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Independent Analyst
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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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Bubble Psychology And Valuations
In terms of the broader market's valuation, the bubble peak in 2000 was less than half as spectacular as the Nikkei's, but it was still the top of the greatest valuation expansion ever experienced in the US stock market.
The Muffled Sounds Of Distant Implosions – China’s Malinvestment
Back in 2006, Hu Jintao was excited when he visited Caofeidian, the “the world’s first fully realized eco-city”, built on land reclaimed from the sea. Since construction began in 2003, it has devoured the princely sum of $100 billion, most of it provided by banks.
“Redemption Gates” For Money Market Funds
Here is one more reason (as if one was needed …) why one should hold physical gold outside of the system for insurance purposes.
Ukraine Becomes Greece On Steroids
Only a little over two months ago, the IMF approved a $17 bn. bailout package for the insolvent Ukrainian government.
Relative Performance Of Small Caps Keeps Worsening
The problem is that it is therefore underperforming the big cap S&P 500 ever more. Given that outperformance by the Russell has been a hallmark of the cyclical bull market since the 2009 low, this development should be of grave concern to investors.
Gold Stocks Remain Strong
We recently commented on the commitments of traders in gold, arguing that the data indicated a near term correction in gold was likely. This correction has subsequently happened, and has so far held above the crucial technical level of $1290.
Unloved Treasuries
There is a big warning sign out there that is widely ignored, so we thought we will briefly comment on it. Treasury note yields have trended lower since the beginning of the year – against widespread expectations that yields would surely rise.
Dressed For Bubbles
Ms. Yellen has inter alia shared her insights about financial markets with the Senate Banking Committee – while wearing her bubbly dress, no less!
Australia Sees The Light And Scraps Carbon Tax
Australia's government has repealed a controversial carbon tax on the nation's worst greenhouse gas polluters, ending years of contention over a measure that became political poison for those who imposed it.
Outlook For Gold, Stocks, Economy By Incrementum’s Advisory Board
In March, we released the minutes of the first Advisory Board meeting by Incrementum Liechtenstein, see the summary Will Inflation Make A Comeback In 2014 When The Consensus Worries About Deflation.
European Banking Minefield
The little disturbance in Portugal's banking landscape hasn't been entirely overcome yet. New management has been installed at Banco Espirito Santo, but the problem is that the bank apparently sits on quite a few dubious assets...
Libya And Yemen – The Next “Failed States”?
With all eyes on the advances of the Islamic State in Iraq and lately on the traditional flattening of Gaza (happens every few years it seems), Libya has not been on the radar much.
Euro-Yammering
Mario Draghi has managed to talk the bonds of completely insolvent governments up, merely by making vague promises of doing something that sounded somewhat dodgy, even illegal.
Dangerous Tools
This is simply too funny. Here are a few excerpts from a recent Reuters article on the planned “normalization” of monetary policy...
Japan’s Extended Bump In The Road
Not that anyone cares much in today's QE infested world, but Japan's economy continues to “temporarily” disappoint, in spite of his Arrowship's efforts.
The Yield Curve And Recessions
Ever since the echo bubble went into overdrive due to the Fed adding what by now are nearly $5 trillion to the broad US money supply TMS-2.
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