Discover and read the best of Twitter Threads about #centralbank

Most recents (21)

In a world where people still starve (though thankfully proportionately fewer over time) and material needs in general are unsated, there can be no #savingsglut. There CAN be misallocations of saving -due to corrupted price signals or corrupted polities, or both- but that’s...
...a very different matter.
Secondly, ‘saving’ is supposed to represent an available resource -whether for consumption or production, whether material or human. It is NOT something which magically appears when the #centralbank & its minions sit behind a keyboard...
If #JeromePowell or M #Lagarde cause a million smackers to appear in everyone’s account overnight, bank balances will have risen; #savings, will NOT. Even a man as unnuanced as Mussolini got this, sneering that Italians’ wealth would not rise if they all had more printed...
Read 13 tweets
#NewNormal" continues. After #CentralBank of #Yemen and #Iraq, we are having mission with #CentralBank of #Libya. Concluded a very productive #meeting with colleagues from #CentralBank and #IMF for a #Islamicfinance IMF mission through #Cisco #webmex. #riskmanagement #Libya Image
Other than #Sudan and #Iran, #Libya is going to be #third #country in the world to have full-fledged #Islamicfinance system after #transition is completed. It requires a significant progress on Islamic finance #regulation and #supervision, which is #underway.
Happy to be part of last three years engagement, through IMF, with them on various topics. Many thanks to my good friends supervisors Haithem Elyacoubi, anwar tantoush, Hatem Salem, Abdulhamid, Dr. Mukhtar for excellent discussion. I hope this will be a very good #IMF mission.
Read 4 tweets
People trying to draw analogies with the #GreatDepression, wartime, or 70s stagflation are missing the point IMHO 1/x
GD was a ‘sudden-stop’ shock which ended the credit-boom lending to Weimar as the Young Plan looked in jeopardy. Made worse by politics (war debts, etc), #protectionism (Smoot-Hawley), Hoover call to maintain wage-rates, #FX chaos (esp. when Brits left #gold standard) 2/x
The initial slump & ‘secondary (financial vicious cycle) depression’ then perpetuated by #NewDeal boondoggle vote-buying, #FDR capriciousness, & Brain Trust cranks. This was much more a post-#GFC parallel than today’s #ContaminoBay #lockdown 3/x
Read 15 tweets
Largely because (a) the injections functioned differently last time as it was primarily a financial seizure, not a real one; (c) the real assets which did deflate -RE- are the very ones which have since most risen in price (“inflated”); (d) intl division of labour then undamaged
Somewhat risible to say no fiscal response last time, even if this one is shaping up to dwarf it. That’s just #Keynesian dinosaurs trying to say only their Master’s nostrums can work.
Worry is, we redo the 30s: lacklustre growth as too big a Boondoggle state exploiting its edge.
The state runs only the softest of soft budgets, is the most wasteful, least productive, most monolithic, least innovative of spenders. Backed up by a compliant #centralbank -monetary ‘authority’ is now a joke!- that implies lots of (misdirected) demand for not much extra supply
Read 7 tweets
"Theory tells us why Japan didn't inflate" Really? News to most! But two things may explain it - business made a big shift from heavily indebted to positive cash, mirrored by the state's plunge into the red, intermediated by the BOJ... 1/x
In effect, corporate debt was slowly washed to the government whose IOUs were bought by the #centralbank. Reserves issued v these offset bank deposit liabilities to the now flush businesses happy to hold them because #NIRP destroyed transaction/savings balance differences 2/x
Meanwhile, much of #Japan's newly created money was swapped up and used to finance speculative purchases elsewhere in the world - as shown for Grand Cayman 3/x
Read 7 tweets
Reading all these calls for ‘stimulus’, one wonders, if Constantine XI had had a ‘technology we call the printing press’ would his city not have fallen to the besieging Ottomans in 1453.
Shame he hadn’t heard of Gutenberg’s newly invented gizmo...
#Fed #UST #coronavirus #ECB
“The bad news, Tommy, iss for your ze war iss over. Ze good is, your RAF has parachuted in a packet of £5 notes to ease your captivity”
#coronavirus #stimulus #centralbanks #HelicopterMoney
Imagine if, during the Berlin Airlift, General Lucius Clay had not bothered flyng in food and fuel, but had just dropped Greenbacks.

