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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...

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Notes 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...

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Notes 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...

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Notes 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...

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Notes 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...

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Notes 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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Notes From Underground:

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...

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Notes 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...

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Notes 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...

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Notes 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...

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Notes 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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