Business

Here is how global currency warfare and the global "race to debase" works: ECB cuts rates to -0.3%, the BOJ cuts to -0.1%, then the ECB cuts to -0.7% next.

• Investors dump stocks (Reuters)
• Global Bond Rally Near `Panic' Level With Japan Yield Below Zero (BBG)
• Global Growth Fears Hit Bank Stocks (WSJ)
• GOP Race for Second in New Hampshire Intensifies (WSJ)
• N.H. Primary: Where Each 2016 Candidate Needs to Place to Build Momentum (WSJ)
• ‘Risk parity’ strategy shows strain (WSJ)
• U.N. fears for hundreds of thousands if Syria troops encircle Aleppo (Reuters)
• World's Negative-Yielding Bond Pile Tops $7 Trillion (BBG)

Yesterday's desperate scramble by Deutsche Bank to comfort markets about its liquidity position worked, for about three hours. And then, the bank which really should just keep its mouth shut, did the opposite and reminded an already panicked market just how "serious" things are, in the parlance of Jean-Claude Junkcer, when in an internal memo, the CEO assured his workers that:

• DEUTSCHE BANK CEO: CAP STRENGTH, RISK POSITIONS ’ROCK SOLID’

That was the good news. The bad news:

With China offline for the rest of the week, global markets have found a new Asian bogeyman in the face of Japan which as reported last night saw its markets crash, and the Yen soar, showing that less than 2 weeks after the BOJ unveiled NIRP, yet another central bank has lost control.

What Is The Gold Standard? 

Written by Jeff Nielson (CLICK HERE FOR FULL WHITE PAPER)

What is “the gold standard?” Many readers would consider this a simple question and perhaps even an obsolete one. It is for precisely this reason that a mere definition is inadequate as an answer. A definition conveys no understanding and thus does nothing to eliminate the many misconceptions surrounding this concept.