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The Bank Bailout of 2008 was Unnecessa
The Bank Bailout of 2008 was Unnecessary Photo Source Xavier | CC BY 2.0 This week marked 10 years since the harrowing descent into the financial crisis — when the huge investment bank Lehman Bros. went into bankruptcy, with the country’s largest insurer, AIG, about to follow. No one was sure which financial institution might […]
Turkish Banks Liquidate Gold In Currency Crisis Panic
Turkish Banks Liquidate Gold In Currency Crisis Panic At the peak of the Turkish currency crisis in mid-August, in addition to general concerns about the state of the local economy, one sector got hit especially hard: Turkish banks, which saw their bonds plunge amid growing concerns that the currency slump would makes it impossible for […]
Clinging to Old Theories of Inflation
Clinging to Old Theories of Inflation QUESTION: Mr. Armstrong, I think I am starting to understand your view of inflation. It is very complex. I think some people cannot think beyond a simple one dimension concept as you often say. So I am trying to be more dynamic in my thinking process. Here you point […]
Even Mortgage Lenders Are Repeating Their 2006 Mistakes
Even Mortgage Lenders Are Repeating Their 2006 Mistakes You’d think the previous decade’s housing bust would still be fresh in the minds of mortgage lenders, if no one else. But apparently not. One of the drivers of that bubble was the emergence of private label mortgage “originators” who, as the name implies, simply created mortgages […]
Credit-Cardholders & Bank Customers Burned Again as New IT Chaos Breaks Out in the UK
Credit-Cardholders & Bank Customers Burned Again as New IT Chaos Breaks Out in the UK The payments industry deplores it, but cash is starting to look pretty good, and central banks agree: “We do not foresee a totally cashless society”: ECB This has not been a good year for IT systems in the UK. First […]
Australia’s Big Banks Raise Mortgage Rates, Sparking Housing Market Fears
Australia’s Big Banks Raise Mortgage Rates, Sparking Housing Market Fears For decades, the housing market in Australia – which has not seen a recession in 27 years – appeared immune to any external or internal shocks, as prices kept rising gingerly year after year. That all changed in the past year, when according to Core […]
No Other Banks Are This Exposed to Turkey, Argentina, Brazil…. Emerging Markets Haunt Spanish Banks
No Other Banks Are This Exposed to Turkey, Argentina, Brazil…. Emerging Markets Haunt Spanish Banks To diversify from the euro-debt-crisis, the biggest Spanish banks pushed deeply into Emerging Markets. Now, they’re in a new crisis. Almost exactly six years ago, the Spanish government requested a €100 billion bailout from the Troika (ECB, European Commission and […]
What Do The Banks Know?
What Do The Banks Know? Much is being made of the current makeup of the Commitment of Traders report for Comex gold. However, similar historical irregularities are appearing in other assets, too. Thus the question, are The Banks setting the stage for a wildly volatile second half of 2018? First, an update on the Commitment […]
Big Banks Were Meant to Gain From Bipartisan Deregulation Bill All Along, Senate Letter Reveals
Photo: Bill Clark/CQ Roll Call/AP BIG BANKS WERE MEANT TO GAIN FROM BIPARTISAN DEREGULATION BILL ALL ALONG, SENATE LETTER REVEALS DEMOCRATS WHO COLLABORATED on the bank deregulation lawpassed earlier this year have categorically insisted that it only benefits small community banks and credit unions. Take Sean Patrick Maloney, a House Democrat who is simultaneously running […]
Turkish Banks Scramble to Stave Off Debt Crisis, as Lira Plummets
Turkish Banks Scramble to Stave Off Debt Crisis, as Lira Plummets Too little, too late? Desperation is rising in Turkey’s banking sector following months of escalating political and financial instability. Benchmark interest rates have been hiked 10 percentage points so far this year to over 17%, making it much more expensive for companies and families […]
When LBJ Assaulted a Fed Chairman
When LBJ Assaulted a Fed Chairman In his column today, Ron Paul mentions that those who insist the Fed functions with “independence” tend to forget — or at least not bring up — the numerous historical episodes in which the Fed did not exercise any such independence. As an example, Paul mentions the time President Lyndon […]
China Launches Quasi QE To Support Banks And Sliding Bond Market
China Launches Quasi QE To Support Banks And Sliding Bond Market With the ECB’s QE coming to an end at the end of the year (absent some shock to the market or economy), some traders have already been voicing concerns which central bank will step in and provide a backstop to the global fixed income […]
Bernanke, Geithner & Paulson Warn: “We’ve Forgotten The Lessons Of The Financial Crisis”
Bernanke, Geithner & Paulson Warn: “We’ve Forgotten The Lessons Of The Financial Crisis” Late last month, the Fed declared that six of the country’s biggest banks needed to scale back their plans for returning cash to shareholders to strengthen their capital buffers, a striking reminder that banks shouldn’t be overeager to put the legacy of […]
Inflation Rearing Its Ugly Head
Inflation Rearing Its Ugly Head The world of finance and investment, as always, faces many uncertainties. The US economy is booming, say some, and others warn that money supply growth has slowed, raising fears of impending deflation. We fret about the banks, with a well-known systemically-important European name in difficulties. We worry about the disintegration […]
