More TIC December: More Shadow(s) Than Shadow Money

By |2019-02-20T15:46:15-05:00February 20th, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

The TIC data for December 2018 starts out well enough, exactly the way it should. The headline says foreigners sold a record amount of US$ assets in that month. Anyone paying attention during it would be the opposite of shocked. Everyone sold anything they could in December. It follows from the idea of dollar shortage. [...]

Repeating The Worst Parts of 2014, EM Version

By |2019-01-29T13:10:51-05:00January 29th, 2019|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

As Argentina’s peso careened toward oblivion, the country’s government begged IMF officials for more money. The organization in June 2018 had already agreed to a bailout expected to total more than $50 billion over three years, the largest in the fund's history. But it wasn’t working, and as the currency crisis accelerated toward the end [...]


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