All posts in " Interest Rates "
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European Banks to be Prohibited from Dealing in Repo?

By admin / December 5, 2019

QUESTION: Mr Armstrong, I have great respect for your work. Can you explain how the Fed’s QE fits into the cycle of things. It seems to me that their interference in the markets is disrupting/altering the cycle. For example, the latest Fed purchases of T-bills every month in the amount of $60. Who are they […]

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Repo Crisis – Best Kept Secret Ever!

By admin / November 29, 2019

COMMENT: Marty; I want to thank you for a great conference. It is clear you are the only true institutional adviser. Our board is very impressed. The FT reported that there is still no  single factor that caused the dislocations in the repo market in mid-September. You are the only one who explains the event […]

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QE v Managing Benchmark Rates

By admin / November 20, 2019

QUESTION: The Fed buying $60 billion in T-Bills each month is obviously not long-term QE. They are expanding their balance sheet, but this is clearly not the QE as before. As a professional institution we can see the difference. Would you elaborate on the difference? FH ANSWER: The Fed is buying $60 billion of Treasury bills […]

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The Repo Crisis

By admin / November 19, 2019

QUESTION: Marty; The goldbugs are back and claiming the Repo Crisis is MMT and this is again just printing money endlessly to cover up a major banking crisis in the USA so buy gold of course. You said at the WEC cocktail party this would happen because these people never understand the world economy. Is […]

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Central Banks Pre & Post-1971

By admin / October 22, 2019

QUESTION: You commented that the central banks had a difficult position when they were on the gold standard compared to post-1971. Could you explain that difference? Thank you for the education. Its better than any classroom. EJ ANSWER: The United States created the Federal Reserve in 1913. Prior to World War I, central banks were […]

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Split Between Official & Real Interest Rates

By admin / September 30, 2019

QUESTION: Mr. Armstrong; When I first brought this topic up at our board meeting about the split in interest rates between private and public, there was skepticism because such a proposition had never taken place in the short-term memory of our perception of history. I explained your theory and the rest of the members listened […]

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The Dollar Shortage & Liquidity Crisis?

By admin / September 23, 2019

The NY Federal Reserve announced last week that they will continue their repo operation until October 10th, 2019. The repurchase agreements will amount to up to $75 billion per day. Additionally, they plan to offer three two-week repo operations of up to $30 billion each round. The constant intervention of the Federal Reserve into the […]

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The Panic in Interest Rates is Just Getting Started

By admin / September 19, 2019

QUESTION: Marty; You warned that there would begin a cash shortage and real rates would rise in the private sector starting in September after Labor Day. Ok, it’s about 15 days past that marker and Repo rates have gone completely nuts hitting 10% forcing the Fed to intervene. They were calling it Armstrong’s revenge here […]

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Trump on Interest Rates -OMG!

By admin / September 14, 2019

I have said this many times, when it comes to understanding interest rates Trump is speaking the standard mantra that people apply when it comes to interest rates. Trump is a borrower, not a lender. His bankruptcies were the result of the business cycle and he leverages himself to the hilt so when the recession […]

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Can Government Prevent a Major Debt Crisis?

By admin / September 12, 2019

QUESTION: Hi Martin I recently stumped upon a documentary on Netflix about you and your model. I then went on and watched some YouTube videos. To me it makes totally sense that taxation does not work, but how can we change it. Do we need to become politicians? We have a very high tax in […]

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