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Day Of Reckoning: The Collapse Of The Too Big To Fail Banks In Europe Is Here
Day Of Reckoning: The Collapse Of The Too Big To Fail Banks In Europe Is Here There is so much chaos going on that I don’t even know where to start. For a very long time I have been warning my readers that a major banking collapse was coming to Europe, and now it is […]
After Crashing, Deutsche Bank Is Forced To Issue Statement Defending Its Liquidity
After Crashing, Deutsche Bank Is Forced To Issue Statement Defending Its Liquidity The echoes of both Bear and Lehman are growing louder with every passing day. Just hours after Deutsche Bank stock crashed by 10% to levels not seen since the financial crisis, the German behemoth with over $50 trillion in gross notional derivative found […]
Why a selloff in European banks is ominous
Why a selloff in European banks is ominous Europe’s bank index has posted its longest weekly string of losses since 2008 Everett Collection Dark clouds are gathering around Europe’s banking sector. European banks have been caught in a perfect storm of market turmoil, lately. Lackluster profits and negative interest rates, have prompted investors to dump shares […]
Notes from the Locked Ward
Notes from the Locked Ward The remaining Americans sound-of-mind must view the primary election spectacle with mounting sensations of wonder, nausea, and panic. It’s one thing for the financial system to crack up, and another thing for social norms to disintegrate, and still another for the political system to become a locked ward of obvious […]
Three Reasons to Be Worried About the Economy
Three Reasons to Be Worried About the Economy On January 12, America’s central planner-in-chief gave his State of the Union address. The president promised nothing less than to feed the hungry, create jobs, shape the earth’s climate, and make everyone a college graduate. There’s nothing new here, though. We’ve heard variations of this silly song […]
The War On Savers And The 200 Rulers Of Global Finance
The War On Savers And The 200 Rulers Of Global Finance There has been an economic coup d’état in America and most of the world. We are now ruled by about 200 unelected central bankers, monetary apparatchiks and their minions and megaphones on Wall Street and other financial centers. Unlike Senator Joseph McCarthy, I actually do have a list of their names. […]
Modern Finance: I’ll be gone, you’ll be gone
Modern Finance: I’ll be gone, you’ll be gone In his book Other People’s Money: The Real Business of Finance, author John Kay quotes Lord Keynes’s idiom, “Madmen in authority, who hear voices in the air, are generally distilling their frenzy from some academic scribbler of a few years back.” The men and women with authority over […]
The Continuing Demonization of Cash
The Continuing Demonization of Cash The insidious nature of the war on cash derives not just from the hurdles governments place in the way of those who use cash, but also from the aura of suspicion that has begun to pervade private cash transactions. In a normal market economy, businesses would welcome taking cash. After all, what […]
Meet China’s Latest $1.8 Trillion “Problem”
Meet China’s Latest $1.8 Trillion “Problem” Last summer we outlined how Chinese banks obscure trillions in credit risk. The powers that be in Beijing aren’t particularly keen on allowing the banking sector to report “real” data on souring loans – especially given the fragile state of the country’s economy. In some cases, the Politburo will pressure banks […]
Ground Control to Captain Zhou Xiaochuan
Ground Control to Captain Zhou Xiaochuan Why would anybody suppose that the Peoples Bank of China might want to tell the truth about anything that was within their power to lie about? Especially the soundness of any loan portfolio vested unto the grasp of its tentacles? Of course, most of what China has done in […]
The West Is Traveling The Road To Economic Ruin
The West Is Traveling The Road To Economic Ruin Michael Hudson is the best economist in the world. Indeed, I could almost say that he is the only economist in the world. Almost all of the rest are neoliberals, who are not economists but shills for financial interests. If you have not heard of Michael […]
Interview With Dr. Emma Dawnay on the Swiss Referendum on Monetary Reform
INTERVIEW WITH DR EMMA DAWNAY ON THE SWISS REFERENDUM ON MONETARY REFORM The following questions have been answered by Dr Emma Dawnay, on behalf of Monetäre Modernisierung, the organisation bringing the Swiss Sovereign Money Initiative (or Vollgeld-Initiative in German). The interviewer is The Cobden Centre Editor, Max Rangeley. How does the current monetary system affect […]
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 […]
The Fed Passes the Buck: Blame Oil and China
The Fed Passes the Buck: Blame Oil and China There are a handful of themes out there on recent market action that are either totally wrong or otherwise highly misleading. For instance, regarding the recent calamity in the capital markets, one especially apparent dichotomy has presented itself as offering two choices as to what, exactly, […]
