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Mario Draghi Got Lost In A Rabbit Hole
Mario Draghi Got Lost In A Rabbit Hole Arthur Rackham “Why, Mary Ann, what are you doing out here?”1907 I’ll try and keep this gracefully short: Mario Draghi ‘unleashed’ a bazooka full of desperate tools on the financial markets yesterday and they blew up in his face faster than you could say blowback or backdraft […]
China Proposes Unprecedented Nationalization Of Insolvent Companies: Banks Will Equitize Non-Performing Loans
China Proposes Unprecedented Nationalization Of Insolvent Companies: Banks Will Equitize Non-Performing Loans In what may be the biggest news of the day, and certainly with far greater implications than whatever Mario Draghi will announce in a few hours when we will again witness the ECB doing not “whatever it takes” but “whatever it can do”, moments ago Reuters […]
Will Italian banks spark another financial crisis?
Will Italian banks spark another financial crisis? In the 14th century, the Medici family of Florence began its rise to prominence, investing profits from a thriving textile trade to fund what would become the largest banking institution in Europe. The success of the legendary banking family helped to usher in the Italian Renaissance and thus change […]
Why You Need to Prepare for the Cashless Society
Why You Need to Prepare for the Cashless Society Earlier this month, the European Central Bank suggested that the 500 Euro note needs to be eliminated. Not long after, academics and policy makers in the US started to call for the elimination of the $100 bill. This isn’t something that the average person really thinks about on […]
Time for Helicopter Money?
Time for Helicopter Money? WASHINGTON, DC – “Out of ammo?” The Economist recently asked of monetary policymakers. Stephen Roach has called the move by major central banks – including the Bank of Japan, the European Central Bank, and the Bank of Sweden – to negative real (and, in some cases, even nominal) interest rates a “futile” effort that merely sets […]
It’s a revolution: German banks told to start hoarding cash
It’s a revolution: German banks told to start hoarding cash Just stunning. German newspaper Der Spiegel reported yesterday that the Bavarian Banking Association has recommended that its member banks start stockpiling PHYSICAL CASH. Europe, of course, has been battling with negative interest rates for quite some time. What this means is that commercial banks are being charged […]
HSBC Looks At “Life Below Zero,” Says “Helicopter Money” May Be The Only Savior
HSBC Looks At “Life Below Zero,” Says “Helicopter Money” May Be The Only Savior In many ways, 2016 has been the year that the world woke up to how far down Krugman’s rabbit hole (trademark) DM central bankers have plunged in a largely futile effort to resuscitate global growth. For whatever reason, Haruhiko Kuroda’s move […]
According To Morgan Stanley This Is The Biggest Threat To Deutsche Bank’s Survival
According To Morgan Stanley This Is The Biggest Threat To Deutsche Bank’s Survival Two weeks ago, on one of the slides in a Morgan Stanley presentation, we found something which we thought was quite disturbing. According to the bank’s head of EMEA research Huw van Steenis, while in Davos, he sat “next to someone in policy […]
Safes Sell Out In Japan, 1,000 Franc Note Demand Soars As NIRP Triggers Cash Hoarding
Safes Sell Out In Japan, 1,000 Franc Note Demand Soars As NIRP Triggers Cash Hoarding Negative rates may not have found their way to bank deposits in most locales (yet), but that doesn’t mean the public isn’t starting to see the writing on the wall. At first, NIRP was an anomaly. An obscure policy tool […]
Why According To One Bank, Massive Central Bank Intervention Is Imminent
Why According To One Bank, Massive Central Bank Intervention Is Imminent Any time the relative performance of global financials to US Treasuries has stumbled as far as it has, as shown in the chart below, it has meant one thing – a major central bank intervention was imminent. At least that’s the interpretation of BofA’s Michael […]
As War on Cash Escalates, Cash Lovers Fight Back
As War on Cash Escalates, Cash Lovers Fight Back “It would be fatal if citizens got the impression that cash is gradually taken away from them”: Bundesbank President Weidman. Over the last couple of days, bureaucrats at the European Commission and European Central Bank have expressed a keen interest in withdrawing the €500-note from circulation […]
This Is The Real Reason For The War On Cash
This Is The Real Reason For The War On Cash Originally posted Op-Ed via The Wall Street Journal, These are strange monetary times, with negative interest rates and central bankers deemed to be masters of the universe. So maybe we shouldn’t be surprised that politicians and central bankers are now waging a war on cash. That’s right, […]
Draghi Lies Claiming withdrawing €500 note is for crime not Taxes
Draghi Lies Claiming withdrawing €500 note is for crime not Taxes The Hunt for Taxes While Mario Draghi has denied that the European Central Bank would only withdraw its €500 highest-denomination banknote to combat crime, not to curb the use of paper money, you really cannot expect that he would tell the truth. If he really told […]
Larry Summers Launches The War On Paper Money: “It’s Time To Kill The $100 Bill”
Larry Summers Launches The War On Paper Money: “It’s Time To Kill The $100 Bill” Yesterday we reported that the ECB has begun contemplating the death of the €500 EURO note, a fate which is now virtually assured for the one banknote which not only makes up 30% of the total European paper currency in circulation by […]
Italy’s Banking Crisis Spirals Elegantly out of Control
Italy’s Banking Crisis Spirals Elegantly out of Control How to dump toxic waste on the public through the backdoor. Back during the euro debt crisis, while the ECB was buying government debt from Member States to keep Italian and Spanish government debt from imploding, German politicians fretted out loud about what exactly the ECB was buying. […]
