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“Worst Since Lehman”: Banks Break The World Again
“Worst Since Lehman”: Banks Break The World Again Last week we detailed BofA’s Michael Hartnett’s warning that “The Fed will tighten until something breaks”. Well, something just broke… SVB’s collapse – the second biggest US bank failure in history – dominated any reaction to this morning’s mixed bag from the BLS (hotter than expected earnings growth, rising unemployment (especially […]
Hyperinflationary Hell: Lebanese Central Bank Devalues ‘Lira’ By 90%
Hyperinflationary Hell: Lebanese Central Bank Devalues ‘Lira’ By 90% Cash is now king in Lebanon, where a three-year economic meltdown has led the country’s once-lauded financial sector to atrophy and turned the country into a Venezuelan-esque hyperinflationary hell. The country has been hit hard by events over the past few years, starting with COVID. In […]
The evolution of credit and debt in 2023
The evolution of credit and debt in 2023 The evidence strongly suggests that a combined interest rate, economic and currency crisis for the US and its western alliance will continue in 2023. This article focuses on credit, its constraints, and why quantitative easing has already crowded out private sector activity. Adjusting M2 money supply for […]
Zoltan Pozsar’s Gold-mageddon Deconstructed
Zoltan Pozsar’s Gold-mageddon Deconstructed “[B]anks have been managing their paper gold books with one assumption, which is that [Nation] states would ensure gold wouldn’t come back as a settlement medium.” -Zoltan Pozsar Before we go any further, we read ZeroHedge’s report on this letter Dec 7th entitled: Zoltan Pozsar: Gold To Soar…When Putin Unveils Petrogold (ZH Prem) and […]
The “Barbarous Relic” Helped Enable a World More Civilized than Today’s
The “Barbarous Relic” Helped Enable a World More Civilized than Today’s One of history’s greatest ironies is that gold detractors refer to the metal as the barbarous relic. In fact, the abandonment of gold has put civilization as we know it at risk of extinction. The gold coin standard that had served Western economies so […]
Nigeria Limits ATM Withdrawals To $45 Per Day To Force Govt-Controlled Digital Payments
Nigeria Limits ATM Withdrawals To $45 Per Day To Force Govt-Controlled Digital Payments A staggering number of Nigerians love Bitcoin, but hate government cryptocurrency (CBDCs). In April, leading cryptocurrency exchange KuCoin noted that 35% of the adult population in Nigeria – roughly 34 million adults aged 18-60, own bitcoin or other cryptocurrencies. But when it came to the country’s Central Bank Digital Currency […]
The macroeconomics of bank-created money and a Modern Debt Jubilee as a way out of the private debt trap
The macroeconomics of bank-created money and a Modern Debt Jubilee as a way out of the private debt trap My friend Dr. Sabri Oncu has established an innovative seminar program at Kadir Has University in Turkey. Called the “Kadir Has Lectures on Global Political Economy”, it has had lectures from a number of non-mainstream economists, […]
Tim Watkins: Anatomy of the Crisis
Tim Watkins: Anatomy of the Crisis
Canadian Banks Slammed For Continued Fossil Fuel Investments
Canadian Banks Slammed For Continued Fossil Fuel Investments Canadian banks are receiving backlash from investors for their continued investments in fossil fuels. All Canadian banks were revealed to have increased their exposure to fossil fuels between 2020 and 2021, by between 25 percent—TD and BMO—and 132 percent for CIBC. The report is the latest example […]
Germany Preparing For Emergency Cash Deliveries, Bank Runs And “Aggressive Discontent” Ahead Of Winter Power Cuts
Germany Preparing For Emergency Cash Deliveries, Bank Runs And “Aggressive Discontent” Ahead Of Winter Power Cuts While Europe has been keeping a generally optimistic facade ahead of the coming cold winter, signaling that it has more than enough gas in storage to make up for loss of Russian supply even in a “coldest-case” scenario, behind […]
Since when did banks produce energy?
Since when did banks produce energy? It takes a special kind of cynical self-interest to make people pay twice for something they already cannot afford, while claiming you are doing them a favour. This though, is the energy price relief package announced by Liz Truss yesterday. The package plays that old political card of being […]
Even The Banksters Are Being Forced To Admit That The U.S. Economy Is Really Starting To Come Apart At The Seams
Even The Banksters Are Being Forced To Admit That The U.S. Economy Is Really Starting To Come Apart At The Seams It’s wake up time. For months, there has been a tremendous amount of denial out there. So many of the “experts” assumed that the Federal Reserve and other central banks had everything under control […]
If you thought the Coinbase bankruptcy disclosures were bad…
If you thought the Coinbase bankruptcy disclosures were bad… Just wait ’til you see your government’s bail-in rules One of the subplots that made for a bad week in crypto included a largely manufactured crisis around “The Coinbase bankruptcy disclosure”. After posting an earnings miss, the next shoe to drop was the discovery in the […]
Serf-Expression
Serf-Expression Eventually the “flock of timid and industrious animals” changes their minds about how much exploitation by the few is acceptable. You may have noticed the news flow beyond the hot war in Ukraine is largely focused on capital: financial capital (markets, liquidity, interest rates, commodities, central bank tightening, etc.) and political capital (geopolitical maneuvering, sanctions, revising energy and defense […]
