The Death of the “Death of Contagion” Central Bank Meme

Last year now-former FOMC Chair Janet Yellen downplayed the possibility of another financial crisis.  In her hubris she believes the central banks have walled off the financial system from 'contagion risks' brought on by over-investment in synthetic derivative market products. Like generals, however, central planners are always fighting the last war. We're experiencing a major … Continue reading The Death of the “Death of Contagion” Central Bank Meme

Rosneft End-Runs U.S. Kurdish Policy in Iraq

In what can only be seen as smart geopolitics, Russian state oil giant Rosneft just paid the recently vanquished Iraqi Kurds $1.3 billion for E&P (Exploration and Production) rights in their region. Remember that both Syrian and Iraqi Kurds enjoy nearly complete autonomy to govern themselves within those countries. Baghdad isn't happy, but this is … Continue reading Rosneft End-Runs U.S. Kurdish Policy in Iraq