Posts Tagged ‘Deflation’

We’re Not Going To Take It….Anymore

July 21st, 2016 by Kurt L. Smith

Britain decided it no longer wanted to be a member of the European Union. Britain had enough of Europe or precisely 52% of British voters had enough. The reasons why they had enough was not an issue. The result however is clear: Britain will no longer be a member of one organization bigger than itself: The EU.

Soon Britain may not be a part of another larger organization, the one that makes it Great. So blow the winds of change, especially when the issues that trouble many are seemingly ignored by those who hold the power.

How many Brits voted for an exit because of fear of immigration and the fear of more, seemingly out of control, immigration? We don’t know. We do know that immigration has been an issue longer than a European Union has been a dream. If times are good and spirits rising odds are we can ignore the issue or simply praise the benefits of immigration. Times are not that good now, the mood has changed and leadership needs to change with the times. (more…)

Markets Move; Fed Does Not

October 5th, 2015 by Kurt L. Smith

We have witnessed a reversal from the slow and steady rise of the stock market to greater volatility including a twelve percent decline in the Dow in a mere four days back in August. Stocks recovered going into the Federal Reserve’s interest rate announcement September 17^th, yet the Fed chose not to move on interest rates. (more…)

More Debt More Better

May 1st, 2014 by Kurt L. Smith

I was wrong. The great Credit Expansion Finished didn’t end with the financial crisis; the great Credit Expansion merely took a reprieve. While the effects of the reprieve were mighty indeed, with stock and bond prices plunging, I was wrong to believe Credit Expansion Finished. Total credit (debt) has now soared to new highs largely taking stock and bond prices right back up with it.
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Exceptional Exceptions

August 30th, 2013 by Kurt L. Smith

In a world that includes dozens of US Treasury bond issues (but just one credit) or hundreds of Corporate bond issuers, Municipal bonds offer tens of thousands of different credits, terms and conditions. It is these differences, rather than their similarities, between issuers and issuances that account for the robustness of the municipal bond market. (more…)

Wash, Rinse, Repeat

March 8th, 2013 by Kurt L. Smith

Stocks are cheap! Compared to Bonds, Stocks are cheap, but then again, everything is cheap compared to Bonds. This is the narrative driving Stock prices to multi-year and even all-time highs. Enjoy while you can but this narrative has no legs, despite the desires of all the central banks on the planet. (more…)

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