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The Exodus Pharaoh EXPLAINED!
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Latest Articles: Economy
Manufacturing ISM Contracts for the 5th Month, With New Orders Falling Rapidly
Post Date: 2023-04-07 04:47:08 by Charles_Byrd
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Every component of the ISM is in contraction. Prices are finally in contraction and the ISM suggests the overall economy has been contracting for four months. Click for Full Text!
The Fed Flunked It’s Own Stress Test
Post Date: 2023-04-07 04:38:44 by Charles_Byrd
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In the aftermath of the failure of Silicon Valley Bank and Signature Bank, many rushed to blame their demise on a lack of regulation. In particular, they focused on the fact that these banks were not required to undergo a Federal Reserve stress test. Indeed, small and midsize banks are exempt from the stress test requirement. Did that lead to the current banking crisis? Click for Full Text!
What the Wall Street Journal Headline About the Economic Implications of 'Women Rejoining the Workforce' Gets Wrong—and Right
Post Date: 2023-04-07 03:20:25 by Charles_Byrd
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According to a headline blaring on the front page of one of America’s leading newspapers, “Women Rejoin the Workforce, Adding Strength to Economy.” This is wrong in more ways than you can shake a stick at. Strangely enough, written exactly as is, it is also entirely correct. Let me explain. Will women who join, or rejoin, the workforce strengthen the economy? Of course they will, at least in the ex ante sense (looking ahead). But all of human action “strengthens the economy.” A man purchases a shirt for $20. At what rate did he value this shirt when he bought it? Not at $20. Then, there would have been no profit in the transaction for him. Why bestir himself in ...
Job Openings Plunge From Dizzy Heights, How Much is Still Real?
Post Date: 2023-04-07 00:45:47 by Charles_Byrd
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Please consider the Job Openings and Labor Turnover Summary for February, released yesterday. Click for Full Text!
Gold Races Past $2,000/oz After Weaker US Data
Post Date: 2023-04-04 22:16:54 by Charles_Byrd
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Gold extended gains Tuesday and crossed the key $2,000 level as the dollar and yields fell, while weaker U.S. economic data emboldened bets for slower rate hikes despite mounting concerns over oil-led inflation. Spot gold was up 1.7% at $2,017.92 per ounce by 2:00 p.m. EDT (1800 GMT), after reaching its highest since March 9 last year at $2,024.89 earlier. U.S. gold futures settled 1.9% higher at $2,038.20. Read Newsmax: Gold Races Past $2,000/oz After Weaker US Data | Newsmax.com Important: Find Your Real Retirement Date in Minutes! More Info Here Click for Full Text!
US Manufacturing Nears 3-Year Low
Post Date: 2023-04-04 00:01:01 by Charles_Byrd
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U.S. manufacturing activity slumped to the lowest level in nearly three years in March as new orders plunged, and activity could decline further amid tightening credit conditions. The Institute for Supply Management (ISM) survey on Monday also showed a continued reduction in factory employment last month, but inflation pressures subsided, with supplier delivery performance the fastest since March 2009. Rising borrowing costs as the Federal Reserve fights high inflation have cooled demand for goods, which are typically bought on credit. Read Newsmax: US Manufacturing Nears 3-Year Low | Newsmax.com Important: Find Your Real Retirement Date in Minutes! More Info Here Click for Full Text!
The Fed Refuses Any Blame Including Its No Stress, Stress Test
Post Date: 2023-04-01 02:48:08 by Charles_Byrd
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On March 28, Michael Barr, Federal Reserve Board Vice Chair for Supervision, testified at a Senate Banking, Housing and Urban Affairs Committee hearing regarding three bank failures. The Fed refused to accept any blame for the recent events. Click for Full Text!
The Fed Passes the Buck on Bank Failures
Post Date: 2023-03-29 22:22:11 by Charles_Byrd
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One certainty in politics is that the Federal Reserve will never accept responsibility for any financial problem. Fed Vice Chair for Supervision Michael Barr played that self-exoneration game on Tuesday before the Senate as he blamed bankers and Congress for Silicon Valley Bank’s failure. This act is simply unbelievable. No one disputes that bankers failed to hedge the risk posed by rising interest rates to asset prices and deposits. What Mr. Barr didn’t say is that the Fed’s historic monetary mistake created the incentives for the bank blunders. The Fed fueled the fantastic deposit growth at SVB and other banks with its prolonged quantitative easing and zero interest- rate ...
Bankster Bust Bomb Ready to Explode
Post Date: 2023-03-28 02:09:48 by Charles_Byrd
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Federal officials’ decision to recompense uninsured deposits at Signature and Silicon Valley banks and to open an emergency line of credit for the U.S. banking industry were sold to the public as a means to keep the financial system safe and reassure banks’ customers that their deposits were safe, according to the former Fed Head, Janet Yellen who is now playing the role as U.S. Treasury Secretary. “We wanted to make sure the problems at Silicon Valley Bank (SVB) and Signature Bank didn’t undermine confidence in the soundness of banks around the country,” she explained. “We wanted to make sure there wasn’t contagion that could affect other banks and their ...
