Liquidity is a state of mind. Fiat enthusiast. 🇺🇸 🇮🇹 /s 🇪🇸 🇫🇷 🇵🇹 @BehavioralMacro
California
Joined April 2011
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2005-2007 banks were 30x levered, there was no QE and Fed funds rate was at 5%
1998-2000 equities had highest valuations ever. There was no QE and Fed fund rate was at 5%
2015-2021 Japan & EU run largest QE on earth, JP and EU equities don't experience massive asset inflation
In the 90s, when Russia was emerging from the breakup of the Soviet Union, the unofficial saying at the State department was if the Russians signed an agreement, all that meant was that they were in the room with you at that point in time.
Dow retweeted
Ain’t no doubt about it. A guy who orchestrated an attack on the Capitol to overturn the federal election will stop at nothing. He won’t stop unless he is stopped.
Democratic senator: Trump is ‘laying the groundwork’ to steal Minnesota election
thehill.com/homenews/senate/…
Turns out that was a fake Trump post so I took it down.
But any of you bitches crying about it let me know if you think Trump won’t deny every election he loses. And let me know if you think he won’t continue to lie and attempt to rig the election.
Another often overlooked point is that the budget that triggered the crisis was announced at a time when equity markets around the world were under extreme pressure
This led to a much more panicked response than otherwise would have been the case. In fact, it might not have even turned out to be the crisis it was had it not been for the highly risk-averse backdrop at that point in time.
Just go back and look where equity and volatility markets were when the budget was announced. Markets in the short term are almost always more emotional than rational, but massively more so when markets are selling off hard
this message is essentially correct, however much you dislike the messenger.
The Bank of England has enormous gilt powers, it deployed them to pressure Truss into fiscal orthodoxy, and it did a U-turn last month that helped the Burnham government
mainstreamlabour.org/publica…
Dow retweeted
Banks create more money than central banks.
That’s the heart of our financial system, and some people just can’t get their heads around it.
This is a beautifully clear and precise conceptual exposition of how it works.
This should be mandatory viewing for any course on money and credit.
🚨Brilliant interview!
💸💰💸💰💸💰💸
🚨How do banks create money ?
💸💰💸💰💸💰💸
🚨Prof Werner is incomparable.
In the 5000 yr history of banking no-one has ever done an imperical study of banking to show where the money comes from- until now. Step up the rock star economist Professor Richard Werner. His amazing qualifications and held positions makes the eye water. He is truly the authority on this subject. Banks are thought of as deposit taking entities who lend money - but that is just wrong. His assessment - Banks dont lend money but they misrepresent (lie) to their customers and say that they do.
Ain’t no doubt about it. A guy who orchestrated an attack on the Capitol to overturn the federal election will stop at nothing. He won’t stop unless he is stopped.
Democratic senator: Trump is ‘laying the groundwork’ to steal Minnesota election
thehill.com/homenews/senate/…
Dow retweeted
Another story impossible to imagine in any other administration: the president's son goes hunting with a Russian criminal who is part of Putin's security entourage
The trip highlights the remarkable relationship between a son of the US president and a tycoon with a criminal record who has close ties to Vladimir Putin’s personal security service. Intelligence experts say such connections are ripe for manipulation. ft.trib.al/p0LBRYI
Dow retweeted
My heart goes out to the brave soldiers of Ukraine who are manning the ramparts of liberty against aggression, rapacity and nihilism.
Poland will support free Ukraine until a just peace is achieved.
Banks create more money than central banks.
That’s the heart of our financial system, and some people just can’t get their heads around it.
This is a beautifully clear and precise conceptual exposition of how it works.
This should be mandatory viewing for any course on money and credit.
🚨Brilliant interview!
💸💰💸💰💸💰💸
🚨How do banks create money ?
💸💰💸💰💸💰💸
🚨Prof Werner is incomparable.
In the 5000 yr history of banking no-one has ever done an imperical study of banking to show where the money comes from- until now. Step up the rock star economist Professor Richard Werner. His amazing qualifications and held positions makes the eye water. He is truly the authority on this subject. Banks are thought of as deposit taking entities who lend money - but that is just wrong. His assessment - Banks dont lend money but they misrepresent (lie) to their customers and say that they do.
They are. $EWZ
Lula’s shock win in Brazil against Bolsonaro triggered an investor reaction for the ages. But @JPSpinetto thinks markets are overacting 🎥
Dow retweeted
Because it's a Russian propaganda operation designed, like the hostage releases, to distract Trump, stroke his ego and prevent him from resuming pressure on Russia to end the war
It’s not a coincidence that this is being floated just ahead of the midterms. Buckle up.
SCOOP up now @washingtonsun from @JasJWright and @jstein_sun : The White House is weighing mass pardons for junior staff washingtonsun.com/whitehouse…
Dow retweeted
A rather famous economist (I won't mention his name) just told me in DMs that the economy always converges to equilibrium.
I asked him when.
He said in the long run.
I asked him what fucking year.
Dow retweeted
Breaking news: The Trump administration has not approved the transfer of interceptor missiles to Ukraine that are needed to protect the country from Russian attacks, officials said, a delay that comes as President Trump has embraced Russia in recent weeks. wapo.st/4yCb7T7
