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“We Don’t Have The Culture To Manage Risks” – Largest-Ever Indian Bank Fraud Exposes Systemic Flaws
“We Don’t Have The Culture To Manage Risks” – Largest-Ever Indian Bank Fraud Exposes Systemic Flaws Stocks of Indian jewelers and state-run banks have been sinking since Friday, when the full extent of what’s now understood to be the largest bank fraud case in Indian history was unveiled in a complaint to Indian federal banking […]
Is The Fed Back To “Quantitative Easing?”
Is The Fed Back To “Quantitative Easing?” The Fed added $11 billion to its SOMA account for the week ending yesterday. It purchased $11 billion in mortgage securities directly from banks. This injects $11 billion into the banking system. Cash is “high powered” money, meaning it can be leveraged 10x (banks need to hold […]
The World Embraces Debt At Exactly The Wrong Time
The World Embraces Debt At Exactly The Wrong Time Self-destruction usually happens in stages. At first there’s a binge in which the thrill outweighs the sense of transgression. This is usually followed by remorse, acknowledgement of risks, and an attempt to reform. But straight-and-narrow is exhausting, and because of this is frequently just temporary, eventually […]
The Looming Crisis in the Private Provision of Public Services Close Parallels With the Systemic Failure of Banks
THE LOOMING CRISIS IN THE PRIVATE PROVISION OF PUBLIC SERVICES CLOSE PARALLELS WITH THE SYSTEMIC FAILURE OF BANKS The collapse in January of Carillion PLC, the UK’s second largest construction and outsourcing company has attracted considerable media coverage. Carillion was principally engaged in public sector contracts to build (and in some cases operate) hospitals, prisons, […]
Bailed-Out RBS Systemically Forged Customer Signatures: Whistle-Blowers
Bailed-Out RBS Systemically Forged Customer Signatures: Whistle-Blowers Small-business customers suffered most at the bank’s hands. The Royal Bank of Scotland, the UK mega-lender that has already cost British taxpayers over £90 billion in bailouts, losses, fines and legal fees, could be about to face its biggest scandal yet following allegations staff were routinely “trained” to forge […]
It’s Looking A Lot Like 2008 Now…
It’s Looking A Lot Like 2008 Now… Did today’s market plunge mark the start of the next crash? Economic and market conditions are eerily like they were in late 2007/early 2008. Remember back then? Everything was going great. Home prices were soaring. Jobs were plentiful. The great cultural marketing machine was busy proclaiming that a […]
Tomgram: Nomi Prins, How to Set the Economy on Fire
Tomgram: Nomi Prins, How to Set the Economy on Fire There’s no way to measure just how cheery this period really is — not if you’re the CEO of a major company. Just as the World Economic Summit was opening in Davos, Switzerland, and President Donald Trump was flying in to put his mark on […]
QE…The Gift That Just Kept Giving…Is Now Taking
QE…The Gift That Just Kept Giving…Is Now Taking I know the Federal Reserve doesn’t effectively create money or directly monetize. I know this because then Fed chief, Ben Bernanke, told us so (HERE). But still, something has me wondering about that exchange, now almost a decade ago. The simplest of math. The plan to utilize quantitative […]
ECB Forced to postpone New Stricter Credit Rules Indefinitely
ECB Forced to postpone New Stricter Credit Rules Indefinitely The ECB’s was forced to suspend its new stricter credit rules indefinitely concerning bad loans. The banks were screaming “you idiot” for it would have pushed way too many banks over the edge, particularly in Italy. With the Italian elections coming in March, the new rules would […]
Mastercard Pushes Biometrics, Banks Follow
Mastercard Pushes Biometrics, Banks Follow Biometric authentication “will be of great benefit to everyone.” Mastercard has set a deadline for widespread use of biometric identification for its services across the whole of the EU: April 2019. Mastercard Identity Check, currently available in 37 countries, enables individuals to use biometric identifiers, such as fingerprint, facial, and […]
WARNING: Markets Reaching Extreme Leverage
WARNING: Markets Reaching Extreme Leverage As investors’ bullish sentiment moves up to euphoric levels, the markets are reaching extreme leverage. This is terrible news because a lot of people are going to lose one heck of a lot of money. According to CNN Money’s Fear & Greed Index, the market is now at the “extreme […]
2017 Year In Review
Tortoon/Shutterstock 2017 Year In Review Markets fiddle while Rome burns Every year, friend-of-the-site David Collum writes a detailed “Year in Review” synopsis full of keen perspective and plenty of wit. This year’s is no exception. As with past years, he has graciously selected PeakProsperity.com as the site where it will be published in full. It’s quite longer than […]
