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Pater Tenebrarum is an independent analyst and economist/social theorist. He has been involved with financial markets in various capacities for 31 years and currently writes economic and market analyses for independent research organizations and a European hedge fund consultancy as well as being ...more

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An “Anti-Bubble” Blow-Off In The Gold Sector
Last week the gold market was ambushed twice in close succession – first by the Fed’s “everything is fine” statement (no-one can have been surprised by the well-telegraphed temporary end of “QE”) and then by the BoJ’s surprise assault on the yen.
The Experiment That Will Blow Up The World
Today’s decision to expand Japan’s monetary stimulus may be regarded as shock treatment in the central bank’s effort to affect confidence levels.
The FOMC Decision – A Mouthful Of Reassurances In Every Conceivable Direction
Inflation expectations have indeed been trending downward – this is to say, expectations regarding the future rate of change of CPI
Short Bets On Japanese Stocks Surge
We have been a bit surprised to learn that short bets on Japanese stocks have recently surged significantly. Evidently, Japanese investors are well-trained by now: they don’t expect rallies in Japan’s stock market to hold or continue.
IMF Clarifies Rules In Rounding Error Competition
No negative rates for the putative Bancor … Keynes must surely be rotating in his grave.
Do Howls From Rome Prove Anything?
Italy’s banks were among the hardest hit by the ECB’s “comprehensive assessment” and the associated demands to increase their capital.
The ECB’s Hope Test
We noted on the eve of the publication of the ECB’s “comprehensive assessment” of European banks that the central bank’s review would likely be more stringent than the EBA’s stress tests during the euro area crisis, because the central bank will become their supervisor.
Stress Test Angst - ECB’s Comprehensive Bank Assessment Finalized
The banks themselves have already received the results of the ECB’s assessment yesterday, but they will only be made public on Sunday – apparently the intention is to avoid roiling the markets.
Discussion Of Market And Economic Trends By Incrementum’s Advisory Board
Incrementum’s proprietary inflation/deflation indicator has been extremely volatile so far in 2014, moving from negative to positive territory and vice versa several times.
Barron’s Big Money Poll: More Of The Same
So what are the big money’s big ideas this time around? They continue exhibit a huge bearish consensus on bonds, which we have in the past flagged as a big contrary indicator .
Theories Only A Mother Could Love
The European Central Bank has started to buy covered bonds, in its latest attempt to to revive lending in the euro zone and stave off a vicious bout of economic stagnation
How Far Will The Stock Market Rebound Go?
We can actually not answer the question posed above with certainty. We don’t know for sure whether the recent market decline was a “warning shot” or merely a short term shake-out. In this we are in good company: the whole world doesn’t know.
Switzerland’s Referendum On Gold
The Swiss National Bank (which is run by a bunch of Keynesian dunderheads – not too surprising for a central bank, but somewhat surprising for Switzerland) is trying its best to somehow thwart the upcoming referendum on gold.
The S&P 500 And The Confused Bureaucrat
The attempt to centrally plan changes in money’s future purchasing power, which has been popular with the Fed since Irving Fisher came up with his price indexes, is one of the greatest sources of economic instability currently in train.
Europe: The Good, The Bad … And The Hookers
Greek stocks and bonds have essentially crashed, with government bond yields back at levels that normally indicate severe crisis conditions .
Market Volatility Increases Further, Still Too Much Complacency
Here is a brief update on the action in the stock and bond markets.
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