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Articles by I Kudlow
Fed's Mester Says Helicopter Money "The Next Step" In US Monetary Policy
Think "helicopter money" is/will be confined only to Japan, which has been sending conflicting trial balloons about this unprecedented next step in monetary policy for the past two days (first Japan's Senkei reported that the government will be adopting “helicopter money” followed by a government spokesman denying the report, then followed by a separate Bloomberg report about a 10T yen stimulus plan, the concluding with Abe advisor Koici Hamada saying that "boosting fiscal and monetary...
UK Stocks Enter Bull Market On Report Andrea Leadsom To Quit UK Leadership Race
And so there was one. With the race for next Tory leadership and the next UK prime minister all down to two women, Theresa May and Andrea Leadsom, moments ago both BBC and Sky News reported that in a statement due shortly, Andrea Leadsom would announce she was quitting the UK leadership race... Reports: Andrea Leadsom to drop out of the race to become the leader of the #Conservative party — Sky News Newsdesk (@SkyNewsBreak) July 11, 2016 ...
Theresa May Confirmed As New Leader Of Tory Party, Most Likely Next UK Prime Minister
Following the surprising withdrawal announcement by Tory leadership challenger Andrea Leadsom, moments ago Theresa May was confirmed as the new leader of the UK Tory Party. THERESA MAY CAN BE NAMED TORY LEADER, U.K. PM, BRADY SAYS Theresa May has been confirmed as the new leader of the Conservative Party pic.twitter.com/ntNH29vuso — Sky News (@SkyNews) July 11, 2016 So does this mean that the next UK prime minister has been decided?
Metals Caught Between Global Gloom and U.S. Job Gains
Better than expected employment figures in the US causes gold to take a breather after gaining more than 28% since the beginning of the year. Bloomberg takes a look at the current competing bullish and bearish forces affecting the outlook for precious metals. Metal markets are caught between global gloom and renewed U.S. optimism.
Frontrunning: July 11
Global stocks rise as markets anticipate stimulus (Reuters) Global Stocks Buoyed by Rally in Japan (WSJ) Andrea Leadsom Pulls Out of Conservative Party Leadership Race (WSJ) More protesters arrested, police say Dallas sniper plotted bigger assault (Reuters) Voters Add to Election Turmoil by Threatening to Jump Party Lines (WSJ) Under Fire, Theranos CEO Stifled Bad News (WSJ) Citigroup Backs Commodities for ‘17 in ‘Especially Bullish’ Call (BBG) Pokemon Go Hit Underscores Nintendo’s Potential...
Spot The Algo That Just Ramped Stocks To The Highs Of The Day
Reuters reports: A 42 year old male, identified as Abu Slapyur Al-baghdadi, cased out a school bus route days earlier, before car-jacking a school bus from the bus driver.
"Sorry For Brussels"
Presented without comment other than to say that the boy pictured below is among thousands of Mid-East refugees stranded in the Idomeni camps near the Macedonian border that have been described as "a modern Dachau."
Bonds & Bullion Best As Dollar Crashes To 4-Month Lows
European bonds are collapsing... systemic risk is rising... US Services economy "pillar" plunges... and jobs data is dismal - stocks shrugged... The USD Index is down over 3% this week - the worst 4-day drop since China's devaluation in August and plunging it back to 4-month lows... Perhaps this is why? PBOC is actively intervening - selling USDs to support offshore Yuan... Trannies were ecstatic... but the rest of the US equity market just could not get with the program...
The Bull Market in Stocks May Be Done
It has come to my attention that, perhaps, the great stock bull market is done. To most people, a bull market is good, and its end is bad. After all, a rising market signifies a healthy economy. Investors are making money. And it seems to prove that the free market is validated, able to deliver miracles despite Obamacare. Share prices are connected to business productivity, aren’t they? In a free market they are, of course. However—and this cannot be said too often—we don’t have a free market.
It's Not Just China, "The Whole Damn System Is Untenable"
If the PBOC was desperate last week, the catalog of words describing their likely stance this week is unbelievably short (pun intended). In the handbook of central bank operations, when conditions truly spiral out of control the first entry in that chapter says to blame speculators. Primary among them, subchapter one in the handbook, are the short sellers.
Why Most Investors Will Never Go Back To Stocks Again, In One Chart
The simple answer: the risk/return is simply not worth it.
We Are All Preppers Now
Damian McBride is the former head of communications at the British treasury and former special adviser to Gordon Brown, erstwhile Prime Minister of the U.K. Yesterday he tweeted some surprising advice in response to the plunge in global equities markets.; Advice on the looming crash, No. 1: get hard cash in a safe place now; don't assume banks & cashpoints will be open, or bank cards will work.
The Reason China's Crash Will Unleash A Global Bond Shockwave
One narrative we’ve pushed quite hard this week is the idea that China’s persistent FX interventions in support of the yuan are costing the PBoC dearly in terms of reserves. Of course this week's posts hardly represent the first time we've touched on the issue of FX reserve liquidation and its implications for global finance. Here, for those curious, are links to previous discussions: And so on and so forth.
Risk Appears Seriously Wounded
Stocks aren’t quite as immune to financial disruption in the middle of 2015 as they had been previously. The last major, comprehensive selloff was also in tandem with “dollar” disorder back last October 15. This time, the motion was more erosion than “event”; at least until the past week.
