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BOJ launches negative rates, already dubbed a failure by markets

BOJ launches negative rates, already dubbed a failure by markets | Monetary Theocracy | Scoop.it

By Hideyuki Sano and Leika Kihara TOKYO, Feb 16 (Reuters) - The Bank of Japan's negative interest rates came into effect on Tuesday in a radical plan already...

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Britain's property bubble continues to inflate: House prices leapt by £50 A DAY last year

Britain's property bubble continues to inflate: House prices leapt by £50 A DAY last year | Monetary Theocracy | Scoop.it

HOUSE prices jumped by almost £50 A DAY on average in the year to December, as Britain's property bubble continued to inflate, official figures revealed today.

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Germany's Case Against the ECB - Project Syndicate

Germany's Case Against the ECB - Project Syndicate | Monetary Theocracy | Scoop.it
Germany's Case Against the ECB
Project Syndicate
MUNICH – Germany's Constitutional Court is preparing what might become the most important decision in its history.
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Italy, Spain buy more government debt in May: ECB - MarketWatch

Italy, Spain buy more government debt in May: ECB - MarketWatch | Monetary Theocracy | Scoop.it
Italy, Spain buy more government debt in May: ECB MarketWatch A rally in riskier euro-zone sovereign debt that started last August after ECB President Mario Draghi pledged to do "whatever it takes" to preserve the euro-zone has partly reversed...
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Federal Reserve members try to correct Ben Bernanke on stimulus and inflation

Federal Reserve members try to correct Ben Bernanke on stimulus and inflation http://t.co/cilZSdrhdn
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Jim Rickards: The Fundamental Bull Case For Gold Has Not Changed

Jim Rickards: The Fundamental Bull Case For Gold Has Not Changed http://t.co/ZRc51dFCfE
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BOJ's Kuroda: Japan's economy has been picking up @ Forex Factory

BOJ's Kuroda: Japan's economy has been picking up @ Forex Factory | Monetary Theocracy | Scoop.it
BOJ's Kuroda: Japan's economy has been picking up - Pickup in Japan exports helped by currency developments; Expects Japan economy to return to moderate growth; BOJ to monitor developments in market; Uncertainties.
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The Lab Economics: This Is an Extraordinary Time

The Lab Economics: This Is an Extraordinary Time | Monetary Theocracy | Scoop.it
The bond prices of fatally insolvent European governments have fallen, as if these economies have suddenly been restored to health and fast growth by European Central Bank (ECB) intervention. European stock markets are roaring higher as well.
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Richard Russell - The Fed, Hard Times, A Crash & Collectibles

Richard Russell - The Fed, Hard Times, A Crash & Collectibles | Monetary Theocracy | Scoop.it

With gold and silver surging, today the Godfather of newsletter writers, Richard Russell, writes about everything from Bernanke leaving the Fed, to stocks, bonds, diamonds, watches, and the extremely challenging employment picture.  Below is what Russell had to say to subscribers:

 

“Youngsters, 25 years of age and under, are having a devil of a time finding any kind of employment.  Sunday's LA Times featured a lead article describing how many companies are working their employees harder to make up for workers that have been fired.  These same companies have dispensed with birthday and holiday parties. Many companies monitor the actual amount of work their employees are producing.  The article describes one 47-year old woman who comes home so exhausted that she flops into bed and skips dinner. ...

 


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Hal's curator insight, April 9, 2013 3:09 PM

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‘Bernanke’s Done Virtually Nothing’ to Stimulate Economy, does what he's told

‘Bernanke’s Done Virtually Nothing’ to Stimulate Economy, does what he's told | Monetary Theocracy | Scoop.it
Federal Reserve Chairman Ben Bernanke has done virtually nothing in terms of stimulating the economy, says David McAlvany, CEO of McAlvany Financial.

Via #BBBundyBlog #NOMORELIES Tom Woods #Activist Award #Scoopiteer >20,000 Sources >250K Connections http://goo.gl/ruHO3Q
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Gold Is Always Rallying Somewhere – Gold IS the price of money

In his latest TV appearance, Jim Rickards (author of the best seller Currency Wars) talks on Bloomberg about how currency wars and gold dynamics are coming together.

