Author Archives: Phoenix Capital Research

We have entered an extremely dangerous environment: one in which the primary prop for asset prices (Central Banks) are running out of ammunition. This will have profound consequences for all asset classes as well as the financial system at large. … Continue reading →

With so much hanging in the balance, I went to Paris, France to witness the results of the French elections first hand. I arrived Sunday morning, May 6th, the day of the second round of the election, which pitted Socialist … Continue reading →

The following is an excerpt from my most recent issue of Private Wealth Advisory. In it, I explain why the markets are heading for a sharp correction due to the Fed and ECB no longer being able to make massive … Continue reading →

Spain, which is now at the forefront of the Great Western Debt Default Collapse, has opted to seek funding from the mega-bailout fund, the European Stability Mechanism (ESM) rather than going directly to the ECB or the IMF. The reasons … Continue reading →

In a previous article I began delving into the toxic sewer that is the Spanish banking system. At the root of the problem is the previously unregulated Spanish cajas or regional/ local banks which own as much as 56% of … Continue reading →

Spain is a catastrophe on such a level that few analysts even grasp it. Indeed, to fully understand just why Spain is such a catastrophe, we need to understand Spain in the context of both the EU and the global … Continue reading →

Yesterday we discussed the political fall-out for German Chancellor Angela Merkel regarding revelations that the Bundesbank has in fact put Germany on the hook for over €2 trillion via various back-door deals. Today we need to consider how those same … Continue reading →

As long time readers know, a central theme to my analysis regarding Europe is that politics, not economics, rule Europe. What I mean by this is that most major decisions in Europe are determined by political agendas that ignore economic … Continue reading →

As expected Francois Hollande won the first round of the French elections. He and Nicolas Sarkozy will run against each other in the second round, which will occur on May 6th. The Euro isn’t taking this news well. As I … Continue reading →

On the Surface, Spain’s debt woes have many things in common with those of Greece: 1)   Bad age demographics 2)   A toxic bank system However, you’ll note that as we tackle each of these, Spain is in fact in far … Continue reading →

Well the financial world is awash with reports that the Spanish auctions went well. They did not. And you better believe the ECB and other Central Banks were involved in the buying. Instead, Wall Street is using the auction (and … Continue reading →

The markets have entered a very dangerous environment in which even the usual market props (Fed Presidents calling for more easing) are being overridden by market concerns for Europe. To whit, last week, not one, but two Fed Presidents (Yellen … Continue reading →

Once again the markets began to tank. And once again several Fed stooges jumped forward to claim more easing could be coming. And so the markets, having failed to understand that the Fed cannot ease despite the Fed failing to … Continue reading →

For months now I’ve averred that Germany can leave the Euro if it needs to. It is clear Germany does not want to leave the Euro as doing so would: 1)   Mean it taking the blame for the collapse of … Continue reading →

The following is an excerpt from a recent issue of Private Wealth Advisory. In it, I explain why exactly Europe will Collapse completely in the May-June period. The confluence of negative factors is unlike anything I’ve ever seen before. To … Continue reading →

I first published this article a few weeks ago. Given the speed at which Europe is unravelling I think it’s worth reviewing as it summates the situation very clearly.  I continue to see articles in the media claiming that Europe’s … Continue reading →

Because of a lack of foreign interest in long-term Treasuries, the Fed decided to step in to pick up the slack. As a result of this, the US Federal Reserve has accounted for 91% of all new debt issuance in … Continue reading →

Having finished his “damage control” PR campaign (for now) Ben Bernanke decided to discuss… Europe, urging the Big Banks to help prop up the system over there. Exclusive: Bernanke breaks bread with top bankers After completing a series of public … Continue reading →

Between July 2011 and today, the ECB has expanded its balance sheet by an incredible $1+ trillion: more than the Fed’s QE 2 and QE lite combined (and in just a nine month period). This rapid and extreme expansion of … Continue reading →

I’ve been pounding the table for months saying that QE 3 wasn’t coming. The reason was simple: the Fed is now politically toxic and cannot engage in aggressive monetary policy without experiencing severe political backlash (this is an election year). … Continue reading →