks and, Of Course, No Raises

by / on 10/25/2012, 2:58 PM / in Today's Economy, Stock Market News

Yesterday, the Bank Of Canada surprised no one as Governor Mark Carney held rates steady at 1%. The BOC statement also maintained last month’s idea that “over time, some modest withdrawal of monetary policy stimulus will likely be required, consistent with achieving the 2% inflation target.” The Canadian dollar rallied on the news as it seemed that the market thought […]

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John Francis Welch, Jr.
November 19, 1935 (age 76)
Peabody, Massachusetts, U.S.

Notes From Underground: What Jack Welch Squeaks is Meaningless

by / on 10/08/2012, 2:11 PM / in Uncategorized

The tweet heard ’round the world is as meaningless as most of the other rubbish that passes for political discourse in the Grand Republic. It seems that Jim Cramer had it right from the beginning for traders and investors. The only thing that matters is how the markets accept the jobs data and what will its impact be on asset […]

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Poster used in the protests, "Not enough bread for so much chorizo (pork)", referring to political corruption.

Notes From Underground: A Question On Spanish Unemployment

by / on 10/04/2012, 1:32 PM / in Today's Economy, Platinum & Palladium News

Not Enough bread? A long time reader of the BLOG (hat tip, SM) called and posed an interesting question about the 25% unemployment rate to which the markets seem to continually refer. The reader has a friend whose son is living in Spain and maintains that the unemployment situation in Spain is not nearly as bad as economists say because of […]

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On June 28, 2011, Christine Lagarde was named Managing Director of the IMF, replacing Dominique Strauss-Kahn.

Notes From Underground: Devil With The Blue Suit On

by / on 09/25/2012, 1:47 AM / in Today's Economy, Stock Market News

In his regular Monday Financial Times column, Wolfgang Munchau takes full aim at Bundesbank President Jens Weidmann for trying to make ECB President Draghi the devil incarnate. Because Weidmann invoked the Faustian character, Mephistopheles, from German hero Goethe’s play Dr. Faustus, Munchau accuses the Bundesbank President of undermining the policies of the ECB. Weidmann is going directly to the German […]

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Notes From Underground: The Yen Will Not Be the Sacrificial Lamb

Notes From Underground: The Yen Will Not Be the Sacrificial Lamb

by / on 09/20/2012, 12:20 PM / in Today's Economy, Stock Market News

And by the end of trading the YEN had reversed its initial weakness and wound up stronger–the 24-hour trading range was 79.20-78.25, with the settlement at 4:00 p.m. CST, 78.37. It seems that the market will not allow the BOJ (Bank of Japan) to do less than the ECB or the FED. BOJ Governor Shirakawa raised the asset purchase program to 80 […]

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Notes From Underground: FOR CHAIRMAN BERNANKE — WHEN DID MONETARY POLICY BECOME THE LABORATORY OF ACADEMIC THEORISTS?

Notes From Underground: FOR CHAIRMAN BERNANKE — WHEN DID MONETARY POLICY BECOME THE LABORATORY OF ACADEMIC THEORISTS?

by / on 09/14/2012, 2:15 PM / in Uncategorized

First, as I read the FOMC statement, it was painfully obvious that the impact of the Michael Woodford piece found willing adherents in the bowels of the Board of Governors of the Federal Reserve. The FED’s language: “IF THE OUTLOOK FOR THE LABOR MARKET DOES NOT IMPROVE SUBSTANTIALLY, the committee will continue its purchases of agency mortgage-backed securities …” Further, […]

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Notes From Underground: It’s Raining Liquidity All Over the World

Notes From Underground: It’s Raining Liquidity All Over the World

by / on 09/10/2012, 5:12 PM / in Platinum & Palladium News, Stock Market News

Friday’s unemployment report solidified the TRIFECTA of LIQUIDITY for the week… Friday’s unemployment report solidified the TRIFECTA of LIQUIDITY for the week. ECB President Draghi seeded the “liquidity clouds” at Thursday’s press conference by announcing the installation of the OTM (outright monetary transaction), which will allow the ECB/ESM to purchase unlimited amounts of sovereign debt of up to three-year duration–of course with […]

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