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Articles by Edward Quince
FO° Crucible: Money Matters in a Multipolar World, Part
Events this year have helped to clarify thinking about how the Global South and more particularly, BRICS+ as its spokesperson, expects to position itself with regard to the US dollar. A consensus seems to be developing that rather than going to war against the dollar’s established position as the world’s premium reserve currency, nations across the globe are looking at diversifying the means and methods of payment so as not to be subject to every change of political mood coming from Washington.
FO° Crucible: Money Matters in a Multipolar World, Part 13
Earlier this month, Edward offered his perspective on how the media in the West covered BRICS nations’ position concerning the US dollar. To better understand the intentions, he proposes rethinking the vocabulary we and the media have been using. “It’s important to note that the narrative ‘BRICS countries target the USD’ seems just a propaganda topic that the so-called mainstream media is pushing.
FO° Crucible: Money Matters in a Multipolar World, Part 11
In early July, Edward informed us that “the BRICS have allegedly already advanced to practical implementation of an alternative non-dollar financial system based on gold derivatives, smart contracts, permissionless and trustless blockchains.” He also reported some of what he learned from his conversations with people who attended the recent summit of the Shanghai Cooperation Organization.
FO° Crucible: Money Matters in a Multipolar World, Part 10
As someone with a non-specialist’s interest in how the media covers the great geopolitical question of how the system of payments of the global economy is evolving, I raised the following question to our collaborators. How significant is this headline from Watcher.guru, which could look to some people like a turning point?
FO° Crucible: Money Matters in a Multipolar World, Part 9
One of the key events that took place in June was the G7 meeting in Rome. France’s President Emmanuel Macron, smarting from the disastrous results for his party in the European parliamentary elections, had already dissolved the National Assembly. He presented it as a hope against hope that the electorate would come to its senses and reaffirm its faith in his presidential leadership. He was wrong, as would become clear by July 7, the second round of the snap parliamentary elections.
FO° Crucible: Money Matters in a Multipolar World, Part 8
There can be little doubt that everything that is happening at the intersection of financial matters and geopolitics has become marked by a growing trend towards ambiguity and instability. The events of this past June radically increased the degree of both ambiguity and instability especially for Europe, but also the rest of the world.
FO° Crucible: Money Matters in a Multipolar World, Part 6
As we prepared to publish this dialogue as a weekly feature in May, I addressed the following message to this dialogue’s participants: Dear friends, As fair observers, we have embarked on a wide open discussion about global trends concerning means of payment, currencies, trade and geopolitics. We agree that this is a transitional moment in history. As such, it requires literally thinking outside of multiple boxes.
FO° Crucible: Money Matters in a Multipolar World, Part 5
As has become clearer in recent months, any discussion of the dollar and its place in the history of the late twentieth and early twenty-first century must take into account a curious entity that emerged exactly 50 years ago: the petrodollar. Alex opened the debate with the following message: Shortly after our email exchange I came across the chart below, and it led to an epiphany. Iranian Oil production over the past 3 years. Let me explain.
Who's Next To Exit? France... Or Maryland?
Authored by Bill Bonner of Bonner & Partners (annotated by Acting-Man's Pater Tenebrarum), Scotland and Northern Ireland voted to remain in the EU. But the English, along with the Welsh, voted strongly to break out. They dodged the searchlights, the hounds, and the barbed wire. Now, they are on the loose… and we and others are planning our escape. “Frexit!” say the French. “Nexit!” say the Dutch. “Ciao!” say the Italians.
Dallas Fed Survey Crashes To June 2009 Lows, Warns "It Is Getting Ugly"
After a Q1 collapse, the Dallas Fed Manufacturing Outlook managed a bounce for a few months (though never got back above zero). It appears, Dallas Fed's aptly-named 'Dick' Fischer was entirely wrong when he progonosticated that "on net, low oil prices are good for Texas." December's Dallas Fed print crashed to -20.1 (from -4.9) massively missing expectations of -7.0 and back at the lows not seen since June 2009. Dallas Fed is in contraction for the 12th month in a row...
Paul Craig Roberts: Central Banks Have Become A Corrupting Force
Authored by Paul Craig Roberts and Dave Kranzler via PaulCraigRoberts.org, Are we witnessing the corruption of central banks? Are we observing the money-creating powers of central banks being used to drive up prices in the stock market for the benefit of the mega-rich? These questions came to mind when we learned that the central bank of Switzerland, the Swiss National Bank, purchased 3,300,000 shares of Apple stock in the first quarter of this year, adding 500,000 shares in the second quarter.
VIX Bursts Above 17.5 As Sleep-Walking Markets Awake
The following article seemed a perfect example of how stability breeds both complacency and boils the broth of insatability... And asNicole Foss via The Automatic Earth blog explains, A sleep-walking market is a reflection of complete disregard as to risk. Markets enter such periods of complacency when there has been a long uptrend, with periods of very low volatility reflecting where the market has come from, not where it is going.
"September It Is": The Good (Greenback), The Bad (Bonds), & The Ugly (Buillion)
Stocks remain ambivalently poised near record highs...fading from the opening gap higher... From Friday, Small Caps leading the way... new highs Stocks did a whole lot of nothing with the S&P unable to trade more than a few bps away from its VWAP as Greek hope faded... Another day, another European buying climax into the US Open to the European close... Biotechs are now up almost 11% from last week's lows...
Greece Told To Have A Deal Ready Before Monday Meeting; Tsipras Submits Revised Plan With No Pension Cuts
Update: the farce must go on because according to Bloomberg the "final final" Greek proposal never made it, and was, ahem, lost in tranmission: EU HAS RECEIVED NO NEW PROPOSAL FROM GREECE YET: EU DIPLOMAT - BLOOMBERG With just under 24 hours until Monday's final summit after which even JPMorgan now agrees the ECB will be forced to use a nuclear option and limit or cut Greek ELA thus imposing capital controls as a "negotiating tactic", earlier today both France and Germany told Greece it must...
"Where's My Raise?": American Workers Suddenly Realize "Recovery" Isn't Real
In March, we solved the mystery of America’s missing wage growth. Here is the conundrum facing PhD economists: One of the biggest conundrums, one that has profound monetary policy implications, and that has been stumping the Fed for the past year is how can it be possible that with 5.5% unemployment there is virtually no wage growth.
Capital Controls Arrive: Greece Begins Confiscating Deposits Of "Small Debtors"
Last week, the Greek government issued a decree which called for local governments to transfer excess cash to the central bank so that Athens would be able to pay pensions, salaries, and the IMF.
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