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Why Are ATMs Disappearing at an Alarming Rate after a Wave of Branch Closures?
Why Are ATMs Disappearing at an Alarming Rate after a Wave of Branch Closures? Banks are curtailing “cash services.” But why? In Australia, banks are reducing ATMs by about 8% a year. In the UK, ATMs — or cashpoint machines, as they’re termed locally — are disappearing at a rate of around 300 per month, […]
Uncertainty Grips Troubled Pemex, World’s Most Indebted Oil Company
Uncertainty Grips Troubled Pemex, World’s Most Indebted Oil Company “Even a small deterioration” in its perceived credit risk could take a big financial toll on Mexico. Mexico’s President-elect, Andrés Manuel Lopez Obrador (AMLO), does not enter office until December 1, but he’s already making big waves, particularly in the oil and gas industry. On the […]
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 […]
Housing Bubbles Are Dangerous, That’s Why Canada is Finally Trying to Tamp Down on Them. And the US?
Housing Bubbles Are Dangerous, That’s Why Canada is Finally Trying to Tamp Down on Them. And the US? Wolf Richter with Jim Goddard on This Week in Money: The underlying dynamics are similar, but the approach is different. Home prices experience a historic spike in Seattle, and sharp increases in other metros, but prices of condos […]
A Housing Bubble Pops: Update on Australia
A Housing Bubble Pops: Update on Australia It is rare that a housing market makes such a beautifully defined U-turn, after a long hard surge. In Sydney, Australia’s largest housing market and one of the world’s biggest housing bubbles, prices of homes of all types fell 5.4% in July compared to a year ago, and […]
The Fed Accelerates its QE Unwind
The Fed Accelerates its QE Unwind Mopping up liquidity. The Fed’s QE Unwind – “balance sheet normalization,” as it calls this – is accelerating toward cruising speed. The first 12 months of the QE unwind, which started in October 2017, are the ramp-up period – just like there was the “Taper” during the final 12 […]
The EU Backs Off its War on Cash. Here’s Why
The EU Backs Off its War on Cash. Here’s Why People view paying in cash “as a fundamental freedom, which should not be disproportionately restricted.” The European Commission, in its official war on cash, admitted that physical cash is perhaps not quite the source of all evil that many EU institutions, including the Commission itself, […]
Spending on Housing Dropped 12% in Canada in June
Spending on Housing Dropped 12% in Canada in June The national slowdown was particularly unkind to the province of BC. Canadian housing data continued to disappoint in the month of June. Albeit the year-over-year decline in home sales was not nearly as disappointing as the month of May. National home sales fell 11% year-over-year in […]
Backlash Against “War on Cash” Reaches Washington & China
Backlash Against “War on Cash” Reaches Washington & China The electronic-payments industry, which gets a cut from every electronic transaction, wants to kill cash. But wait… Not so long ago, it seemed that the death of cash was both inevitable and imminent. The war against physical money was advancing on all fronts. Cash, already with technological […]
“That’s a Super Dangerous Place to Be”: CEO of JPMorgan Asset Management
“That’s a Super Dangerous Place to Be”: CEO of JPMorgan Asset Management When central banks distort the markets, risk disappears from view. “You could have a bunch of walking-zombie companies and you don’t even know it,” explained Mary Callahan Erdoes, CEO of JPMorgan Asset Management, on Wednesday at the Delivering Alpha Conference in New York. […]
NIRP Did It: I’m in Awe of How Central-Bank Policies Blind Investors to Risks
NIRP Did It: I’m in Awe of How Central-Bank Policies Blind Investors to Risks “Reverse-Yankee” Junk Bond Issuance Hits Record. It’s paradise for US companies looking for cheap money. They range from sparkly investment-grade companies, such as Apple with its pristine balance sheet, to “junk” rated companies, such as Netflix with its cash-burn machine. They […]
Update on the Fed’s QE Unwind
Update on the Fed’s QE Unwind With QE, the Fed created money to buy securities and pump up asset prices; now it sheds securities to destroy this money. Here’s what the Fed’s QE unwind – or the balance sheet normalization, as it calls it – is all about: it reverses over an unknown span of […]
US Dollar Hegemony Tripped Up by Chinese Renminbi?
US Dollar Hegemony Tripped Up by Chinese Renminbi? Um, no. Central banks not enthusiastic about the renminbi. Global central banks are not dumping US-dollar-denominated assets from their foreign exchange reserves. They’re not dumping euro-denominated assets either. And they remain leery of the Chinese renminbi – despite China’s place as the second largest economy in the […]
Next Central Bank Puts QE Unwind on the Calendar
Next Central Bank Puts QE Unwind on the Calendar The end of an era spreads. Markets were surprised today when the Bank of England took a “hawkish” turn and announced that three out of nine members of its Monetary Policy Committee – including influential Chief Economist Andrew Haldane, who’d been considered dovish – voted to […]
