luncheon speech by Bank of England's outgoing governor, Mark Carney, titled "The Growing Challenges for Monetary Policy in the current International Monetary and Financial System", where he dedicated no less than 23 pages to a stunning - for a central banker - cause: to describe why the dollar's "destabilizing" reserve status role in the world economy has to end, and why central banks need to join together to create their own replacement reserve currency, one potentially tied to Facebook's new "stablecoin" Libra, although in reality any "Synthetic Hegemonic Currency" as Carney defined it would do.
Which brings us to why what Carney said, is shocking: because he not only validated what until recently the "serious experts" (i.e. the vapid, pro-establishment echo chamber with zero financial comprehension) would consider the deranged rambling of tinfoil blogs, but confirmed that - as a member of the establishment - what comes next will be catastrophic.
Then along came former Goldman banker and current (outgoing) BOE governor, Mark Carney, who in his lunchtime address laid out a shocking, radical proposal - perhaps the most stunning thing to ever be unveiled at Jackson Hole - urging to replace the US Dollar with a "Libra-like" reserve currency in a dramatic revamp of the global monetary, financial and economic order.
****The PREZ biggest risk to re-election is neither the left wingnutZ nor the MSM -- it is the apolitical financial groups****
exactamon mon frère, c'est la bataille des milliardaires
Livingston nh 20:25:18 GMT - 08/22/2019
STOX last minute decline indicates some nervousness -- The PREZ biggest risk to re-election is neither the left wingnutZ nor the MSM -- it is the apolitical financial groups
The PREZ is not a card carrying member -- do these AFGs favor nega rates? do they even care about China trade deficits? // Powell is - he knows these folks // he is not an acolyte of some economic theory - he is a pragmatist - if he turns on the Prez to "support" the economy the bully pulpit may collapse // Trump panics when he is challenged
The best cross examination has the witness prove your case
Livingston nh 19:29:32 GMT - 08/22/2019
Powell speech could warn off the KIDZ and play on Harker's comments this AM (strong US needs higher rates than Germany) putting the Prez off with faint praise (The President is right; capital IS pouring into the US because of our Strong economy, boosting the USD. Our interest rate policy may be too accommodative.)
Bullard (loose cannon) is on early CNBC -- would he vote for another hike in Sept? He was pretty clear about no 1/2 point cut -- Consensus is a moving target on the Fed sometimes - BoG usually stands by Chair BUT Clarida and Williams may have a different agenda -- Kashkari is a lightweight but who else wanted 1/2 point? If Powell thinx 3 dissents in Sept and some Participants opposed he might not put a cut on the table
dc CB 15:42:52 GMT - 08/22/2019
Mea Culpa? Or partisan political pandering to reinforce the "recession is imminent and there's nothing to stop it and it's Trump's fault and that means Trump's unelectable" narrative?
Summers begins his diatribe by addressing the big imminent issue ahead of us:
"Coming into Jackson Hole, economists are grappling with a major issue: Can central banking as we know it be the primary tool of macroeconomic stabilization in the industrial world over the next decade?"
(that 28 tweet thread of self-flagellation, wouldn't it have been more interesting if Summers had said all that oh, ten years ago?/ZeroHedge)
Mon 27 May 2019 AAGB/US- Holiday Tue 28 May 2019 A 14:00 US- Consumer Confidence C 13:00 US- Case-Shiller Wed 29 May 2019 A 08:55 DE- Employment AA 18:00 US- BOC Decision A 18:30 US- EIA Crude Thu 30 Mar 2019 AAEZ/CH- Holiday A 12:30 US- Weekly Jobless Fri 31 Mar 2019 AA 10:00 EZ- Flash HICP A 12:30 US- Personal Income, Spending, Deflator AA 14:00 US- Final Univ of Michigan
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