You think Stalin might have chuckled?
#stimulus #coronavirus #COVID2019 #centralbanks #fiscal
Read 9 tweets
Lets talk about #Global #CentralBanks and their #MonetaryPolicy stances given #COVID19. Specifically, lets ask ourselves: "Can Central Banks Help Fight COVID-19?"
The best place to start is to note that #Global #Growth was already facing considerable downside risks before the #COVID19 outbreak December 2019. The slow down in global growth came on the back of trade (china vs. us) and geopolitical (Brexit etc.) tensions...
To this end, institutions such as the #IMF & #WorldBank revised down their 2020 #Economic #Growth outlook & emphasised the need for a more coordinated #policy approach between #monetary & #fiscal policy around the globe to "rescue" growth from the doldrums...
Read 14 tweets
Yes, some (mostly speculative) #credit has been extinguished - *POOF* - and hence security prices have reverted to a level closer to what would be paid by those investing actual saved funds - i.e., capital. Is that a BAD thing? (Caveat: fear-driven overshoot is inescapable) 1/x
However, most of that underlying financial capital still exists (albeit with the notional gains of the past several months -arguably a largely ‘fictional’ overlay- extinguished). The bulk of it, however, remains in existence, even now. 2/x
What is understandably lacking is the will, the confidence, to employ it. Hence the rush to but ‘safe’ government securities as a default, leading to further distortions in pricing (and encouraging a further, damaging nationalisation of capital) 3/x
Read 13 tweets
If you've been following #Global #Capital #Markets, you'll have noted a significant rebound in some of the world's key stock market indices. This follows a "correction" in the wake of #COVID19. The rebound largely comes on the back of #CentralBank commitment to "lower for longer"
While #CentralBank commitment to "lower for longer" might help rally markets today, it is still imperative for us to consider the #Global #MonetaryPolicy #Toolbox and if policy makers will have enough space to "keep cutting" or providing "stimulus" moving forward.
Below are #CentralBank meeting dates for March 1st to 7th 2020. From this list, Banks that usually "move the needle" as it where, are Bank of #Australia & the Bank of #Canada. As it so happens, Bank of Australia cut policy rate by 25bps to 0.5% citing #COVID19 as downside risk.
Read 7 tweets
Lets talk about the 1st meeting of #G20 #Finance Ministers and #CentralBank Governors. Specifically, lets talk about the short to medium term headwinds for global #Economic #Growth...
If you haven't been living under a rock, and you happen to be an avid scholar / practitioner in the world of #Global #Finance / #CentralBanking, then you know that the Group of 20 Finance Ministers & Central Bank Governors met on the 22-23 Feb 2020 in #Riyadh, #SaudiArabia...
The 2020 #g20 meeting of finance ministers & central bank governors in #Riyadh brought together key #Fiscal and #Monetary #Policy makers to discuss, inter alia, what #Global #Economic #Growth prospects look like in the short to medium term...
Read 12 tweets
Lets talk about the #FED's #Outlook on #US & #Global #Growth & where it sees #MonetaryPolicy #Regulation & #Supervision going given the #Zero / #EffectiveLowerBound...
Yesterday, 6th February 2020, the #FederalReserve (FED) Vice Chair for #Supervision addressed the #Money Marketeers of #NewYorkUniversity in #NewYork. His address, in the form of a speech, was coined "The #Economic Outlook, #MonetaryPolicy, and the Demand for #Reserves"...
Considering that the #FED is one of the most influential #CentralBanks in the world, it pays to get as much information from them as possible, especially when it comes to #monetarypolicy conduct and the #Global impacts thereof...
Read 11 tweets
Lets talk about the upcoming 1st meeting of the #FED #FOMC (28-29 January 2020). Specifically, lets talk about the #DOTS...
