In this report, I cover the early market action from London on Friday, July 19th, 2019. I look briefly at the precious metals, the stock market, the dollar, the bond market and the price of WTI and Brent crude oil.
Today I look at one of my favourite books about monetary history and talk about how this book helped me understand the consequences of the current unconventional monetary experiment undertaken by the Federal Reserve and the other major Central Banks around the world.
The book, Fiat Money Inflation in France, by Andrew Dickson White, is the story of France's experiment with paper money and money printing in the aftermath of the French Revolution in the 1790s. The major lesson I learned from this book is that once a country or in our current case, the whole of the industrialised world, embarks on the road to fiat money printing and unconventional monetary policy there is no way out except to keep printing until the whole experiment collapses in under its own weight.
To conclude this report I look at the New York Fed's president, John Williams, comments made yesterday in a speech and show how, in my opinion, the Central Bankers are losing the plot and are resorting to some outrageous analogies to justify the madness of their unconventional monetary policies.
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"New York Fed takes unusual step of clarifying president’s speech": https://www.ft.com/content/1b6587ae-a996-11e9-984c-fac8325aaa04?desktop=true&segmentId=7c8f09b9-9b61-4fbb-9430-9208a9e233c8#myft:notification:daily-email:content
