A Collapse of the European Economy is to be Feared

Published by Philippe Herlin | Oct 29, 2020 | 47211

Governments can limit the number of bankruptcies by distributing money to companies and paying unemployed workers, with euros printed by the European Central Bank, but this "sovietization" of the economy only postpones the deadline, and it can also lead to a wave of hyperinflation that would ruin ev...

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European Bank Mergers Won't Solve Anything

Published by Philippe Herlin | Oct 7, 2020 | 35265

Are we witnessing a movement of European bank mergers? Rumors have been circulating for several years about a merger between Commerzbank and Deutsche Bank or with BNP Paribas, between Société Générale and Unicredit, but nothing has happened so far. But lately several mergers have taken place.

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Gold Is The Ancient Currency, The Currency Of Trust

Published by Philippe Herlin | Oct 1, 2020 | 30587

The main factor is the distrust of currencies; central banks are running their money printing presses at full speed, whereas with the recession due to the coronavirus, the production of real goods is falling. In this case, what is money worth? What are the major currencies, the dollar, the euro, the...

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Inflation Risk: Awareness is Growing

Published by Philippe Herlin | Sep 16, 2020 | 37641

The ECB is substituting for the market. It's simpler that way, no need to convince investors, you print money and it's done. In this scenario, we are de facto witnessing the merger of the Treasury and the Central Bank: the financing of the government's deficit is directly connected to the printing p...

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What If the Debt Doesn't Matter? Is This Realistic?

Published by Philippe Herlin | Aug 24, 2020 | 55472

I mean, what if the debt wasn't serious? What if the explosion of its amount all over the world since the coronavirus crisis had no harmful consequences? What if we could even get rid of some of it without incurring any damage? This is the little tune we hear from those who want more and more public...

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ECB Offers €1.3tn at -1% to Rescue European Banks

Published by Philippe Herlin | Jun 24, 2020 | 39560

By rolling over the debt of ailing banks (new loans to pay off old ones), the ECB is giving them a very bad habit, namely that of governments with perpetual deficits, which are thus exempting themselves from any budgetary effort. What is the point of cleaning up one's balance sheet if the ECB gracio...

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Gold, the Winning Asset of the Coronavirus Crisis

Published by Philippe Herlin | May 13, 2020 | 39795

Gold will be the only winner in the current crisis. This is the opinion of a bank's (Natixis) research department, which is not so common, it should be pointed out, as financial institutions rarely speak highly of the precious metal, as it is precisely because it allows one to free oneself from the...

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From Coronavirus to Inflationavirus?

Published by Philippe Herlin | Apr 16, 2020 | 37181

With a sharp drop in GDP and an unprecedentedly high level of bank notes, we are entering the scenario we analyzed on February 6: money printing + fall in output = hyperinflation. Both mechanisms are, in our view, necessary for price slippage to occur, and here we are. Inflationavirus is coming.

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