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

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

Published by Philippe Herlin | Jun 24, 2020 | 43937

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 gra...

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Gold, the Winning Asset of the Coronavirus Crisis

Gold, the Winning Asset of the Coronavirus Crisis

Published by Philippe Herlin | May 13, 2020 | 43481

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 t...

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From Coronavirus to Inflationavirus?

From Coronavirus to Inflationavirus?

Published by Philippe Herlin | Apr 16, 2020 | 42261

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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ECB: The Ongoing Headlong Rush

ECB: The Ongoing Headlong Rush

Published by Philippe Herlin | Sep 16, 2019 | 36764

Mario Draghi decided before handing off to Christine Lagarde on November 1: the QE will be relaunched! Quantitative easing, the sovereign debt buyback of eurozone countries, will restart at €20 billion per month, "for as long as necessary", he announced on September 12th at a press conference.

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Will Italian Mini-BOTs Kill The Euro?

Will Italian Mini-BOTs Kill The Euro?

Published by Philippe Herlin | Jun 13, 2019 | 18576

The Italian Parliament voted for a motion to create "mini-BOTs", i.e. ordinary Treasury bills of low unit amount, the level of a banknote, to be able to be used routinely. They would not offer interest and would have no maturity, which would assimilate them to traditional currencies.

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