In this report, I cover the early market action from London on Wednesday, June 5th, 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.
With the Federal Reserve chairman, Jay Powell, saying yesterday that the U.S. Central bank is ready to cut rates and resume their unconventional policies of QE and zero interest rates I look at one of the classic books on monetary history and economics.
"Fiat Money Inflation" by Andrew Dickson White is about the French experiment with paper money or irredeemable currency in the immediate period after the French Revolution in the early to mid-1790s. The main lesson from this book for me is that once the government and monetary authorities embark on a course of unconventional monetary policy there is no way out back to normal short of total disaster or financial mayhem.
My conclusion is that our current monetary authorities or Central Bankers are taking us on the same path the French were taken in the 1790s. The outcome will not be pretty and will be one of misery and bankruptcy in my opinion.
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