SVB, Eurovita: The Global Bond Crisis Begins

Published by Philippe Herlin | Mar 16, 2023 | 21280

The bankruptcies of Eurovita and SVB, while waiting for the next ones, are linked to a bond crisis. It is not a question of fraud (FTX, Madoff), toxic assets (subprimes), or adventurous management (LTCM in 1998). No, the problem is the huge bundle of sovereign bonds that form the basis of the bal...

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The Dollar Leads the Way, Until When?

Published by Philippe Herlin | Sep 29, 2022 | 12576

The dollar's good shape is in stark contrast to other major currencies, but paper currencies are all plagued by the insidious evil of inflation. The dollar is doing well at the moment, but as the saying goes, "In the kingdom of the blind, the one-eyed man is king".

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Euro-Inflation Downward Spiral Sets In

Published by Philippe Herlin | Aug 18, 2022 | 20682

Government officials speak of a "peak" in inflation... But inflation is here to stay, because its causes are still present: the money printing of central banks to finance budget deficits, the energy transition which increases the price of electricity, the ill-considered sanctions taken against Ru...

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France Issues Toxic Loans to Embellish its Debt

Published by Philippe Herlin | Aug 4, 2022 | 22631

Without these OATi and OAT€i, the French debt rate would be at or above that of Italy. But the explosion of the cost of this indexed debt will make this subterfuge less and less tenable... Inflation-indexed bonds may not hide the misery much longer. France's debt will soon be watched with concern...

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Recession Looming in Europe

Published by Philippe Herlin | May 12, 2022 | 25694

Christine Lagarde's denial, its refusal to raise the key rate, and its apathy towards inflation, will prolong the weakening of the euro against the dollar, thus creating an additional cause of inflation (raw materials being paid in dollars, the fall of the euro mechanically increases their price)...

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Towards The Collapse Of Purchasing Power

Published by Philippe Herlin | Apr 28, 2022 | 36957

This important loss of purchasing power, imperfectly compensated by government subsidies, will lead us into a recession. The savers who put their trust in physical gold will preserve their savings, but this is only individual behavior; the governments that benefit from the money printing press wi...

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After Inflation, Here Come The Shortages

Published by Philippe Herlin | Mar 30, 2022 | 28319

We can already hear the leaders of Western countries blaming Putin for the rise in prices... It's very convenient, but it's not true: it's their money printing, to finance their deficits, which has long been feeding the current inflation. The war in Ukraine only reinforces and accelerates this tr...

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Why Is Inflation Here To Stay

Published by Philippe Herlin | Jan 6, 2022 | 16946

The leaders of the European Central Bank (ECB) and the U.S. Federal Reserve (Fed) have long promised us that their lax monetary policy would not lead to inflation, and that we should not worry, that it would be "transitory". They now concede that the transitional period could be prolonged, but co...

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