Posts Tagged ‘crude oil’

Notes From Underground: Xi, Am Putin My Readers On?

November 29, 2018

The Twitterverse is atwitter with news bits about the coming meeting this Friday and Saturday. There are rumors that Putin and Trump were going to meet but now the get-together is off. The once-scorned Peter Navarro is to be at the Xi/Trump summit after all. An Argentinian Judge has suggested that Saudi Crown Prince MBS may be arrested for the killing of Jamal Khashoggi. There will be no agreement on free trade in the G-20 communique, especially as Trump has renewed threats against German auto firms with a 25 percent tariff on its exports to the United States. When Donald Trump comes to town it truly portends a three-ring circus.

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Notes From Underground: More On Japan

November 3, 2014

The question for global macro: Why did the Japanese decide to become more aggressive on quantitative easing at this moment? The YEN had been stable for most of the year, trading between 101 and 106 YEN to the DOLLAR and between 135 and 140 on the EUR/YEN for the previous four months. The Japanese seem to exert pressure after international meetings. The IMF and G7 and G20 ended in mid-October so either the Japanese wanted to avoid criticism about depreciating its currency or it received the GREEN LIGHT from the G7 members to get more aggressive on its QE efforts. Readers of NOTES FROM UNDERGROUND can revisit a blog post from October 15, 2012 when I noted that the G7 communique seemed to give the Japanese authorities a “wink” in its efforts to weaken an overvalued YEN. Let’s examine some other possibilities for renewed efforts by the BOJ to weaken the YEN and, of course, lift equity prices in a simultaneous move:

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Notes From Underground: Larry Summers In Mister October

October 7, 2014

There is not doubt that Larry Summers is excited by October G-20 and IMF meetings as the top policy makers meet to discuss the state of the world economy and other significant global interests. It’s a time when the media is focused on the world’s leaders and Mr. Summers likes the role of being a major player. There is no question about Summer’s academic qualifications and his wealth of policy making experience. If success in the field of economics was based on eugenics, well, Larry Summers would certainly have a Nobel Prize. My one major criticism of Secretary Summers was his running interference for Robert Rubin and Sandy Weil in their efforts to repeal Glass-Steagall, which even Mr. Weil has admitted was a great mistake. In today’s Financial Times, Larry Summers had an op-ed, “Why Public Investment Really Is A Free Lunch.”

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Notes From Underground: Can the Obama Administration Please Find People Who Haven’t Been Responsible For Failed Policies?

January 19, 2012

The Obama Administration has taken recycling way too far. There is a rumor that former economic adviser Larry Summers is a potential nominee for President of the World Bank. Is there no one else besides these retreads who have represented and worked for the FINANCIAL-POLITICAL COMPLEX? Summers is a horrible choice as he has been tainted by his work and exorbitant compensation for several Wall Street firms. The idea that the World Bank president has to be an American is a throwback to the times when it was ok to fight anti-colonial wars around the globe and at the same time using the World Bank’s funds to buy friends and influence people no matter how tyrannical the regime.

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Notes From Underground: A Market Pregnant With Fear Suffers A Contraction From A Confusing Headline

October 25, 2011

The global markets are on tenterhooks waiting for the European leaders to come to some definitive plan of action to secure the European banking sector and provide relief to the problem of sovereign solvency issue of the so-called PIIGS. This problem has plagued the financial landscape since January 2010, when the Chinese SWF failed to buy a Greek 25 billion euro bond offering. When China didn’t fund Greece, the spotlight was directed to the European debt markets and the result has been a steady decay in the value of the sovereign debt of the European peripheries. After previous crisis meetings to stem the debt crisis, the time has come for the EUROCRATS and their political leaders to provide a program that has some genuine credibility.

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Notes From Underground: Austerity, WHERE IS THOU STING?

June 29, 2011

The question of the impact from the austerity budget passed by Greece will not be visible under the lights of television but will rather be a process drawn out during the coming years. Tears will flow not from the irritation of tear gas but from the “NEGATIVE FEEDBACK LOOP” that has been initiated by the power of Brussels to exact its pain from the citizenry of Greece while applying the salve of credit relief to the global banks and financial entities saddled with the debt of the profligate PIIGS.

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Notes From Underground: MAN PLANS AND GOD LAUGHS

March 13, 2011

The people of Japan are under severe stress and deep anguish because of the cleanup from Friday’s devastating earthquake and tsunami. The readers of NOTES are well aware that my son, Tobias Harris, is a recognized analyst on Japanese politics and has been the recipient of Japanese hospitality on numerous trips and long periods of work. Our hearts go out to the Japanese people as they begin to come to terms with the massive amount of destruction and loss of life. As traders, we tend to focus on the financial ramifications of major disasters but the depth of despair and suffering for those caught in its wake is real and we should all offer our prayers and aid to the people of Japan. With that said, we know that as the human suffering is tabulated the world goes on and markets will be trying to come to terms with global financial impact.

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