US bank trouble heralds end of dollar reserve system
Post Date: 2023-03-28 02:07:03 by Charles_Byrd
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The US banking system is broken. That doesn’t portend more high-profile failures like Credit Suisse. The central banks will keep moribund institutions on life support. But the era of dollar-based reserves and floating exchange rates that began on August 15, 1971, when the US severed the link between the dollar and gold, is coming to an end. The pain will be transferred from the banks to the real economy, which will starve for credit. Click for Full Text!
It’s Pancaking All the Way Down, Folks!
Post Date: 2023-03-28 02:00:45 by Charles_Byrd
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The contagion of collapse continues. As I suggested would happen earlier this week, the crazy buyout engineered in Switzerland when one of the oldest banks on Earth collapsed spread to equally ancient, gargantuan and zombified Deutsche Bank, and that’s just what’s happening on the surface as the whole global financial structure shook hard again today. DB’s shares, going down 11% just this morning, have slid by a fifth this month. And, while Credit Suisse, like Deutsche Bank, was as riddled as that nation’s famous cheese with holes it had created for itself, Switzerland lays the blame for its fall on the US banking crisis. Click for Full Text!
The Great Credit Unwind and Powell’s Hidden Pivot
Post Date: 2023-03-28 01:04:15 by Charles_Byrd
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We are all now aware that the global banking system is extremely fragile. Driving bank failures is contracting credit, which in turn drives interest rates higher. Though it is not generally appreciated, central banks have failed to suppress them. Some regional banks have failed in the US and the run on Credit Suisse’s deposits has forced the Swiss authorities into forcing a reluctant rescue by UBS. Undoubtedly, as the great credit unwind plays out, there will be more rescues to come. Click for Full Text!
Does Cost Cutting Undermine Economic Growth?
Post Date: 2023-03-27 21:29:40 by Charles_Byrd
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Keynesian economists claim that cost cutting by companies in order to protect profits can lead to an economic slump. They believe that if everyone tries to cut costs, demand from retrenched workers for goods and services weakens, and as a result corporate revenues and profits come under pressure. This necessitates new layoffs, and the downward spiral accelerates. Popular thinking presents economic activity as a circular flow of money: spending by one individual becomes part of the earnings of another individual, and spending by this other individual becomes part of the first individual’s earnings. The idea is that recessions occur because consumers—for unknown reasons—cut ...
FDIC Insurance, Credit Suisse and the Day the Fed Killed Europe
Post Date: 2023-03-25 06:47:28 by Charles_Byrd
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So, Credit Suisse is no more. Good riddance? I think this is an open question given the very complicated landscape of the global banking system today. By the time I’m done here I think you’ll have an answer that no one, including me, was expecting. There’s a lot to cover, so let’s start at the beginning. Click for Full Text!
US Studies How To Guarantee All $18 Trillion In US Bank Deposits
Post Date: 2023-03-25 06:46:00 by Charles_Byrd
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After repeated laments by the likes of Bill Ackman, who most recently said that “I continue to believe that the best course of action is a temporary @FDICgov deposit guarantee until an updated insurance regime is introduced” (and who just flip-flopped on his “Fed must hike with shock and awe“ call from 2022 and is now urging for a Fed hiking pause), and following a Bloomberg weekend report that US mid-sized banks demanded a two-year total deposit insurance scheme from the FDIC, and warned if it doesn’t arrive, there may lots more shotgun weddings (or shotguns), moments ago Bloomberg reported that “US officials are studying ways they might temporarily expand ...
"We Are Headed for Another Train Wreck": Bill Ackman Blames Janet Yellen for Restarting the Bank Run
Post Date: 2023-03-25 06:41:01 by Charles_Byrd
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Yesterday morning we joked that every time Janet Yellen opens her mouth, stocks dump. Click for Full Text!
The Fed Backtracks on Future Rate Hikes as Bank Failures Loom Large
Post Date: 2023-03-22 23:33:13 by Charles_Byrd
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The Federal Reserve’s Federal Open Market Committee (FOMC) on Wednesday raised the target policy interest rate (the federal funds rate) to 5.00 percent, an increase of 25 basis points. With this latest increase, the target has increased 4.75 percent since February 2022. However, with an increase of only 25 basis points, the March meeting is the second month in a row during which the Fed has pulled back from its more substantial rate hikes of 2022. After four 75-basis-point increases in 2022, the committee approved a 50-point increase in December, followed by a 25-point increase in February, and another on Wednesday. Click for Full Text!
