Jim Grant: "Central Banks Are At The 'Kitchen Sink' Level"

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Subject: Random Physics ha appena caricato un video
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After Bill Ackman scared the living shit out of every anxious Boomer who tuned in for his "Hell Is Coming" interview, CNBC decided to invite a market skeptic with a decidedly more low-key demeanor to calmly explain the dynamics of the current panic, as well as the biggest risks on the horizon.

Following Thursday's central bank panic parade, it's safe to say that the monetary policymakers have "kitchen-sinked" this crisis. He then offered an example of a panic from 200 years ago (when financial panics were even more common than they are today) that, as far as we can tell, is one of the earlier examples of central bank interventions.

"Well, we are at kitchen sink level, which reminds me of something that happened 200 years ago, a famous raging panic in England in 1825," Jim Grant said.

In subsequent testimony, Grant said, the director of the Bank of England testified that "seeing the dreadful condition of the public, we did all we could, and we were not over-nice."

U.A.E. Central Bank Governor: Tried to Do as Much as We Can With Stimulus

To pump capital into the market, the BoE at the time lent against everything, from store merchandise to bills of credit.

It's just another example of the age-old impulse for the central bankers to meet every crisis "like a lion".

But what's different these days, Grant said, is that "we have been meeting non-crises like lions and we have, on occasion, been "not overnice" going into this."

[youtube https://www.youtube.com/watch?v=WYNwGLXeGQ4]

Building on Mohamed El-Erian's comments from earlier, Grant explained that there are two 'panics' unfolding in the US right now: A 'hypochondriac panic" and a 'financial panic.'

After people saw one person go to the store and stock up on hoarding supplies, everybody followed suit. Now, at the microscopic level, what investors are trying to do is "look for opportunities amid chaos".

But Grant was abruptly cut off by Kernen, who prompted the 'Grant's Interest Rate Observer' editor to deliver one final though.

"There are things for sale that you'd want to own," Grant said.

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Jim Grant: "Central Banks Are At The 'Kitchen Sink' Level"

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