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2016 Will Be A ‘Cataclysmic Year’ And ‘Investors Should Be Afraid’
2016 Will Be A ‘Cataclysmic Year’ And ‘Investors Should Be Afraid’ The Royal Bank of Scotland is telling clients that 2016 is going to be a “cataclysmic year” and that they should “sell everything”. This sounds like something that you might hear from The Economic Collapse Blog, but up until just recently you would have never […]
January 1, 2016: The New Bank Bail-In System Goes Into Effect In Europe
January 1, 2016: The New Bank Bail-In System Goes Into Effect In Europe If you have a bank account anywhere in Europe, you need to read this article. On January 1st, 2016, a new bail-in system will go into effect for all European banks. This new system is based on the Cyprus bank bail-ins that […]
Bank Of Ireland Bans “Small” Cash Withdrawals At Branches
Bank Of Ireland Bans “Small” Cash Withdrawals At Branches As central planners the world over grapple with the effective “lower bound” that’s imposed by the existence of physical banknotes, there’s been no shortage of calls for a ban on cash. Put simply, if you eliminate physical currency, you also eliminate the idea of a floor […]
Russian Bank Caught Using Fake Gold As Reserve Capital
Russian Bank Caught Using Fake Gold As Reserve Capital Over the past several years, incidents involving fake gold (usually in the form of gold-plated tungsten) have emerged every so often, usually involving Manhattan’s jewerly district, some of Europe’s bigger gold foundries, or the occasional billion dealer. But never was fake gold actually discovered in the form monetary gold, […]
Why We Are All Now Cypriots-to-bein the New Age of Bail-Ins
Why We Are All Now Cypriots-to-bein the New Age of Bail-Ins According to the mostly ignored and hardly covered piece of newsfrom a couple of weeks ago, it turns out that 11 of the 28 European Union countries have been scolded by the European Commission for failing to implement a new set of rules intended to prop up […]
The trouble with cash
The trouble with cash When interest rates are zero and it costs a bank to look after your money it becomes an unattractive asset. Banks in some jurisdictions (such as Switzerland, Denmark and Sweden) are even charging customers interest on cash and deposits. And if you go to your bank and withdraw large amounts in […]
Bank Reserves and Loans: The Fed is Pushing On a String
Bank Reserves and Loans: The Fed is Pushing On a String The money multiplier effect no longer works. As you (hopefully) know, we live in a fractional reserve banking system: if the bank is required to have $1 in cash reserves for every $10 in loans, it means the bank creates $10 of new money when it issues a […]
The Bank-State Bargain
The Bank-State Bargain “I react pragmatically. Where the market works, I’m for that. Where the government is necessary, I’m for that. I’m deeply suspicious of somebody who says, “I’m in favor of privatization,” or, “I’m deeply in favor of public ownership.” I’m in favor of whatever works in the particular case.” J K Galbraith There’s no […]
Justice Department Rolls Out An Early Form Of Capital Controls In America
Justice Department Rolls Out An Early Form Of Capital Controls In America Something stunning took place earlier this week, and it quietly snuck by, unnoticed by anyone as the “all important” FOMC meeting was looming. That something could have been taken straight out of the playbook of either Cyprus, or Greece, or the USSR “evil […]
Puerto Rico’s 3rd Largest Bank Fails
Puerto Rico’s 3rd Largest Bank Fails Based on Bloomberg data, Doral Bank is the 3rd largest (by assets) bank in Puerto Rico…or rather was. After a 58% collapse in the share price today, news broke after the close: *PUERTO RICO’S DORAL BANK PLACED UNDER FDIC RECEIVERSHIP *PUERTO RICO’S BANCO POPULAR AGREES TO BUY DORAL BANK […]
Column: It Begins. Germany’s Banks Lower The Deposit Guarantee Scheme. | Sprout Money
Column: It Begins. Germany’s Banks Lower The Deposit Guarantee Scheme. | Sprout Money. In a surprising move, the consortium of German banks has announced that the insured amounts under its mutual deposit guarantee will be lowered from January 2015 on. German newspaper Die Welt broke the news and even though this doesn’t change the state […]
Did An Obscure IMF Document Start A Global Bail-In Revolution? by Daniel Amerman
Did An Obscure IMF Document Start A Global Bail-In Revolution? by Daniel Amerman. When revolutions start, it’s not uncommon for almost nobody to notice. It may take years or even decades before historians can look back, point a finger and say “that’s where it really began.” An obscure International Monetary Fund “Staff Discussion Note” may […]
