Loading ...The Lowest Since 2008
Peter Boockvar: “Bloomberg news posted a story that said “ECB policy makers aren’t yet read to rush into additional monetary stimulus at this month’s meeting, preferring instead to wait for more data on the economy, according to euro area central bank officials familiar with the matter.” This is not much of a surprise as the market was expecting a move in September instead and why the euro is barely higher. Not that any of this matters because to think that moving the deposit rate from -.40% to -.50% is somehow going to have any benefits is bizarre and it instead will further hurt the banks. This comes a day after the Euro area May unemployment rate fell to 7.5% from 7.6%, the lowest since April 2008 and just two tenths away from matching the pre crisis low.”
The Fallout Will Be Catastrophic
Peter Schiff: “The current economic “expansion,” now the longest on record, is merely an illusion created by the monetary magicians at the Fed. Behind the smoke and mirrors lies the greatest bubble in U.S. history. When it bursts the economic & political fallout will be equally catastrophic.”…