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Articles related to Sovereign Debt
 
Andy Hoffman - Miles Franklin
End of the Gold “Bear Market”
The beauty of the Miles Franklin blog is one never knows how it might start.  In fact, I often don’t know myself, until I sit down and start typing.  Moreover, now that the world is rapidly devolving to 2008-style crisis mode, there are so many “horrible headlines” to address, it sometimes becomes difficult to determine what’s most urgent. To that end, you probably expected me to start with this week’s horrifying, expanding oil price crash; which, quite obviously, has jumped to the “head of the
Monday, December 15, 2014
Michael Pento - Delta Global Advisors
The Passive Management Bubble
We have happened upon that time in the investment cycle when investors vastly eschew active management of their assets in favor of a more passive management style. In fact, I read recently 461 Hedge Funds, a hallmark of active investment management, shut their doors in the first half of this year alone. If liquidations continue at that rate, they'll outpace the 1,023-closure record from 2009. All signs now indicate that active management has fallen out of vogue. And why wouldn't it? In
Monday, December 15, 2014
Mish - Global Economic Analysis
Draghi About to Quit ECB?
Rumor has it that Draghi is so fed up with German opposition to everything he wants to do with stimulus and sovereign debt bond buying that he is about to leave the ECB. The Fiscal Times asks Why the Hell Does Mario Draghi Want to Leave the ECB Now!? What would happen to Europe’s prospects for recovery if Mario Draghi left his job as president of the European Central Bank? Would Draghi’s plans to implement an ambitious policy of monetary stimulus get bulldozed by German inflation hawks and
Monday, December 15, 2014
Andy Hoffman - Miles Franklin
The Unstoppable Tsunami of Reality
A decade ago, I sat in my office watching the gold Cartel do its thing – and muttered to myself, “each day worse than the last.”  It’s hard to believe this “manipulation mantra” has not only “held up” this long, but gone exponential; as in my view, the asset bubbles created by the world’s Central banks don’t hold a candle to the greatest of them all – the market manipulation bubble that enabled TPTB to “kick the can” a few more years at the expense of “99%” of the world’s population. Since then,
Wednesday, December 10, 2014
Steve Saville - Speculative Investor
Any quantity of money is just fine
Some comments by John Mauldin towards the bottom of a recent article reflect popular opinions about money that can be summarized as: "a growing economy needs a growing money supply" and "there isn't enough gold in the world for gold to be used as money today". These opinions reflect a basic misunderstanding about money.Here are the Mauldin comments to which we are referring. We've put notes below each excerpted comment, but the main part of our response is further down the page."The current stru
Wednesday, December 10, 2014
Mish - Global Economic Analysis
Temper Tantrum in Greece; Snap Elections May Pave Way for Eurozone Exit; Expect Bribes
Yesterday, Greek prime minister Antonis Samaras called a snap presidential election hoping to retain power even though he failed to deliver on his promise to end Greece’s €245bn troika-sponsored bailout. Today, the markets threw a fit. Yield on the Greek 10-year bond soared from 7.258% to 8.17%. This is below the spike high on October 16, but the trend is clear. Yield is up 257 basis points (2.57 percentage points) since September 10. Greece 10-Year Bond Yield I commented on this on Octobe
Wednesday, December 10, 2014
Michael Pento - Delta Global Advisors
  Why Wall Street and Governments Hate Gold 
Gold is hated more than ever by both governments and the financial services community. This is because it has now become imperative to keep the illusion of confidence in sovereign debt and paper currencies. To that end, a gentleman by the name of Willem Buiter, Citigroup's chief economist, shot into the media spotlight by writing a note on the day before Thanksgiving stating his belief that gold is in a six thousand year-old bubble. Citi's chief economist penned this "brilliant" commen
Monday, December 08, 2014
Phoenix Capital - Gains Pains & Capital
The Biggest Bubble in History is About to Pop
If you are an investor, your big concern should not be about what to stocks… but what happens when the bond bubble goes bust. For 30+ years, Western countries have been papering over the decline in living standards by issuing debt. In its simplest rendering, sovereign nations spent more than they could collect in taxes, so they issued debt (borrowed money) to fund their various welfare schemes. This was usually sold as a “temporary” issue. But as politicians have shown us time and again, overspe
Saturday, December 06, 2014
Mark O'Byrne - gold.ie
ECB Draghi’s QE Battle With Germany; Rules Out ECB Gold Buying
The European Central Bank will decide early next year whether to follow the Federal Reserve, Bank of England and the Bank of Japan with quantitative easing or money creation to buy government bonds and other assets but will not buy gold, its president Mario Draghi said yesterday. Speaking in the ECB's new 1.3 billion euro headquarters, an imposing Frankfurt skyscraper designed to show the strength of the ‘single’ currency, Draghi threw down the gauntlet to Germany and signaled that he would not
Friday, December 05, 2014
Mish - Global Economic Analysis
Reply From Pettis on Spain; Prisoner's Dilemma in Reverse; EMU End Game
In response to Spain Needs to Debate Leaving the Euro; Tooth Fairy Economics I received a nice email from Michael Pettis confirming my translation was correct. He also attached the original article in English. Michael Writes ... Thank's Mish. I am attaching the original, but the translations you got were basically right and covered the main points, which you understand anyway. Excessive debt impedes growth, and very few sovereign debt crises in history have been resolved by growth The on