The #FED #FOMC developed the so called #DotPlot in 2011 as a chart to record each FED's official forecast for the FED's key short-term interest rate (federal funds rate - #FFR). Currently, the FFR, following the December 2019 meeting is in the target range between 1.5% and 1.75%
The most recent #DotPlot is attached below. Each dot represents one #FED official, from the Chairman to fellow Governors. It is anonymous & as such, no one knows which official is responsible for what dot...
Read 10 tweets
Lets talk about how important it is to frequently #Review #CentralBank #MonetaryPolicy #Frameworks...
I will set things off by pointing out that the various facets of #BusinessCycles (early, mid, late / boom & busts) consistently keep reminding us that what goes up, must come down. We might find ourselves in a prolonged #expansion, but eventually it decelerates into a #recession
As part of #Macroeconomic management (counter cyclical), a #CentralBank's objective (through its #MonetaryPolicy) is to maintain #PriceStability & #FinancialStability & in other cases, to promote #FullEmployment. It does this hand in hand with #FiscalPolicy...
Read 15 tweets
The whole point of the ‘market’ -as we #Asutrians have been telling you for over a century- is that the prices formed by the countless interactions of our teeming humanity convey info of the best possible quality to help co-ordinate the most fruitful use of scarce resources 1/x
- the greater the nodes on that market network; the more individual needs and preferences expressed upon it, the better the solutions: the more enriched the ‘spontaneous order’ it throws up.
The scrambling of price signals by state lever-pullers is one evil we often discuss - 2/x
- what we don’t address often enough in financial markets (theoretically possessed of the densest and most widespread, most rapid, most frictionless networks of all) is the deadening effect of overconcentration and the move to oligopoly under which we are now suffering - 3/x
Read 11 tweets
Let us talk about recent #Trends in #Global #Monetary #Policy, say, from 2015 to 2019...
Before I do that, let me give you an updated list of #CentralBank #MonetaryPolicyCommittee meetings for 2020...The matrix attached shows MPC dates for #CBL #SARB #FED and #ECB...
Surely we are conversant with the terms #dovish #hawkish #loose #tight #expansionary & #contractionary when it comes to #monetarypolicy jargon. What did the #global monetary policy landscape look like from 2015 to 2019? Was it loose or tight, expansionary or contractionary?
Read 12 tweets
Lets talk about the #MonetaryPolicy Implications for #FinancialInnovation / #FinTech...
I am sure by this time we have all heard of the phenomenon known as #FinTech. Recently, I used the #GoogleTrends platform to ascertain the degree of search interest in the term "FinTech". The graphs depict a surge in interest from around 2014...
I took the #GoogleTrends analysis a bit further and determined where (geographically) interest in the search term #FinTech was most pronounced...
Read 13 tweets
Let us talk about the #SouthAfricanReserveBank & what we can expect from their #MonetaryPolicy in 2020...
The #SouthAfricanReserveBank #SARB #MonetaryPolicyCommittee #MPC will conclude its first meeting of 2020 tomorrow 16th January 2020...The #KeyPolicyRate, the #RepoRate is currently 6.5% and #Inflation (#CPI inflation) is within the Bank's 3%-6% target range, at 3.6%...
The #SARB #MPC will consider #domestic #regional & #global #economic / #macroeconomic developments in deciding on its policy stance. The SARB is an inflation targeting #CentralBank whose mandate is to ensure #Price & #Financial #Stability necessary to support economic #Growth...
Read 6 tweets
1/ AT ONE TIME, EVERY PIECE OF #PAPER MONEY WAS BACKED BY #GOLD. REMEMBER… FOR EVERY 20 DOLLAR BILL… THERE WAS $20 WORTH OF GOLD IN A #GOVERNMENT VAULT. NOT ANYMORE.

