Credit Growth Slows, Vulnerabilities Increase
Posted July 2, 2015
In the 21st Century, when there is no longer any difference between money and credit, Credit Growth drives Economic Growth. In the new Macro Watch
Category Archives: Economics in the Age of Fiat Money
Did You Know The Government Owns 60% Of All US Home Mortgages?
Posted June 9, 2015
It’s true. The US mortgage market has effectively been nationalized. Here’s how it happened: The Government-Sponsored Enterprises, primarily Fannie Mae and Freddie Mac, issued $7
A Good Overview Of The Global Economic Crisis
Posted May 30, 2015
Please find here a link to a YouTube video showing a recent conversation I had with my friend Gordon T. Long of Macro Analytics. It
The Banks: How The Six Largest US Financial Holding Companies Make Money
Posted May 27, 2015
This week Macro Watch takes a close look at the six largest US Financial Holding Companies: JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman
Yellen’s Dilemma: Global Growth or US Growth
Posted May 8, 2015
The Fed faces a difficult choice. It must decide between boosting global economic growth or boosting US economic growth. If the Fed increases US interest
Liquidity Gauge Warning: After mid-year, Look Out!
Posted April 25, 2015
Liquidity determines which way asset prices move. When there is excess liquidity, the price of stocks, bonds and property tends to rise. When liquidity is
Watch Free Video: QE Is Debt Cancellation
Posted April 16, 2015
Yesterday, I send a blog with a link to a new CNBC interview and a second link to a free video explaining the details of
Don’t Miss This One! The Chris Martenson Interview
Posted April 6, 2015
This is one of the very best interviews I have ever participated in. Chris Martenson did a brilliant job, asking all the right questions. This
Negative Interest Rates: The Next Phase of the Global Economic Crisis
Posted March 20, 2015
More than $2 trillion worth of bonds are now trading at negative interest rates. That means the owners of that wealth are reconciled to making
I Strongly Recommend You Listen To This Interview
Posted March 8, 2015
The Financial Sense Newshour Interview Cris Sheridan was my host on The Financial Sense Newshour last week. We had a real go at solving the
How The Fed Intends To Hike Interest Rates
Posted March 3, 2015
The consensus view is that the Federal Reserve will begin increasing interest rates later this year. I believe the consensus view is wrong. The Fed
QE Is Debt Cancellation
Posted February 17, 2015
When a central bank prints money and buys a government bond, it is the same thing as cancelling that bond (so long as the central
Why ECB QE Will Drive European Stock Markets Higher
Posted February 4, 2015
The European Central Bank has announced a massive Quantitative Easing program that is very likely to push European stock prices significantly higher. The new Macro
If Interest Rates Rise, Wealth Will Fall
Posted January 3, 2015
There is a broad consensus among financial market participants that interest rates will rise in 2015. If they do, the stock market and the economy
How Capital Grows
Posted December 27, 2014
Over the past 250 years, the growth of Capital has completely transformed the world. The next time you fly, look out the window. Most of
CAPITAL: A Crash Course
Posted December 6, 2014
It’s impossible to understand Capitalism without understanding Capital. In the new Macro Watch video, uploaded today, we look at Capital and the Capital Structure of
Japan’s Crisis & The BOJ’s Solution
Posted November 24, 2014
In the latest Macro Watch video (uploaded today) we look at Japan and the very serious challenges it faces. These include a demographic crisis, a
FX Reserve Accumulation Is Quantitative Easing
Posted November 10, 2014
The accumulation of Foreign Exchange Reserves has a profound impact on global asset prices – just as Quantitative Easing does. That makes Foreign Exchange Reserves
Analyzing The Five Largest Central Banks
Posted October 28, 2014
The latest Macro Watch video (uploaded today) analyzes the strategies and compares the balance sheets of the world’s five largest central banks: The People’s Bank
Slowing Global Liquidity Points To Deflation Ahead
Posted October 12, 2014
The Fed is about to end its third round of Quantitative Easing, but the Bank of Japan is printing Yen faster than ever before and