We at NOTES FROM UNDERGROUND are posting a PODCAST that was recorded Thursday, which addresses what I think will be an important for the global economy: the uber weakness of the YEN. That has been the product of global finance as the decades-long zero inflation rate policy has been the immovable object of higher-for-longer U.S. […]
I know it has been many, many, many, many months since I’ve published thoughts here. But I have been active in the podcast space, discussing macro finance/economics with the usual list of high caliber financial minds on Financial Repression Authority with Moderator Richard Bonugli. And last Thursday I sat with Victor Jones at The Price […]
We at Notes From Underground haven’t been publishing as frequently but we have been working more intensively than ever. The global financial situation is fraught with many areas of potential hazards to shock the established complacencies of current equity market rallies. We are proud to post three recent podcasts moderated by Richard Bonugli of the […]
A giant hello and salutations from Notes From Underground. It has been quite a long time since I have sat down to write about the state of things, but it is not because I haven’t been working. In fact, I have recorded numerous podcasts with the Financial Repression Authority over the last six weeks, sitting […]
On Tuesday, I had the pleasure of sitting down with the Financial Repression Authority’s Richard Bonugli and David Rosenberg to discuss the FEDERAL RESERVE and the global macro financial system. We don’t agree on all things but in an effort to enlighten our audience, we dig deep and shine light where others fear to tread. […]
I have a hypothesis of major significance: As the markets have seesawed for the past six weeks one asset has been consistent: the EUR/YEN cross. The SVB fallout coupled with concern about savings fleeing from other regional and community banks has subsided, allowing for the global equity markets to slough off concerns over undue leveraged […]
… Does it take to screw up banking systems? For those who may not remember, in July 2012 then-ECB President Mario Draghi said he would use any monetary policy tool in an effort to PRESERVE THE EURO. During a testimony before EU Parliament on Monday, European Central Bank President Christine Lagarde boasted that the central […]
On the Thursday, the ECB will announce its intentions on EU monetary policy. It still looks like the market is still forecasting a 50 basis point increase in its main financing rate as it rises from 3% to 3.5%. At the previous meeting, Madame Christine Lagarde was adamant that the ECB would be a fortress […]
A constant theme at NOTES FROM UNDERGROUND has been that the lunacy of Federal Reserve Chair Jerome Powell finding his inner Volcker belongs in the pantheon of fantasy. As I have said before: Paul Volcker wouldn’t be able to find his inner Volcker in a financial system plagued with HUGE amounts of leveraged risk, coupled with […]
I had the pleasure of sitting down with Joseph Wang, one of the better Fed/interest-rate plumbers, who also has a deep knowledge of all things global macro. Listen closely to the latest podcast as he reveals the many shades of the inner workings of the Fed, especially those insights on Governor Christopher Waller. There are […]