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Russian Banking Crisis: 3rd Major Bank Topples in 4 months
Russian Banking Crisis: 3rd Major Bank Topples in 4 months “It turned into a lender which financed its owners”: Central Bank. It’s Friday, and another Russian bank gets taken over and most of its creditors get bailed out by the Central Bank, this time the 10th largest bank in Russia, Promsvyazbank – with the top […]
ECB and the Coming Banking Crisis
ECB and the Coming Banking Crisis QUESTION: Mr. Armstrong; Your post of November 16th where you state that the ECB is looking to freeze accounts in a banking crisis, does that mean they will no longer honour the claimed insurance of €100,000 per account? PH ANSWER: No. They will not pretend to eliminate that […]
EU Preparing for the Banking Crisis
EU Preparing for the Banking Crisis Subtly, the EU is looking to establish preparations for the coming banking crisis and how to protect the banks from massive withdrawals. The solution? The EU wants to be able to temporarily free up credits for the banks and at the same time to freeze bank deposits, In other words, like […]
The End of Quantitative Easing – Perhaps Now It Will Be Inflationary?
The End of Quantitative Easing – Perhaps Now It Will Be Inflationary? One of the greatest monetary experiments in financial history has been the global central bank buying of government debt. This has been touted as a form of “money printing” that was supposed to produce hyperinflation, which never materialized as predicted by the perpetual […]
Italy’s Banking Crisis Is Even Worse Than We Thought
Italy’s Banking Crisis Is Even Worse Than We Thought The insider blame game has begun. In this late winter of generalized discontent, it is not easy to pinpoint just where the biggest threat to Europe’s increasingly flimsy union lies, so intense is the competition. One obvious contender is the Eurozone’s third largest economy, Italy, which […]
The Italian Banking Crisis: No Free Lunch – Or Is There?
The Italian Banking Crisis: No Free Lunch – Or Is There? It has been called “a bigger risk than Brexit”– the Italian banking crisis that could take down the eurozone. Handwringing officials say “there is no free lunch” and “no magic bullet.” But UK Prof. Richard Werner says the magic bullet is just being ignored. On […]
Bank Bailout Balloons, Tab for Italian Banking Crisis Soars
Bank Bailout Balloons, Tab for Italian Banking Crisis Soars Monte dei Paschi di Siena sinks deeper into the mire. Over the Christmas holidays, when no one was supposed to pay attention, and when the markets were closed, the bailout costs of Monte dei Paschi di Siena, the third largest bank in Italy, and the center […]
Why Italy’s Banking Crisis is Spiraling to Heck
Why Italy’s Banking Crisis is Spiraling to Heck €4.8 billion window-dressing to cover a growing €360 billion hole Things have got so serious in Italy that the only two things propping up the country’s crumbling banking sector — apart from the last few remaining crumbs of public faith in the system — are two inadequately capitalized bad […]
Did the Fed Really Say they Could Buy Stocks?
Did the Fed Really Say they Could Buy Stocks? The Fed told Congress it would buy stocks if Congress allowed it. This statement has caused a lot of people to scratch their heads. Will this cause all the stock bears to rethink their prognostications of a major stock market crash? This was not even on […]
Fear Hits Japanese Banks, Nikkei Plunges, 10-Year Yield Negative for First Time Ever
Fear Hits Japanese Banks, Nikkei Plunges, 10-Year Yield Negative for First Time Ever A banking crisis radiating out from Europe? While China, Hong Kong, and some other Asian markets celebrated the lunar New Year and wisely kept their markets closed, all heck is breaking loose in Japan. The Nikkei had risen 1% on Monday and […]
Who Gets to Pay for the Italian Banking Crisis?
Who Gets to Pay for the Italian Banking Crisis? The missing Capital Buffer. Six years after Europe’s sovereign debt crisis began, the Eurozone’s third largest economy, Italy, has finally decided to do what just about every other country has done when facing a full-blown, almost out-of-control banking crisis: to set up a bad bank to […]
Reinventing Banking: From Russia to Iceland to Ecuador
Reinventing Banking: From Russia to Iceland to Ecuador Global developments in finance and geopolitics are prompting a rethinking of the structure of banking and of the nature of money itself. Among other interesting news items: In Russia, vulnerability to Western sanctions has led to proposals for a banking system that is not only independent of the […]
Seek and Ye Shall Find
Seek and Ye Shall Find A man who wants to lead the orchestra must turn his back on the crowd.” – Max Lucado. So. Farewell then Jim Slater, who died earlier this month. We met Mr. Slater only once, at an investment conference at the height of the financial crisis in 2008. Just before going on […]
The $4.6 Trillion Leveraged Loan Market—–Next Crisis In The Making
The $4.6 Trillion Leveraged Loan Market—–Next Crisis In The Making Financial crises take about a decade to be born. Having lived through four of them, I see the raw materials for a fifth one — flowing from the collapse of so-called leveraged loans — debt piled on top of companies with weak credit ratings. Before examining […]
