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The 8 Trillion Black Swan: Is China’s Shadow Banking System About To Collapse?
The 8 Trillion Black Swan: Is China’s Shadow Banking System About To Collapse? “Wealth management products in China have come under the spotlight after a series of missed payments raised concerns over the shadow banking sector that often directs credit to firms shut out from bank lending or capital markets,” Reuters said in February, after reporting […]
Canadian Supreme Court’s top judge dismisses activist label
Canadian Supreme Court’s top judge dismisses activist label CALGARY, Alberta (Reuters) – Supreme Court of Canada Chief Justice Beverley McLachlin brushed off criticism on Thursday that her court, which has clashed with Prime Minister Stephen Harper, has been too activist. McLachlin, the court’s longest-serving chief justice, has presided over numerous decisions that reversed Parliament’s decisions, and […]
Euro ministers give blessing to Greek bailout, wooing IMF on debt
Euro ministers give blessing to Greek bailout, wooing IMF on debt Euro zone finance ministers have agreed to lend Greece up to 86 billion euros ($96 billion) after Greek lawmakers accepted their stiff conditions despite a revolt by supporters of leftist Prime Minister Alexis Tsipras. Assuming approval by the German and other parliaments, 13 billion […]
The Seventh-Largest Economy in the World Spirals Down
The Seventh-Largest Economy in the World Spirals Down HSBC, which knows a thing or two about the world, and about Brazil, is bailing out of Brazil. It’s unloading its “entire business in Brazil,” it said this week, including retail banking and insurance. It will hand its long list of wealthy clients and over 21,000 employees to Bradesco, […]
Greek Stocks, Economy Collapse, Suffer Worst Declines In History
Greek Stocks, Economy Collapse, Suffer Worst Declines In History The Athens Stock Exchange reopened on Monday and unsurprisingly, some folks were selling. Trading was suspended five weeks ago after PM Alexis Tsipras’ dramatic midnight referendum call precipitated capital controls and a lengthy bank “holiday.” Shares opened lower by nearly 23% and the country’s banks traded limit-down, […]
An Exasperated Tsipras Calls For Syriza Referendum On Bailout Cancellation
An Exasperated Tsipras Calls For Syriza Referendum On Bailout Cancellation Anyone who thought Greece’s third bailout program was a done deal or that, at the very least, the market would get a few months of respite before having to grapple with daily Grexit headlines again, got a rude awakening late last week when reports of […]
One Economic Datapoint, Two Vastly Different Interpretations
One Economic Datapoint, Two Vastly Different Interpretations Earlier today, Case-Shiller reported that in May, housing prices dropped by 0.18%, the biggest decline since July 2014. Hardly a euphoric validation of the Fed’s rate hike intentions. So what was the mainstream media’s take on the topic? It all depends on who you ask. Reuters: or the WSJ. […]
Futures Soar On Hope Central Planners Are Back In Control, China Rollercoaster Ends In The Red
Futures Soar On Hope Central Planners Are Back In Control, China Rollercoaster Ends In The Red For the first half an hour after China opened, things looked bleak: after opening down 5%, the Shanghai Composite staged a quick relief rally, then tumbled again. And then, just around 10pm Eastern, we saw acoordinated central bank intervention stepping […]
Chinese Stocks Suffer Second Biggest Crash In History, 1,500 Companies Halted Limit Down
Chinese Stocks Suffer Second Biggest Crash In History, 1,500 Companies Halted Limit Down This was not supposed to happen. After pledging, investing and otherwise guaranteeing the Chinese stock market to the tune of 10% of GDP, and intervening on at least 40 different occasions in the past month ever since China’s stock bubble burst in late […]
Greek Capital Controls To Remain For Months As Germany Pushes For Bail-In Of Large Greek Depositors
Greek Capital Controls To Remain For Months As Germany Pushes For Bail-In Of Large Greek Depositors Two weeks ago we explained why Greek banks, which Greece no longer has any direct control over having handed over the keys to their operations to the ECB as part of Bailout #3’s terms, are a “strong sell” at any price: […]
Japan Inc Rocked By Massive Accounting Fraud: Toshiba CEO Quits After Admitting 7 Years Of Cooked Books
Japan Inc Rocked By Massive Accounting Fraud: Toshiba CEO Quits After Admitting 7 Years Of Cooked Books While Abenomics has been an unmitigated disaster for Japan’s ordinary population, where the soaring stock market has benefited the top decile of the population while everyone has been slammed by a record 25 consecutive months of declining real […]
IMF Declares War On Germany: In “Secret” Report Lagarde Says Greece Will Need Massive Debt Relief
IMF Declares War On Germany: In “Secret” Report Lagarde Says Greece Will Need Massive Debt Relief A divide between the IMF and Europe (read: Germany), regarding writedowns on Greece’s debt to the EU has been brewing for quite some time and recently returned to the international spotlight when, a few months back, the Fund indicated […]
World Powers Reach Landmark Nuclear Deal With Iran, Oil Slides – Full Deal Text
World Powers Reach Landmark Nuclear Deal With Iran, Oil Slides – Full Deal Text It is only fitting that almost exactly 24 hours after the Greek “pre-deal”, which may and will end up crashing and burning in very short notice, another long expected “deal”, one which has been about a decade in the making, was […]
Greece Just Lost Control Of Its Banks, And Why Deposit Haircuts Are Imminent
Greece Just Lost Control Of Its Banks, And Why Deposit Haircuts Are Imminent Yes, Greek banks may have been insolvent – something that was clear since the first bailout of 2010 – but at least the Greek state had control over them: as such it could have mandated mergers, recapitalizations, liquidity injections, even depositor bail-ins (perhaps the […]
