Inline with our intention to present many more central bank balance sheet charts over the coming months, here we present several charts of the Bank of Japan’s balance sheet in the usual format.

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Marc Faber was interviewed on Bloomberg radio’s ‘Taking stock’ program on 30/8/11. He spoke about international investment markets, regulations, society and much more. It’s well worth a listen if you have 20 minutes to spare. As usual we’ve included a summary for our readers who may not have the time.

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As mentioned in our recent article about the international effects of dollar debasement, we will start posting updates of many more central bank balance sheets over the coming months. We’ll try to present them in a similar way to our Federal Reserve balance sheet charts and — as always — we’re open to requests, suggestions and criticisms. Here I present several charts relating to the balance sheet of the Eurosystem.

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In recent updates, we noted that the US Treasury’s cash balance had been hovering around historically low levels. Indeed, on August 17th the cash balance reached just $10.9 billion — the lowest level since September 2008. Over the past week, the total operating balance of the US Treasury has reverted back to normal levels.

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The total size of the Fed’s balance sheet decreased by around $6 billion over the week ending August 31, 2011. Currently the Fed seems to be sticking to the plan of cleaning up the composition of its balance sheet.

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Praise the deposit. If only one thing in this world is to be guaranteed, let it be the holy financial instrument that is the commercial bank deposit. — Prayer 3:23, The Book of State-Banking

 

In recent years, the above prayer has been answered by the oh-so-benevolent monetary authorities of the West — we were ‘saved’ by the self-sacrificial debauchery of Western central banks. Alas, the commercial banker that owed what wasn’t his’n, wasn’t faced with the unappetizing prospect of buying it back or going to pris’n! Consequently, the question that repeatedly presents itself is: ‘Who got stiffed then?’ continue reading »

It would seem that words scarcely keep their original forms once they enter the realm of the herd. The crowd, drunk on the democratically affirmed power of consensual opinion, seeks to twist terminology so as to justify its prejudices with immediate and unthinking effect. ‘You’re a capitalist’, they say, ‘so surely you’re a proponent of the current failed system!’ ‘I’m a capitalist’, some proclaim, ‘and so I obviously believe in a centrally planned monetary system of course!’. Here I quote a telling passage from Gustav Le Bon’s book; The Crowd: A Study of the Popular Mind.

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