 

Gold is 25% up in the last 3 months, but it’s up in Yen, not dollars. This is where currency wars and gold dynamics come together. When you think about cross rates it’s a zero sum game. Not every currencycan go down against every other currency at once. Gold is always rallying somewhere; right now it is rallying in Yen. It you want to be fancy, you are short Yen and buy gold. When the Yen gets to 110 then, you want to short sterling and buy gold. At the end of the day you will come back to gold in dollars. Gold is not going to do much in [US] dollars this year. I look for a dollar move late this year or in 2014. Meantime you can always make money in gold, as “it is always 5 o’clock somewhere.”

 

By pulling some charts together, we were able to visualize what Jim ...


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Hal's curator insight, April 9, 2013 1:55 PM

THis is a must read. Click through for the rest.

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Dropping "Carpet Bombs of Liquidity" Sprott

In what can only be described as a ‘shock and awe’ campaign, last week Haruhiko Kuroda, the governor of the Bank of Japan (BOJ) unleashed a new monetary salvo in the on-going currency wars. While most economists and market watchers can agree that his actions are unprecedented, the fallout of this new policy is anything but certain.

 

Governor Kuroda officially announced that the BOJ is pulling out all the stops in an effort to stimulate the world’s third-largest economy following two decades of stagnation. Despite the prime minister and the governor of the central bank using phrases like “unlimited yen printing” and “I'll do whatever it takes to end deflation”, the BOJ managed to surprise global markets on Thursday, April 4th, with the magnitude of its announcement. For some reason, most market participants had expected that the BOJ would disappoint when it held its first meeting under its new leadership. The BOJ did not disappoint, however, and the Japanese yen plunged almost 6% against the US dollar in the days that followed its stimulus announcement.

 

Foremost among its policy moves, the BOJ intends to double the size of Japan’s monetary base from ¥135 trillion to ¥270 trillion by March 2015. The pace of this quantitative easing is stunning, as the balance sheet of the BOJ will expand by 1% of the nation’s gross domestic product (GDP) each month in 2013 and 1.1% in 2014. This is almost twice the current pace of 0.54% of GDP engaged in by the US Federal Reserve. The BOJ will accomplish this by doubling its purchases of government bonds. The BOJ will also make more purchases of risk assets, including ¥1 trillion yen worth of ETFs and ¥30 billion of REITs, which will positively affect their respective Japanese markets. And with the objective of achieving a 2% inflation target, the pace of expansion in the balance sheet will increase this year to ¥5.2 trillion per month from the previous ¥3.6 trillion rate. For 2014, the balance sheet is projected to expand by ¥5.8 trillion per month versus a previously planned rate of ¥1 trillion per month. In layman terms, this is throwing everything AND the kitchen sink at Japan’s deflation problems. ...


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To intervene or not, monetary policy is just a game

To intervene or not, monetary policy is just a game | Monetary Theocracy | Scoop.it

SINGAPORE, Feb 16 (Reuters) - Do you have what it takes to safely navigate Singapore's economy through a global recession by adjusting monetary policy, and t...

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ECB talks to Italy on buying bundles of bad loans

ECB talks to Italy on buying bundles of bad loans | Monetary Theocracy | Scoop.it

The ECB is in talks with the Italian government about buying bundles of bad loans.

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Euro falls to three-week low vs dollar on ECB rate outlook - Reuters

Euro falls to three-week low vs dollar on ECB rate outlook - Reuters | Monetary Theocracy | Scoop.it
Bloomberg
Euro falls to three-week low vs dollar on ECB rate outlook
Reuters
NEW YORK (Reuters) - The euro declined to a three-week low against the U.S.
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Lending to eurozone private sector drops further: ECB - Economic Times

Lending to eurozone private sector drops further: ECB - Economic Times | Monetary Theocracy | Scoop.it
Economic Times
Lending to eurozone private sector drops further: ECB
Economic Times
... to cut interest rates further.
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James Rickards: Currency Wars & $7000 Gold | McAlvany Commentary

This week: -Outcomes: Conflict, Chaos or a Gold Standard? -2008 Crisis Risks Magnified -Danger: Fed gets more than bargained for 65 Week Moving Average Chart...
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Bloomberg: World's Biggest Pension Fund Doubts BOJ Can Achieve ...

Bloomberg: World's Biggest Pension Fund Doubts BOJ Can Achieve ... | Monetary Theocracy | Scoop.it
Takahiro Mitani, president of the 112 trillion yen ($1.14 trillion) Japanese Government Pension Investment Fund said the BOJ 'probably promised too much' when.
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Jim Rogers: "Nobody Gets Out Of This Situation Until There's A ...

