Author Archives

  • Doug Noland: Walk the Walk

    Now for Doug’s “Walk the Walk” which in short means the Fed has to show us it can do something it has been unwilling to do for over a decade – stop propping up the markets.

  • Doug Noland: Black Friday

    Bubbles at their core are pernicious mechanisms for wealth redistribution and destruction. Geopolitical risk is a key Bubble manifestation, with the current most protracted global Bubble unmatched in this regard. Competing head-to-head with Covid in terms of stubborn persistency, there was similarly no relief this week from mounting geopolitical risks.

  • Doug Noland: Trouble on the Horizon

    But let’s return to the “Periphery vs. Core” analytical framework. It’s certainly not abnormal for trouble at the “Periphery” to initially bolster a booming “Core.” But it is extraordinary to observe the “Periphery” falter in the face of massive global QE and generally very low bond yields. The perceived bulletproof “Core” is oblivious to this ominous development.

  • Doug Noland: Accident-Prone End-Game Dynamic

    The Fed is trapped. They’ve been trapped for a while, but it essentially didn’t matter (in the age of open-ended QE) so long as consumer price inflation remained well-contained

  • Doug Noland: Dow 36,000 and Policy Mistakes

    Please note the book written on Dow 36,000 came out in 1999 and the SP500 found itself 60% lower nine years later.

  • Doug Noland: Losing Control

    Today’s unparalleled degree of uncertainty is anathema to leveraged speculation. There was evidence this week that central banks are Losing Control, a precarious dynamic that will spur a ratcheting down of risk throughout the global leveraged speculating community.

  • Doug Noland: A True Central Banker

    China Crash Watch: Existing apartment sales were down 63% YOY part of a sector that is 29% of GDP and 41% of bank’s assets and 78% of urban Chinese wealth.

  • Doug Noland: Controllable

    Families can not live on their reduced share of the US national income. Corporations and billionaires squeezed the middle class and working class to the point of breaking. Now I expect to see a bounce back in wages. And that will lead to wage-push inflation. And the Fed is in no position to stop it.

  • Doug Noland: Contagion

    Real Estate accounts for 30% of China’s GDP and today it is imploding along with the bonds that supported it. Before the pandemic China had 90 million empty apartments… there will be no more expansion.

  • Doug Noland: Inflation Watch

    August Personal Consumption Expenditures (PCE) inflation rose to 4.3% y-o-y, the largest gain in 30 years. The S&P CoreLogic National Composite Home Price Index posted a 19.7% y-o-y gain in July – the strongest housing inflation in data back to… Read More ›