Independent Analyst
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Pater Tenebrarum is an independent analyst and economist/social theorist. He has been involved with financial markets in various capacities for 31 years and currently writes economic and market analyses for independent research organizations and a European hedge fund consultancy as well as being ... more

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Repo Market, QE4 (aka Not QE), The Fed And Gold
In the long term, gold is becoming ever more valuable relative to other commodities – the same can evidently not be said of the dollar.
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US Money Supply Growth – Bouncing From A 12-Year Low
In August 2019 year-on-year growth of the broad true US money supply (TMS-2) fell to a fresh 12-year low of 1.87%. The 12-month moving average of the growth rate hit a new low for the move as well.
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EC Repo Quake – A Primer
One thing the repo quake did reveal is that liquidity is much tighter than was previously assumed. We believe this means that the Fed is shortly going to resume “QE” in some shape or form.
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The Weird Obsessions Of Central Bankers, Part 2
Interest rate manipulation and money printing distort relative prices in the economy, which throws economic calculation into disarray.
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The Weird Obsessions Of Central Bankers
None of the “non-standard” monetary policies implemented by the ECB and other central banks have even met their stated goal of boosting price inflation, not to mention economic growth.
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Rising Stock Market Volatility – Another Warning Sign
Sometimes an increase in market volatility does not mean much – but when it happens at a time when the market is trading at extremely high valuations, it can be a major warning sign.
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Maybe The West Should Adopt Iran’s Nuclear Weapons Policy
With the onset of the democratic age and the idea of “total war” avoiding civilian deaths has tragically fallen by the wayside, the consequence of which has made warfare far more bloody and destructive.

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