TODAY, GOVERNMENTS CREATE #CURRENCY BY FIRST CREATING BONDS OR TREASURY-BILLS.
2/
THESE #BONDS ARE SOLD IN THE #MARKET… GENERATING FUNDS FOR THE GOVERNMENT THAT ISSUED THEM.

LARGE #BANKS BUY U.S. BONDS TO FLIP THEM… SELLING THEM TO THE #FEDERAL RESERVE AT A PROFIT -- THIS IS THE MAGIC MONEY MACHINE. #FED
3/ YOU SEE… THE FED IS AMERICA’S #CENTRALBANK. BUT IT DOESN’T HAVE ANY MONEY, NO #CASH ON ITS BALANCE SHEETS.

WHEN A BANK BUYS A BOND AND TAKES IT TO THE FEDERAL RESERVE, THE FED SIMPLY SAYS “THANK YOU MR. BANKER, HERE’S THE PRINCIPAL AND SOME #PROFIT.”
Read 12 tweets
TY @AuVerte
#Symbolism Haircut
Zuckerberg is trying to look like Caesar.

Caesar = Aqueducts
Water = Information

Therefore a massive Aqueduct would = ?

Facebook is listening to you 24/7/365
Metadata collection?
[CHINA]
Q
businessinsider.com/mark-zuckerber…#Qanon #Zuckerberg
Leonardo da Vinci never finished the Mona Lisa because he injured his arm
#symbolism
Arm = #MSM
Unfinished masterpiece = Mueller Report.
Why didn't Mueller charge Obstruction? - Because MSM was "injured" not trusted.
telegraph.co.uk/science/2019/0… #Qanon #GreatAwakening #QTeam
Planet/Moon Symbolism-
Saturn=Cultists (6th planet)
#Symbolically Earth is the planet of sheep while Saturn (6) is the planet the cultists live on. - Just like every other piece of symbolism here - Planet talk allows for comms in plain view of people who won't understand it.
Read 59 tweets
Tiffany Blue = Secret info - parallel between Golden King with golden orb and Zucker with nothing "unhinged" is a joke about how 1 year ago (to the day) CNN did a special on the Vatican as the "most powerful man" (back when they had gold) check this thread for info #Qanon #MSM
Relevant to this thread - Russia Buys 1 Million Ounces Of Gold In February "Time to take power back from the financial and monetary system" #EndTheFed zerohedge.com/news/2019-03-2… #Qanon #GreatAwakeningWorldwide #GoldRush #Vatican #Russia #CentralBank #Gold #TickTock
Relevant to this thread - Head transplant doctors Xiaoping Ren and Sergio Canavero claim spinal cord progress. - This is #symbolism of replacing the gold from the Vatican as the primary way the cabbal pays cultists with tech money. usatoday.com/story/news/wor… #Qanon #China #Facebook
Read 22 tweets
#SaveIndia from being looted and plundered again. If a small island nation like Maldives can come out of the Commonwealth as recently as in 2016, ofcourse even India can. Save India from being a Jewel in the #Commonwealth. Don’t Indians have a spine?
gginews.in/indians-ashame…
#SaveIndia from loosing Two-Thirds of its wealth by 2030.

Acc to recent research world’s richest 1% are on course to control as much as two-thirds of world’s wealth by 2030. The #tippingpoint as projected by researchers is the 2008 financial crash.

gginews.in/tipping-point-…
#SaveIndia from the colonial auction houses of Christie's and Sotheby's smuggling Indian cultural treasures, artifacts, temple idols, manuscripts and selling them off in broad daylight; who also setup #NiravModi by supplying him stolen Golconda diamonds gginews.in/nirav-modi-smu…
Read 9 tweets

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