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Some Real Hope Appears In Japan, Of All Places

By |2019-07-19T12:02:40-05:00July 19th, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

There are things to feel optimistic about. I’ve been pegged as a doom and gloomer, and so long as things remain as they are, I don’t see what’s wrong about it. Long term, however, I’m as optimistic as anyone. There’s a gigantic wave of economic growth and prosperity just waiting to be unleashed – the [...]

What Tokyo Eurodollar Redistribution Really Means For ‘Green Shoots’

By |2019-04-29T11:55:51-05:00April 29th, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Last April, monetary officials in Japan were publicly contemplating ending asset purchases under QQE. This April, they are more quietly wondering what other financial assets they might have to buy just to keep it all going a little longer. I’d suggest something like the clouds passing over the islands or the ocean water surrounding them. [...]

The Forced Exile Of Bond Vigilantes

By |2019-04-08T15:35:18-05:00April 8th, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Japan is the very model of fiscal irresponsibility. If ever there was a bond vigilante, surely they would have a Japanese address. At the end of what was the Bank of Japan’s 133rd fiscal year, on March 31, 2018, Japan’s central bank reported total assets of ¥528,285,679,854,140. Of which, ¥448,326,107,324,120 was Japanese government bonds (JGB). [...]

The Global Reach of Kuroda’s Premature Celebrations

By |2019-02-22T12:43:06-05:00February 22nd, 2019|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

The unemployment rate isn’t just misleading in the US, though the gap between what it suggests here and what isn’t happening is now enormous. This idea of a labor shortage, or LABOR SHORTAGE!!!! as each case may be, was itself as global as synchronized growth when it showed up in later 2017. There were stories [...]

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