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Mexico’s Central Bank Just Broke with the War on Cash
Mexico’s Central Bank Just Broke with the War on Cash Motivated by inflation? A strange thing just happened in Mexico. The Bank of Mexico (Banxico), announced that it is considering launching a 2,000 peso note (ca. $105), double the highest denomination note currently in circulation. It’s also considering doing away with Mexico’s lowest denomination 20 […]
No Other Banks Are This Exposed to Turkey, Argentina, Brazil…. Emerging Markets Haunt Spanish Banks
No Other Banks Are This Exposed to Turkey, Argentina, Brazil…. Emerging Markets Haunt Spanish Banks To diversify from the euro-debt-crisis, the biggest Spanish banks pushed deeply into Emerging Markets. Now, they’re in a new crisis. Almost exactly six years ago, the Spanish government requested a €100 billion bailout from the Troika (ECB, European Commission and […]
Why Are ATMs Disappearing at an Alarming Rate after a Wave of Branch Closures?
Why Are ATMs Disappearing at an Alarming Rate after a Wave of Branch Closures? Banks are curtailing “cash services.” But why? In Australia, banks are reducing ATMs by about 8% a year. In the UK, ATMs — or cashpoint machines, as they’re termed locally — are disappearing at a rate of around 300 per month, […]
The EU Backs Off its War on Cash. Here’s Why
The EU Backs Off its War on Cash. Here’s Why People view paying in cash “as a fundamental freedom, which should not be disproportionately restricted.” The European Commission, in its official war on cash, admitted that physical cash is perhaps not quite the source of all evil that many EU institutions, including the Commission itself, […]
Backlash Against “War on Cash” Reaches Washington & China
Backlash Against “War on Cash” Reaches Washington & China The electronic-payments industry, which gets a cut from every electronic transaction, wants to kill cash. But wait… Not so long ago, it seemed that the death of cash was both inevitable and imminent. The war against physical money was advancing on all fronts. Cash, already with technological […]
Visa Goes Down in the UK, Chaos Ensues, Cash is Suddenly King
Visa Goes Down in the UK, Chaos Ensues, Cash is Suddenly King War on Cash Suffers Setback. For over 12 hours on Friday, shopping centers in the UK and other parts of Europe were plunged into chaos as millions of consumers were unable to use their Visa debit or credit cards at points of sale. […]
Which Banks Are Most Exposed to Italy’s Sovereign Debt? (Other than the Horribly Exposed Italian Banks)
Which Banks Are Most Exposed to Italy’s Sovereign Debt? (Other than the Horribly Exposed Italian Banks) “Doom loop” begins to exact its pound of flesh. Risk. Exposure. Contagion. These are three words we’re likely to hear more and more in relation to Europe, as the Eurozone’s debt crisis returns. On Friday, Italy’s 10-year risk premium […]
Banks & Builders Want New Property Bubble In Spain, Government Obliges
Banks & Builders Want New Property Bubble In Spain, Government Obliges “This plan, far from solving or alleviating the problem, is likely to make it a whole lot worse.” Spain’s second biggest bank, BBVA, just announced that it’s resurrecting the 100% mortgage, a high-risk loan instrument that notoriously helped fuel Spain’s madcap property boom. For […]
Even the World’s Most Cashless Nation Doesn’t Want to Go Fully Cashless
Even the World’s Most Cashless Nation Doesn’t Want to Go Fully Cashless It’s too risky and systematically excludes the most vulnerable people. There are small but growing signs that Europe’s “War on Cash” is not going exactly according to plan. First, a number of central bankers began voicing concerns about its potential ramifications. Now, even […]
Despite Years of ECB’s QE (Ending Soon), Italy’s “Doom Loop” Still Threatens Eurozone Financial System
Despite Years of ECB’s QE (Ending Soon), Italy’s “Doom Loop” Still Threatens Eurozone Financial System Even banks outside Italy have an absurdly out-sized exposure to Italian sovereign debt. The dreaded “Doom Loop” — when shaky banks hold too much shaky government debt, raising the fear of contagion across the financial system if one of them […]
Toxic Debt Still Plagues Spanish Banks (and Taxpayers Will End Up Paying for It)
Toxic Debt Still Plagues Spanish Banks (and Taxpayers Will End Up Paying for It) Years after Crisis Was “Solved.” Europe’s banking authorities are finally beginning to pile pressure on poorly performing banks to clean up their books, something that should have happened a long, long time ago. But as is often the case with European […]
The Oligopolization of Food Supply Hits a Snag
The Oligopolization of Food Supply Hits a Snag Three companies to control 60% of world’s seed and pesticide markets. German drug and agrichemicals giant Bayer has suffered a setback in its efforts to acquire the world’s biggest seed company, Monsanto. Bayer had reckoned on winning regulatory approval for its $63.5 billion takeover bid at the […]
Will Italy’s Banking Crisis Spawn a New Frankenbank?
Will Italy’s Banking Crisis Spawn a New Frankenbank? “Operation Overlord.” There are rumors currently doing the rounds that Italy’s banking problems have finally been put to rest. The FTSE Italia All-Share Banks Index has soared about 40% over the last 12 months, about double the advance by the Euro Stoxx Banks Index. Six of the […]
A New Cunning Plan to Allay Banking Jitters is Hatched in Spain
A New Cunning Plan to Allay Banking Jitters is Hatched in Spain But there’s a problem with the plan. The Spanish Government has a brand new cunning plan to fortify the country’s banking system, which was rocked last year by the collapse of the sixth biggest bank, Banco Popular. It wants the country’s Deposit Guarantee […]
“It’s Not only Carillion that’s Built on Sand, it’s our Whole System of Corporate Accountability”
“It’s Not only Carillion that’s Built on Sand, it’s our Whole System of Corporate Accountability” The construction & services giant collapsed even as KPMG signed off on its financial statements; now they deny any responsibility. The Big Four accountancy firms — PricewaterhouseCoopers, Ernst & Young, KPMG, and Deloitte — reported combined annual revenues of $134 […]
