Where finance and media intersect with reality

Spot Markets Live Transcript: 20/06/22

Financial,Service,Concept,With,Data,Analyzing,In,Forex,,Commodities,,Equities,

Comments

IK – I’ve decided to post today’s comments after all, but only as an example of what you will see when you are in the live chat. I have, however, obscured the identities with initials for privacy reasons. (Apart from Graham from Coodash.) They’re also in reverse chronological order.

12:08
Graham Halliday: Thanks for all the feedback we will continue to develop here
12:07
R: Bye
12:07
JC: Graham 👏👏🎉
12:07
C: Cancel your own surname, @J? That is patriotic.
12:06
JC: @j for the full gallery 🙂
12:06
JC: Neil one that randomly stops or has a bus shelter in it or a tree blocking it or bike tyre shaped potholes or is full of parked cars or….
12:05
RF: https://www.reuters.com/markets/europe/russian-imports-may-drop-by-30-this-year-says-top-official-tass-2022-06-17/
12:05
JC: You can buy mine. Then I’d just be JC.
12:04
RF: The rouble is strong, but can they buy anything with it from foreigners
12:04
C: Is it treacherous to buy rouble?
12:00
JC: It’s possible it’s my content quality that’s declined.
12:00
JC: I feel as a content creator that Twitter engagement has fallen significantly in the last few years. Though I’m viral today with a thread of photos of shit cycle lanes approaching 50k views.
11:57
JC: Twitter could cease to exist as a social network but still trade at $25 for years as binary bet on the legal case, like shut down companies with big patent claims
11:57
R: Suing Musk will be the catalyst for Tesla falling….
11:56
RM: JC, take your point STRIKE ‘the deal…and’
11:54
JC: Twitter can only rationally sue for specific performance. Not the breakup fee.
11:52
RM: If Twitter sues Musk, it should win, but it would be Pyrric since the deal breakup fee is low and meanwhile their employees walk.
11:50
JC: This is on trend for that crowd. Free speech in the public square but Stalinist obeisance in the corporation.
11:49
RM: I take Panetta to be saying that they do not want a digital euro to drain away the deposits of banks in the euro area, esp Italian banks. That would lead to a larger Target balance in absolute terms for Italy.
11:48
R: Differential rates on interest in the periphery would probably bankrupt the peripheral banking system
11:45
JC: Thanks Graham. Retro is on trend 🙂
11:44
GH: will review grey
11:44
Graham Halliday: Bloomberg orange out of date 😉
11:43
RM: Izabella I think it is crazy to imagine their using a digital euro to set higher interest rates in the periphery. Hard to see how different short rates would lead to similar bond yields.
11:42
RF: Problem is, in a crisis cash would flood into CBDC for safety ….lack of interest wouldn’t be an issue
11:42
JC: Quote font colour a little dark on my screen at least. Readable but not with any sort of glare and I’m at 81% brightness. Is Bloomberg Orange available as a setting? 🙂
11:40
RF: Hmm, it all hinges on them designing it right ……that’s not going to end well
11:36
RM: https://publications.parliament.uk/pa/ld5802/ldselect/ldeconaf/42/4207.htm para 140
11:35
JC: Fragmentation risk is necessary as a tool to threaten the Italians with if they do a bad vote-thing.
11:35
RM: Charles Goodhart proposed that the Bank of England could return to paying zero interest on central bank reserves. He said that it will be politically difficult to maintain the policy of paying interest on reserves were interest rates to rise and the Bank of England were required
11:35
RF: https://www.ft.com/content/24f51ce8-1a61-4e03-95d3-e87f2c9d938b …..FT article on the idea with pros and cons
11:34
JC: Sure but if it forces the banks to lend then the savings to HMG might be significantly reduced with higher inflation hitting indexed bonds, and the BoE needing a higher policy rate for a given market effect.
11:33
R: The issue is that it ‘forces’ the banks to lend – but it also goes to one of my rants – everyone thinks of monetary and fiscal policy – but regulation is a massive third leg for the banking sector and the economy
11:32
M: and I thought talk of financial repression was exaggeration
11:32
JC:What does that do to retail and interbank rates is my naive question…
11:32
R: Doesn’t this also go to the IOER (interest on excess reserves) that the Fed pays
11:31
RM: this is what Goodhart warned against: tax the banks by turning QE into quantitative stuffing
11:29
RM: useful post by Cecchetti & Schoenholtz https://www.moneyandbanking.com/commentary/2022/6/19/the-costs-of-acting-too-little-too-late
11:28
JC: “restrictive territory” = positive in real terms?
11:24
R: Thinking in terms of impact on the economy etc
11:23
R: (Is it me or do ‘general strikes’ usually occur in the UK in the autumn – so everything upto then will be a ‘warm up’?)
11:20
R: (For ground crew)
11:20
R: Isn’t the issue with IAG etc that they need to get airport security clearance?
11:19
D: There is an element of last man standing with Primark – their store is one of the few that remains busy in our very diminished town centre
11:14
JC: A covered coin option, if you will.
11:11
RM: DeFi is where you graft Ponzi onto the underlying pump and dump… my rap on Terra/Luna and Axie Infinity bears some resemblance.
11:10
R: (Gentle reminder here that Madoff net losses were around $10-20bn; Wirecard was circa $26bn – and Dan’s book came out last week)
11:08
RM: Cool telex
11:08
M: PE?
11:08
M: that comment (bitcoin bet etc) could be applied to quite a few assets
11:07
RM: No with a Ponzi like Madoff’s you might get your money back! Want to buy some Luna?
11:06
GH: Audio delivery pending
11:05
RM: Morning… no audio I take it
11:05
C: Bom dia from the Algarve
11:04
Graham Halliday: click on image to zoom
11:03
JC: Anyway surely is my cheap tablet not coodash but thought I’d mention. Going back to portrait is fine afterwards.
11:01
R: Hi
11:01
MR: Hi, morning!
11:01
JC: Interesting experience on tablet. Was giving me a mostly blank screen with the coodash logo and controls but no channels. Thought it was a restart job but actually was a “rotate to landscape” job..

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