The Demands For Another Fed Bailout Have Begun
Back in August 2007, just as the quant funds had their first taste of what the upcoming collapse would look like and when the Fed for the first time realized that the subprime woes were "not contained" despite what Ben Bernanke had promised previously to Congress, financial comedy TV's best known mascot, Jim Cramer had a meltdown on CNBC following Bear Stearns' CFO admission that the fixed-income market turmoil was the worst in 22 years, ranting how the Fed "knows nothing" and how it should...
Albert Edwards: "Prepare For Sub-1% Treasury Yields And Another Financial Crisis"
Make no mistake, warns this is the start of something big, something ugly. For while the west has been heaving a sigh of relief over the past few months that deflation pressures have abated somewhat – especially at the core level – we have been emphasising that deflation has only been intensifying in Asia and that like any puss-filled boil, this deflationary pressure would soon need to be lanced...
Economics 101: Wal-Mart Hikes Minimum Wages, Prepares To Fire 1000
The quote above is from an internal memo sent to employees of Northwest Arkansas recruiting firm Cameron Smith & Associates and references an expected wave of layoffs at WalMart’s home office in Bentonville. The memo was obtained by the Arkansas Democrat-Gazette, who spoke with Cameron Smith himself via e-mail.
Greek Debt Committee Just Declared All Debt To The Troika "Illegal, Illegitimate, And Odious"
It was in April when we got a stark reminder of a post we first penned in April of 2011, describing Odious Debt, and why we thought sooner or later this legal term would become applicable for Greece, because two months ago Greek Zoi Konstantopoulou, speaker of the Greek parliament and a SYRIZA member, said she had established a new "Truth Committee on Public Debt" whose purposes was to "investigate how much of the debt is “illegal” with a view to writing it off." Moments ago, this committee...
The Mystery Of America's Missing Wage Growth Has Been Solved
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. The mystery only deepens when the Fed listens to so-called economist experts who tell it wage growth is imminent, if not here already, and it is merely not being captured by the various data series.
Lord Rothschild Warns Investors: "Geopolitical Situation Most Dangerous Since WWII"
For Lord Rothschild, preserving wealth has "become increasingly difficult," recently, as he warns, rather ominously, "we are faced with a geopolitical situation as dangerous as any we have faced since World War II." Furthermore Lord Rothschild summarizes his thoughts briefly, eloquently, and ominously... as he touches on the global debasement of fiat currencies, disappointing growth (in light of massive monetary stimulus), and extreme stock market valuations.
"Catastrophic Shutdown Of America's Supply Chain Looms" As West Coast Port Worker Talks Break Down
For those who have been following the recent ISM reports, one of the recurring concerns of respondents in both the manufacturing and service sector has been the congestion at West Coast Ports - which handled 43.5% of containerized cargo in the U.S and where transiting cargo accounted for 12.5% of US GDP - as a result of reduced work output by the local unions who have been more focused in recent weeks on ongoing wage hike negotiations.
'Pin' Meet 'Housing Bubble 2.0'
Submitted by Jim Quinn via The Burning Platform blog, The 30 Year U.S. Treasury bond yield hit 2.35% yesterday. That is the lowest rate in U.S. history for the 30 Year Treasury. During the deepest darkest depths of the recession in March 2009, after the stock market had fallen over 50%, the yield was 3.5%. One year ago it was yielding 4.0%. Long term interest rates are not controlled by Yellen. They reflect the economic prospects of the country. When they are rising it means the economy is doing well.
"Now There's Not Even Soap" Maduro Heads To China To 'Save' Socialist Utopia Venezuela
Social media is awash with striking images of #EmptyShelvesInVenezuela (#AnaquelesVaciosEnVenezuela) as the evaporation of basic human staples such as toilet paper has now been hyperinflated to total chaos at warehouses and supermarkets. As President Maduro decries the loss of $100 oil "stability", vowing to return oil prices to their rightful places (and heads to China for help), lines reach for miles for milk and soap...
Japanese Stocks Tumble 350 Points From Friday Highs, JPY 119 Handle, WTI Crude Hits $51 Handle
USDJPY tumbles to a 119 handle briefly before Japan opened to its normal JPY-selling spike temporarily lifted the pair 'off the lows'. This drop dragged stock futures lower with Nikkei 225 tumbling over 350 points from its Friday trading highs. Oil prices continue to slide (WTI now with a $51 handle) and EURUSD is bouncing back from its precipitous decline earlier in the evening. S&P futures were down almost 10pts but have recovered about half their losses.
Gold Held In NY Fed Vault Drops To Lowest In 21st Century After Biggest Monthly Withdrawal Since 2001
Exactly one month ago we observed that, as expected in the aftermath of the Netherlands' shocking and still not fully-explained gold repatriation from the NY Fed, the amount of foreign earmarked gold on deposit with the Fed had just experienced a 42 ton withdrawal: the single largest outflow of gold held at the NY Fed in over a decade, going back all the way to 2001.
Thousands Of Protesters Swarm Washington, NYC: "Don't Expect To See Obama Here, Black Issues Don't Matter To Him"
Those planning on visiting (or merely driving around) Washington or New York City today may want to consider a plan B. As Reuters reports, "thousands of demonstrators were expected in Washington and New York on Saturday to protest the killings of unarmed black men by U.S. police and to urge Congress to protect citizens. Organizers said the protests would be among the largest over police tactics and the killings of black males by officers in New York, Cleveland and Ferguson, Missouri.
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