Jim Rogers: "Nobody Gets Out Of This Situation Until There's A ... | Monetary Theocracy | Scoop.it
You know as Mr Bernanke is doing, the BoJ, the Bank of England, the ECB. They all say the same thing. They are all doing the same thing. So they are going to continue to print money. Eventually of course what always ...
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The Lab Economics: End of QE? – I don't buy it.

The Lab Economics: End of QE? – I don't buy it. | Monetary Theocracy | Scoop.it
US Printmaster General Ben Bernanke announced that he might start reducing the monthly debt monetization program, called 'quantitative easing' (QE), as early as the autumn of 2013, and maybe stop it entirely by the middle ...
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The International Banking Cartel (II)

A look at the International Banking Cartel led by the Bank for International Settlement (in Basel, Switzerland) known as the bank of central banks (58 centra...
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From South Africa: How the U.S. herds the ‘sheep’ away from the gold market | Gold Anti-Trust Action Committee

From South Africa: How the U.S. herds the ‘sheep’ away from the gold market | Gold Anti-Trust Action Committee | Monetary Theocracy | Scoop.it

... US Federal Reserve chairman Ben Bernanke has made it clear that the recovery of the US economy and the reduction of unemployment depend on the recovery of consumer spending, which requires a robust stock exchange and a return of confidence to the housing market. That is where he would want to see the money go. It may also be that he does not want to see it go elsewhere.

 

Where else might it go? The exponential rise in demand for gold and silver coins and bullion bars tells the story of a loss of confidence in conventional banking and money. How is it, then, that in the face of rising demand; a banking system in disarray; and the "printing" of trillions of dollars, that the prices of gold and silver bullion remain subdued? Is it only in the East that the lessons of the Weimar Republic have been learned? Or have the laws of economics been reversed?

 

It has been said that there are no free markets any longer, only interventions. The world's most prominent intervener, by far, is the Fed. It intervenes in the interest rate structure; it intervenes in the housing market by buying mortgage-backed securities, undertaking to continue to do so until the anticipated recovery in unemployment statistics occurs; and it intervenes in the supply of money with its regular purchase of US Treasury bonds (which is to say, it creates money "out of thin air"). The US Treasury intervenes regularly to prop up the stock market through "the Working Group on Financial Markets", also known as the "Plunge Protection Team," established under former President Ronald Reagan.

 

Now it is contended that these serial interveners do not intervene in the bullion markets which, it is asserted, operate entirely according to free-market principles. Gold has been described as the antidollar. It is the ultimate "canary in the coal mine" on matters of banking and financial wellbeing. Is it conceivable that the compulsion to intervene will have departed in the case of gold (and silver) and will leave these commodities in splendid isolation? This proposition seems improbable if the price were to tell a story that the US officials did not like. Would they, for instance, leave the gold price to find a level of $5,000, which would cause every investor to abandon the US stock and housing markets in favour of the far more lucrative gold market? Does this scenario fit the character of ...


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Hal's curator insight, April 8, 2013 12:05 PM

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U.S. closer to have gold as legal tender: report

U.S. closer to have gold as legal tender: report | Monetary Theocracy | Scoop.it
Arizona is the main state pushing for residents to be able to use bullion as rightful currency.

 

by Cecilia Jamasmie:

 

... “The legislation is about signalling discontent with monetary policy and about what Ben Bernanke is doing,” Gatch told Bloomberg. “There is a fear that the government, or Bernanke in particular and the Federal Reserve, is pursuing a policy that will lead to the collapse of the dollar. That’s what is behind it.”

 

Gold-backed money fell out of favour during World War I because the U.S. and many other countries needed to print more cash to pay for the war.


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Strong Gold demand in Asia should offset ETF selling

Strong Gold demand in Asia should offset ETF selling | Monetary Theocracy | Scoop.it
Silver prices ticked higher to $27.40 per ounce, while gold regained $1574.

 

The price of gold and silver was little changed Tuesday morning near last week's finish, while European stock markets rose but Japan's Nikkei stalled its 5-day surge as the Yen bounced higher from 4-year lows on the currency market.

Silver prices ticked higher to $27.40 per ounce, while gold regained $1574.

Energy and industrial commodity prices also edged higher. Major government bonds eased back, nudging up the interest rate offered to buyers.

The US Treasury will this week auction $66 billion in new debt, according to Bloomberg data.

"The [quantitative easing] actions of the Bank of Japan are having a profound effect on bond yields," notes the commodities team at Standard Bank today, "across especially emerging markets."

Because the BoJ's promise of $1.4 trillion in new money creation by 2015 is ...


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