He has “no name, no face, no party,” “never runs for office,” “and yet he governs,” François Hollande said about “his true opponent” in 2012. The speech went viral. But that courage didn’t last long.
Under the nimbus of its illustrious performance, the European Banking Authority has reduced the world of money to two abbreviations: VC (virtual currency) and FC (fiat currency). And it has taken sides.
by Wolf Richter • • Comments Off on This Debt Is Explosive, And it Sits on the Shelf Everywhere, Waiting to go off
I was interviewed by Jorge Nascimento Rodrigues for “Janela na web” (a Portuguese site) and the printed edition of Expresso. After what I said, he might never interview me again :-]
by Wolf Richter • • Comments Off on Selling Your European Stocks Before Everyone Sees This Chart?
The European economy has been on a phenomenal roll since 2012, according to the soaring Stoxx 600 stock index. Recessions, unemployment fiascos, toppling banks, collapsing auto sales… they didn’t exist. But what the heck is wrong with this picture?
by David Stockman • • Comments Off on Here Comes QE In Financial Drag: Draghi’s New Monetization Ploy
The ECB launches QE in financial drag by purchasing the kind of “toxic-waste” that took down the US financial system; but it proclaims it’s not “monetizing” any stinking sovereign debt! What it’s really up to is snookering the German sound-money camp.
by Wolf Richter • • Comments Off on Airbus CEO Calls For Currency War, Shoots Himself in Foot
Boeing got more orders in the first quarter than archrival Airbus. So at the ILA Berlin Air Show, Airbus CEO Fabrice Brégier spoke up against this ridiculous injustice. True to his Frenchness, he exhorted the ECB to do what central banks are supposed to do.
by David Stockman • • Comments Off on The Hazardous Hunt For Carry – Why The EM Rebound Isn’t Real
The monetary plumbers keep banging money market rates to zero, thereby ignoring what the money market rate really is in a financialized, debt-ridden system: the price of hot money, the single most important price in all of capitalism.
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