Lurking Beneath The Taper: More Trouble In Repo Land - By Jeffrey Snider (19/9/14) PDF Print E-mail
Jeffrey Snider   
Friday, 19 September 2014 08:54

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The Taylor Rule Is Downright Dumb: Just Another Formula For Monetary Central Planning - By Mateusz Machaj (19/9/14) PDF Print E-mail
Mateusz Machaj   
Friday, 19 September 2014 08:49

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The REAL Reason Britain Is Freaking Out About Scottish Independence - By George Washington (18/9/14) PDF Print E-mail
George Washington   
Thursday, 18 September 2014 09:10

Zero Hedge
 
David Cameron and the British media have been freaking out about the potential Scottish independence.

They've blathered on about "history", "common defense" and other red herrings.
But it's really all about oil ...

Specifically, if Scotland becomes independent, it gets to keep 90% of the revenues from its huge oil reserves.

The New York Times reports:

Scottish nationalists have long argued that being governed from London has deprived their country of its fair share of the wealth from Britain’s oil and natural gas fields, which mostly lie in North Sea waters off their shores.
 



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Babson’s Warning - By Jeff Thomas (17/9/14) PDF Print E-mail
Jeff Thomas   
Wednesday, 17 September 2014 06:52

Doug Casey International Man

[A] crash is coming, and it may be terrific. .... The vicious circle will get in full swing and the result will be a serious business depression. There may be a stampede for selling which will exceed anything that the Stock Exchange has ever witnessed. Wise are those investors who now get out of debt.

The above words could easily have been stated by me or another of the (very) few others who currently predict the coming of crashes in the markets.

But they were not. The statements above were made by investor Roger Babson at a speech at the Annual Business Conference in Massachusetts on 5th September, 1929.

Mr. Babson’s prediction was not a sudden one. In fact, he had been making the same prediction for the previous two years, although he, in September of 1929, felt the crash was much closer.

News of his speech reached Wall Street by mid-afternoon, causing the market to retreat about 3%. The sudden decline was named the “Babson Break.”

The reaction from business insiders was immediate. Rather than respond by saying, “Thanks for the warning—we’ll proceed cautiously,” Wall Street vilified him. The Chicago Tribune published numerous rebuffs from a host of economists and Wall Street leaders. Even Mr. Babson’s patriotism was taken into question for making so rash a projection. Noted economist Professor Irving Fisher stated emphatically, “There may be a recession in stock prices, but not anything in the nature of a crash.” He and many others repeatedly soothed investors, advising them that a resumption in the boom was imminent. Financier Bernard Baruch famously cabled Winston Churchill, “Financial storm definitely passed.” Even President Herbert Hoover assured Americans that the market was sound.



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UK Hints At Next Reserve Currency, To Issue Chinese Yuan-Denominated Bond - By Tyler Durden (17/9/14) PDF Print E-mail
Tyler Durden   
Wednesday, 17 September 2014 06:48

Zero Hedge

Yuanification continues around the world. As The USA attempts to corral its allies in a 'broad coalition', an increasing number of people - including domestic economic policy advisors - are shifting away from the USD as primary reserve currency. However, the move by British Chancellor of the Exchequer George Osborne, announced Friday, is likely the most notable yet in the world's de-dollarization. As Xinhua reports, the British government intend to be the first nation (ex-China) to issue Renminbi denominated bond and to use the proceeds to finance the government's reserves of foreign currency. Osborne described this dialogue outcome as "a historic moment" and a statement of British confidence in the potential of the RMB to become "the main global reserves currency".

As Xinhua reports,

British Chancellor of the Exchequer George Osborne announced Friday that the British government intend to issue a Renminbi denominated bond and to use the proceeds to finance the government's reserves of foreign currency.

"I can now announce that the UK government intend to be the first national government outside of China to issue a bond in China's currency. We issued bonds in U.S. dollar before, now we will be issuing a bond in RMB," said Osborne in the press release of the Sixth China-UK Economic and Financial Dialogue (EFD).

Chinese Vice Premier Ma Kai and Osborne concluded the meeting of the Sixth China-UK Economic and Financial Dialogue in London.

Osborne described this dialogue outcome as "a historic moment" and a statement of British confidence in the potential of the RMB to become "the main global reserves currency".

"And let me be clear, as China becomes a bigger and bigger part of the world economy, their currency is going to be used around the world. We here in Britain understand that, and we want us to be the first country in the west to seize the opportunities that it will bring," declared Osborne.

Meanwhile, the issuance of Chinese currency bond means jobs and investment in Britain, which the government's long-term economic plan is all about, noted Osborne.

With friends like that, does the USA need more enemies? Time for some Uk sanctions... 



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