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PlungeProtectionTeam
@gamesblazer06
, 3 tweets, 1 min read Read on Twitter
Old enough to remember getting “gifted” a blog post about how money supply & QT was not impactful to either the market or economy in a Post GFC Basel III/DF world...well here we are..
Irony of post was talking about repo hypothecation & its Leverage supposedly making money supply obsolete - yet not a word on the fact that Repo & its rehypothecation being subject to SLR constraints.. & GSIB Score.. Newsflash..BONY only triparty bank & $JPM out coz of regs.
Any guess why $DB got rid of repo?

Low margin high capital & SLR Consumption biz... they reduced their “Leverage Exposure” by €115b & increased SLR Ratio...when also including Equity Prime Finance footprint.
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PlungeProtectionTeam
@gamesblazer06
It’s just the beginning.. rate cuts take time to price in. Spread between bond market rate expectations & Bank stocks are large. There’s a lot of $XLF complacency imho..just hear Bank CEOs talk up the economy & their book. Credit costs are edging higher in C&I & already in Cards.
At some point the gravitational pull of the Yield Curve may be a rude awakening for Street Consensus $XLF Bulls & Bank Management.. unless the assertions that this time is different with the Curve comes to Bear over time.

BKX Index approaching a #DeathCross
$TLT $KRE $IWM
$XLF Bulls who bought Big US Banks BKX Index since its Peak Bank Street & Management Complacency at the top in Jan 2018.... are getting absolutely pummeled... down 16% vs. Cash or $TLT.
Read 37 tweets
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PlungeProtectionTeam
@gamesblazer06
1) As Fed tightening cycle progresses.. the early part of hikes are good for banks & economy can withstand as NII goes up & Deposit betas remain subdued.. credit is extended w final boom in credit bubble..then as “Bear Flattening” occurred in 2017 & accelerated in 1Q, 2Q & 3Q18..
2) The mega levels of regulated bank credit can’t withstand cumulative effects of 9 rate hikes + $600B of M Base cut (QT) & rejects them as $XLF Deposit betas rise to point NII decelerates sharply...Credit supply slows w lack of demand at peak leverage..
3) $TLT tells the Fed thx fellas u have done enuff by misjudging Leverage.. now GTOH I’m in charge now.. “Bull Flattens” in 4Q18 & in 2019 as growth starts to crater in 2019 in US & globally as $DXY rips higher as a result of previous QT + tightening...
Read 11 tweets
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PlungeProtectionTeam
@gamesblazer06
@Barton_options @mattmcconnell44 @ScottSkyrm @Stimpyz1 @GHBurnsCFA @RaoulGMI Agreed..then expands $XLF balances sheets..bar 4 mkt. collateral damage for that has 2 be very high vs. just as an insurance policy (PDs) for $JPM to know that when stress/real live bullets fly..someone will b able to actually buy hundreds of billions of Bills 4 cash in an hour.
@Barton_options @mattmcconnell44 @ScottSkyrm @Stimpyz1 @GHBurnsCFA @RaoulGMI Resolution Planning liquidity (“Living Will”) most binding & calls 4 scenario in which..Intra Day Funding needed on moments notice & based on cumulative $DXY needs which is higher bar.. the big banks view this as a real risk in Stress & don’t want to compromise their liquidity.
@Barton_options @mattmcconnell44 @ScottSkyrm @Stimpyz1 @GHBurnsCFA @RaoulGMI If the Counterparty list is increased beyond PDs...we r in big big trouble... Real all out QE starts all over post Collateral Damage... rates crash faster than a speeding bullet.. & guess where $TLT & $DXY end up in that deflationary scenerio? Yup u guessed it..much much higher.
Read 3 tweets

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David Jensen
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@Halsrethink @RemainSovereign @TFMetals @BullionStar @jameshenryand @michaellebowitz @dlacalle_IA @DA_Stockman @RonPaul @RonPaulInstitut @MarkTOByrne @MarkYusko @ErikSTownsend @AndrewBellBNN @realDonaldTrump @LouDobbs @Varneyco @MariaBartiromo @gatewaypundit @JeffSnider_AIP @TruthGundlach @epomboy @PaulCraigRobert @LanceRoberts @TheBubbleBubble @POTUS @TayTayLLP @ronanmanly @jimiuorio @MoneyMetals @stranahan BRICS nations for years openly discussing trade w/ "parallel" monetary system including gold trade settlement.
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“Fiat money, in extremis, is accepted by nobody. Gold is always accepted." Alan Greenspan.

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@Halsrethink @RemainSovereign @TFMetals @BullionStar @jameshenryand @michaellebowitz @dlacalle_IA @DA_Stockman @RonPaul @RonPaulInstitut @MarkTOByrne @MarkYusko @ErikSTownsend @AndrewBellBNN @realDonaldTrump @LouDobbs @Varneyco @MariaBartiromo @gatewaypundit @JeffSnider_AIP @TruthGundlach @epomboy @PaulCraigRobert @LanceRoberts @TheBubbleBubble @POTUS @TayTayLLP @ronanmanly @jimiuorio @MoneyMetals @stranahan When a central banker or economist mentions 'stimulus', they are talking about diluting the currency through debt currency issuance - to create REAL GROWTH.

This is the insanity & silly talk promoted by central bankers globally.

Nobody asks the question.

#centralbanking #gold
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