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The Dollar Short, Hopefully Not A Day Late
I get so caught up in the minutiae of esoteric function or financial plumbing that it is worthwhile to take a step or two backward and review the financial system from a bit more afar. The repo...
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The Dollar Short, What and Where Now?
The first part of this examination can be found here. At first, the rebound off the 2009 low looked as if there would be no lasting changes or damage to the eurodollar system, but subsequent events...
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The Dollar Short, Golden Bell
The purpose of this exercise of examination of global funding mechanisms is to put together means for inference about the state of dollar funding as it relates to the systemic short (Part 1 here; Part...
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Old Mother Dollar (Liquidity)
The pestilence of the wholesale “money” system, the eurodollar standard if you will, is that the “dollar” is no longer anything like one and that these “markets” for it are not directly observable....
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Offshoring ‘Dollars’ In Central Bank Theory
After enduring quite a bit of restlessness even into the early part of 2014, the Banco do Brasil (Brazil’s central bank) believed it had regained order in its currency “market.” Going back to the...
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Schooling On ‘Hot Money’
Terminology and semantics have an important place in communication because we want to convey concise and accurate meaning as efficiently as possible. That is why I disdain the term “petrodollar” when...
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What Magnificent (For Some) Complications
In July 2014, just as the dollar was beginning to tighten with what seems like an overly sensitive trigger, the US Treasury Dept’s Office of Financial Research published a paper by Zoltan Pozsar that...
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PBOC’s Hong Kong Bypass?
I think there remains a lot of misunderstanding about global finance simply because very few people, including every economist I have seen, realize the systematic arrangement has drastically altered...
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Another View of QE’s Demolition
One last of piece of evidence tying QE to liquidity disruptions in 2014, and the big buying “crash” of October 15, is the “flow” of “dollars” presented by TIC. My contention from last week was that the...
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Go Back To Living The Lie
Commentary has not been able to ignore changes in the Fed’s balance sheet mechanics with all the potential systemic shifts occurring as QE ends and the FOMC contemplates going even further. As I said...
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No ‘Dollar’ Resolution
The growing sense of an economic cliff is based on three major factors, all of them in massive markets as opposed to manipulated and ill-suited statistics. The most obvious are oil prices and the UST...
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Supply Indeed
After months of hearing about how the fracking “miracle” is totally, fully and comprehensively responsible for the drop in oil prices there is finally penetrating reality. After the continued...
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TIC Confirmation of October
With the latest TIC data in hand it looks more and more like “dollar” problems started in the interior and spread outward. What I mean by that is eurodollar banks were the first to see or cause...
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Switzerland ‘Fights’ The Russian Problem, But Russia’s Problem Is As Brazil
Indonesia has been here before, playing a key role in fomenting the Asian “flu” in 1997 and 1998. As it turned out, the slide in the rupiah last year, caught up in the taper drama of US “dollar”...
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Credit Doesn’t Care At All What the FOMC Says
The stock market takes off in holiday celebration of the FOMC being even less clear than it really has been in some time; perhaps going all the way back to Alan Greenspan’s intentional mush. Equity...
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And The ‘Dollar’ Nail
In parallel to US$ credit markets, the “dollar” itself found a new and worsened degree of “tightness” right around December 1. The trend that was already in place, doing so much damage globally prior...
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Forget The Peg, Fight The ‘Dollar’ Short
It was bound to happen as the monetary affairs throughout the world “tighten.” The Swiss National Bank (SNB) had tied its fate, with good reason, to that of broader Europe but made the assumption that...
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Another Credit Marker
The FOMC continues to posture as if the economy is good enough to allow the first “tightening” in policy since Alan Greenspan. If we have learned anything from the era of shadow finance and the global...
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What Is A Dollar?
We all have our own conceptions about money, as in many respects it is and should be deeply personal. Most people pay it little mind as all that matters is if our cars can be filled with gasoline and...
View ArticleThe Hard Work Of Strong Dollars
Even Harley Davidson is against the “strong dollar” at this point, which I think says a lot about how financialism has destroyed even this most basic sense of “money.” For the record, Harley’s profit...
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