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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
Posted October 2, 2014
Prepare for a stock market sell-off. A new Macro Watch video has been uploaded. In it, I discuss the outlook for stocks, bonds/interest rates, property,