Notes From Underground: Mario Draghi’s Circus
The ECB did exactly as expected, which was less than its deposit rate (if that’s even possible). President Draghi answered questions for an hour and said absolutely nothing except that risks were now...
View ArticleNotes From Underground: Welcome Back, Rick
On Tuesday, Rick Santelli and I dissected the European Parliamentary elections. The results weren’t far off the projections as the GREEN PARTY was able to siphon off voters from the established...
View ArticleNotes From Underground: Just When It Couldn’t Get More Volatile
The above reference is from the wonderful cult movie, Putney’s Swope. The CEO of a major advertising firm has a heart attack during a board meeting and the sycophants don’t realize it as they continue...
View ArticleNotes From Underground: ECB, Political Pawn?
Warning: There’s a great deal of colorful language in this very important discussion regarding the nomination of Christine Lagarde to the post of European Central Bank president. This is another...
View ArticleNotes From Underground: The Hills Are Alive With … Sounds?
There are so many sounds resonating in the global financial world it has been difficult to discern the impact of any particular tweet or headline. NOTES FROM UNDERGROUND hopes to cut through the babel...
View ArticleNotes From Underground: The Market Has Much to Consider
Last week was filled with the culmination of many issues as we had the FED, ECB, trade agreement, UK election, impeachment hearings, and even an attempt at resolving the USMCA trade deal with Mexico...
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In the 1960 classic film The Time Machine a traveler visits a future civilization in which a group of people is enslaved as a source of food. The food source are zombie-like and kept in comfortable...
View ArticleNotes From Underground: Extra! Extra! Read All About It
On Wednesday, FEDERAL RESERVE Chairman Jerome Powell emphasized, yet again, that he and the FOMC believe UNEMPLOYMENT in real terms using its broad measure is about 10%. The recent release of labor...
View ArticleNotes From Underground: Schauble Pivots, Brainard Postulates
The unemployment data was not as robust as expected but not bad since hourly wages rose above consensus, the work week remained elevated and the jobless rate dropped to 5.8%. The headlines are always...
View ArticleNotes From Underground: Sitting Down With Two Canadians
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...
View ArticleNotes From Underground: So Many Piles of Dry Tinder
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...
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