Sunday, November 23, 2014
Michael Pento - Delta Global Advisors
  Japan's Last Stand
There is a popular American military term called a "last stand", which is meant to describe a situation where a combat force attempts to hold a defensive position in the face of overwhelming odds. The defensive force usually sustains very heavy casualties or is completely destroyed, as happened at Custer's Last Stand. General Custer, misreading his enemy's size and ability, fought his final and fatal battle of Little Bighorn; leading to complete annihilation of both himself and his t
Friday, November 21, 2014
Mish - Global Economic Analysis
Short Seller Doug Kass on Malinvestment, Permanent QE, the Global Economy
Aaron Task did a nice video interview of famed short seller Doug Kass on Yahoo! Finance. I am waiting to pull the trigger, says Kass. Kass’s contrarian views are well known on Wall Street. Last December, he predicted that global economic growth would be subpar, even as much as 50% less than the consensus and that, as a result, bonds would outperform stocks and the 10 year yield would fall to around 2.5%. “Nobody thought that,” says Kass. [Mish note: Lacy Hunt at Hoisington made that call, and
Wednesday, November 19, 2014
James Howard Kunstler
The Instability Express 
T he mentally-challenged kibitzers “out there” — in the hills and hollows of the commentary universe, cable news, the blogosphere, and the pathetic vestige of newspaperdom — are all jumping up and down in a rapture over cheap gasoline prices. Overlay on this picture the fairy tale of coming US energy independence, stir in the approach of winter in the North Dakota shale oil fields, put an early November polar vortex cherry on top, and you have quite a recipe for smashed expectations. Plummeting
Tuesday, November 18, 2014
Mark O'Byrne - gold.ie
ECB Buy Gold Bullion? Japan's Monetary Policy Dubbed "Ponzi Scheme"
Concerns about deflation, recession and a return to the Eurozone debt crisis, may see the ECB follow Japan and print money to buy assets including shares, exchange traded funds and physical gold. Counter intuitively, gold prices fell on the quite bullish news. In marked contrast to the sharp falls gold saw on the mere rumour of small Cyprus selling their miniscule gold reserves. Such odd trading leads to continuing concerns that the precious metals markets are still being manipulated. Over the
Tuesday, November 18, 2014
Mike Maloney - Goldsilver
  Common Gold & Silver Pitfalls to Avoid 
Investing in gold and silver may seem simple and straightforward, however it is not. There are many types of ( quote, unquote ) "investments" in gold and silver you will want to avoid. Gold and silver dealers are no different from any other industry or crowd of people. Within our industry you will find many good honest professionals and organizations, but you will also find some bad outfits whose practices can be described as underhanded, even criminal. Being the Managing Director of
Tuesday, November 18, 2014
Alasdair Macleod - Finance and Eco.
Bank gearing in the Eurozone
According to the ECB's Bank Lending Survey for October banks eased their credit standards in the last quarter, while their risk perceptions increased. This apparent contradiction suggests that the 137 banks surveyed were at the margin competing for lower-quality business, hardly the sign of a healthy lending market. Furthermore, the detail showed enterprises were cutting borrowing for fixed investment sharply and required more working capital instead to finance inventories and perhaps to cover t
Saturday, November 15, 2014
Michael Pento - Delta Global Advisors
Yellen Hands Off Printing Press to Japan
There is a saying: "The rich just keep getting richer". And by all accounts, since the 2008 financial crisis, they have. Unfortunately, for the struggling poor and middle class, wealthy asset holders have been the only beneficiary of six years of Federal Reserve easy-money policies. Under the tutelage of Ben Bernanke, the Fed introduced QE in March of 2009 with the hope it would save the economy from economic collapse. The goal was to create a new vibrant market for borrowing to repl
Monday, November 10, 2014
Sam Kirtley - Sk Options Trading
Understanding Global Monetary Policy: And How to Profit From It
To say that the last month as been turbulent in markets would be a drastic understatement. We saw the biggest intraday range in US bond yields in 16 years, equities nosedive then whipsaw right back to new highs, VIX hit the highest levels since 2011 whilst gold, silver and oil hit multi year lows. With such volatility around the theme of uncertainty is rife across financial markets, therefore it is important to reassess ones views of the market and properly understand the underlying drivers of m
Thursday, November 06, 2014
Mish - Global Economic Analysis
"Whatever It Takes" Stage Two; Headwinds Explain Why Draghi Will Fail This Time
"What's it all about Alphie" is a sing-along that most have heard. Take out the word "Alphie" and substitute "Draghi" and the answer is "Assuage Investors" in yet another can-kicking exercise. Draghi hopes that if he continues with his kick-the-can tactics long enough, that  something good will eventually happen. Hope is really all he has. In the meantime, Draghi Reinforces ECB Stimulus Momentum to Assuage Investors. Under pressure to show he can spur inflation, and to narrow divisions amon
Thursday, November 06, 2014
Philippe Herlin - GoldBroker
  ECB Stress Test Results Show Banks Struggling
Last Sunday, the European Central Bank announced its verdict on the stress tests it has been conducting for several months and, this time around, quite a few banks have failed them. The preceding stress tests in 2009 and 2011 had seriously diminished the ECB’s credibility by not detecting anything at all (even though Irish banks had passed the tests, they went bankrupt a few months later, and so did Dexia). This time, 25 banks failed, on a total of 130 being tested, and I would submit that this
Friday, October 31, 2014
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