The US Has the World Setup for a Worse Financial Crisis Than in 2008
Post Date: 2023-03-21 19:03:06 by Charles_Byrd
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There are two main avenues to a potential US financial crisis. Such a crisis, because of US financial dominance and because of the interconnections of globalism, which was a huge mistake for humanity, would be international. One avenue to crisis is the Federal Reserve’s current policy of raising interest rates. This policy follows many years of nearly zero interest rates in nominal terms, and negative interest rates in real terms. During these many years the financial assets banks accumulated on their balance sheets, such as bonds, pay a low rate of interest. When the central bank (Federal Reserve) raises interest rates, the values of the lower interest rate financial instruments ...
A Dose of Reality: Can You Handle It?
Post Date: 2023-03-21 18:43:44 by Charles_Byrd
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Where does one begin when attempting to prepare an accounting of all the real terror, tyranny, warmongering, torture, poisoning, fatal injections, financial manipulation, government and media race-baiting, insane ‘transgender’ promotion, depopulation efforts, police brutality, deadly animal experimentation and slaughter, monetary destruction, and digitization of the entire economy by the ruling class and its government? Is there any amount of dictatorial oppression and felonious corruption that will cause the common man to even blink? How much will this proletariat take until they actually say no, and do something about this heinous and evil State’s totalitarian attempts to ...
The Day All The ATMs Ran Out Of Cash (The sudden collapse of prices. The Great Depression began with the collapse of stock market prices in 1929. That was preceded by the collapse of agricultural prices in the United States during the 1920s.)
Post Date: 2023-03-19 16:24:36 by Charles_Byrd
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Money plays such an important role in our lives that most of us could not imagine surviving without it. Yet that is exactly what you need to do if you want to prepare for an economic condition called deflation. Deflation is the term economists use to describe a “general decline in prices, often caused by a reduction in the supply of money or credit.” A good way to think of deflation is as the opposite of inflation. Inflation occurs when there is too much money in circulation, which destroys its value and raises prices. When deflation occurs, there is too little money available, which often causes prices to collapse and the economy to shut down. Click for Full Text!
Are Bank Failures Tied to Covid Lockdowns and That Giant Economic Destruction Created Over the Past Three Years?
Post Date: 2023-03-19 16:19:45 by Charles_Byrd
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Major media intentionally paid almost no attention to the vastness of the economic destruction caused by the lockdowns. Businesses closing their doors, going into bankruptcy, millions of people’s lives overturned and destroyed, desolate cities… Click for Full Text!
Money Troubles
Post Date: 2023-03-15 18:29:53 by Charles_Byrd
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“As for the evil: It lurks in the interstices of our bureaucratic institutions, which, as they have grown in size and complexity since the nineteenth century, behave in ways that are increasingly impossible to understand and contrary to human flourishing.” — Eugyppius on Substack Money is all theoretical… until it’s not. Paper money is bad enough, as France learned under the tutelage of the rascal John Law in the early 1700s. The nation was broke, exhausted by foolish wars, and heaped under unbearable debt. Monsieur Law, a Scottish genius-wizard (the Jerry Lewis of political economy), landed in Paris, cast a spell on the regent Duc d’Orléans, set up a ...
Banking Troubles on the Horizon?
Post Date: 2023-03-14 23:17:50 by Charles_Byrd
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The failure of Silicon Valley Bank (16th largest bank in US) last Friday resulted from depositors withdrawing their funds in response to a drop in value of the bank’s bond portfolios caused by the Federal Reserve’s ill-considered hikes in interest rates. The mindless policy implemented by the Federal Reserve cures inflation by producing bank runs, failed banks, and unemployment. The Federal Reserve and neoliberal economists are still stuck in the worn out thinking of 20th century Keynesianism. Yesterday federal regulators seized New York’s Signature Bank which was overwhelmed by deposit withdrawals. The banks’ failures, with troubles reported afflicting Republic Bank ...
What If There Are No Solutions?
Post Date: 2023-03-12 01:48:06 by Charles_Byrd
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Realists who question received wisdom and conclude the status quo is untenable are quickly labeled pessimists because the zeitgeist expects a solution is always at hand--preferably a technocratic one that requires zero sacrifice and doesn't upset the status quo apple cart. Realists ask "what if" without selecting the "solution" first. The conventional approach is to select the "answer/solution" first and then design the question and cherry-pick the evidence to support the pre- selected "solution." Click for Full Text!
The War for the Dollar is Over: The Fly or the Windshield?
Post Date: 2023-03-12 01:25:28 by Charles_Byrd
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In part I of this series I told you the war over the US dollar was over because the bane of domestic monetary policy, Eurodollar futures, lost the battle with SOFR, the new standard for pricing dollars. The ignominious end of the Eurodollar system is a study in the evolution of markets, as a new system replaces an old one. Old systems don’t die overnight. We don’t flip a switch and wake up in a new reality, unless we are protagonists in a Philip K. Dick novel. Click for Full Text!
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