In this report, I cover the early market action from London on Tuesday, October 2nd, 2018. I look briefly at the precious metals, the stock market, the dollar, the bond market, and the oil price.
Today I focus on Italy and the crisis that seems to be brewing there as interest rates start to rise again. The 10-year Italian government bond or BTP yield is at 4-year highs and the spread between the BTP yield and the German government bond or bund yield is back above 300 basis point.
Aside from Italy I also look at the financialization of the world economy via the fiat money and fractional reserve system has resulted in massive wealth inequality and is destroying the real economy. I look at the work of a German economist, Gottfried Feder, and how he explained how the compound interest of a fractional reserve system benefits the very few at the expanse of the general public.
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