Treasury issuance will go through the roof over the next 5 days while the Fed has decided to cut back its support. That’s a bad combination.
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Macro liquidity measures have absolutely gone through the roof, blown the lid off, set off a tsunami, as US government spending skyrockets to the moon and worlds beyond. US bank deposits aren’t just soaring, they are exploding. These deposits are backed mostly by US Treasury paper, future claims on American taxpayers. These claims for which there’s no reasonable expectation of repayment, other than with severely depreciated dollars. Your stocks may soar, and they may still be worthless.
As the stock market began to rebound, one indicator shows the banks started buying shit like crazy. Like the South Park’s Kyle, the kid who always believed in Mr. Hankey the Christmas Poo, the banks believe in Mr. Powell.
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Futures in the pre-market signal an end to the crash. Here’s what’s needed to maintain that and a few trade suggestions to take advantage.
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It worked well in theory and in practice for a dozen years. But at what is likely to be the most important juncture in our lives, if not in modern history, this indicator failed to warn us. Here’s why that’s terrifying.
We also take a look at the foreign central bank issue and tell why that’s also frightening.
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$321 Billion
That’s how much cash the Fed will pump into Primary Dealer accounts this week. Guess how much new Treasury issuance there will be over the same period. If you guessed $321 billion, you would be all but correct. It’s $328 billion.
That’s right. The Fed is buying all of the COVID19 rescue financing. It’s inventing imaginary money to pay Primary Dealers for that new supply. The Fed is printing the money to pay for the economic bailout.
And it’s not stabilizing the financial markets. Here’s why, and what it means.
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When the margin man came collecting on other stuff, gold got dumped. Once he left, gold came right back. What does it mean for the long haul?
Plus a few mining picks with low risk entries and good upside potential.
The Fed injected around $600 billion into the markets and the banking system last week. That’s about $2,000 for every American, and it was just one weekly installment. All in the valley of Death rode the 600. We are the 600 and the Fed is leading us into the valley of Death.
Meanwhile banking indicators suggest that the sickness is getting worse, not better.
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Massive Fed intervention turned the market, although cyclicality was favorable. The 6 month cycle low was overdue. But is it something more than that?
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On March 3, the Fed converted Not QE into Panic QE. Since then it has pumped $766 billion in cash into Primary Dealer accounts. At the same time the US Treasury issued “only” $147 billion in new debt. So in essence, the Fed issued $619 billion in excess cash.
Other than the hyperinflationary implications, what good has it done? What does it mean for us looking ahead.
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It looks that way, but it’s not out of the woods. The same goes for the mining stocks. This report shows what needs to happen.
Lee Adler