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Our Banking System is a Giant House of Cards
Our Banking System is a Giant House of Cards It Could Fall On You. Anat Admati teaches finance and economics at the Stanford Graduate School of Business and is co-author of The Bankers’ New Clothes, a classic account of the problem of Too Big to Fail banks. On May 6th, at the Finance and Society Conferencesponsored […]
New bank fees target kids’ accounts and allow ‘double-dipping,’ say customers
New bank fees target kids’ accounts and allow ‘double-dipping,’ say customers RBC says new fees ‘cost of doing business’ Banking fees are going up at all of Canada’s five big banks, but some customers of RBC in particular are outraged about the changes. They’re accusing Canada’s biggest bank of targeting children and those who can least […]
The End Is Near, Part 1: The “War On Cash”
The End Is Near, Part 1: The “War On Cash” As the saying goes, you can know a person by the quality of his or her enemies. This is also true of societies, where moral evolution can be traced by simply listing the things on which they declare war. Not so long ago, for instance, […]
ECB Prepares To Sacrifice Greek Banks With 50% Collateral Haircut
ECB Prepares To Sacrifice Greek Banks With 50% Collateral Haircut In what seems like a coincidental retaliation for Greece’s pivot to Russia (and following Greece’s initiation of capital controls), the supposedly independent European Central Bank has decided suddenly that – after dishing out €74 billion of emergency liquidity to the Greek National Bank to fund […]
The Six Too Big To Fail Banks In The U.S. Have 278 TRILLION Dollars Of Exposure To Derivatives
The Six Too Big To Fail Banks In The U.S. Have 278 TRILLION Dollars Of Exposure To Derivatives The very same people that caused the last economic crisis have created a 278 TRILLION dollar derivatives time bomb that could go off at any moment. When this absolutely colossal bubble does implode, we are going to be faced […]
No Major Country Is More Exposed to Banks than Australia
No Major Country Is More Exposed to Banks than Australia There are six large (with a market cap of over AUD50 billion) listed companies in Australia. The biggest four are banks, the fifth is BHP, one of the world’s largest mining companies. The sixth is the world’s most over-priced Telco, Telstra. The table below puts […]
This Could Sink Banks in Greece, Portugal, Spain, and Italy
This Could Sink Banks in Greece, Portugal, Spain, and Italy Not that much has changed in Spain since the climax of the debt crisis during which its collapsing banks were bailed out. Some of them were recombined into a bank with a new name – Bankia – and sold to the public via an IPO […]
Recovery, Geopolitics and Detergents
Recovery, Geopolitics and Detergents Increasingly over the past year or so, when people ask me what I do, and that happens a lot on a trip like the one I’m currently on in the world of down under, I find myself not just stating the usual ‘I write about finance and energy’, but adding: ‘it […]
Why Banksters Hate Peace
Why Banksters Hate Peace All Wars Are Bankers’ Wars Bankers hate peace … Lee Fang reports: The possibility of an Iran nuclear deal depressing weapons sales was raised by Myles Walton, an analyst from Germany’s Deutsche Bank, during a Lockheed earnings call this past January 27. Walton asked Marillyn Hewson, the chief executive of Lockheed Martin, if an […]
Paul Krugman is wrong about the UK and borrowing
Paul Krugman is wrong about the UK and borrowing Paul Krugman once did something or other quite good on the economics of trade, winning him the Nobel Prize. He also wrote some rather good stuff in the 1990s about the euro and about how Japan might escape its then-malaise. Quite a lot of orthodox economists […]
EU and Greece Running Out of Time – As Bank Runs Intensify, Bail-Ins Likely
EU and Greece Running Out of Time – As Bank Runs Intensify, Bail-Ins Likely – EU and Greece running out of time as talks end “in disarray” – again – Greece warns Merkel of ‘impossible’ debt – Concerns Greece out of money by end of April – Friday’s “agreement” in Brussels falls apart hours later […]
Dumping American Junk in Europe, Draghi Asked for it
Dumping American Junk in Europe, Draghi Asked for it This is just the beginning, a new trend that may well turn into the next craze. ECB President Mario Draghi, in his infinite wisdom, asked for it: he’d driven the ECB deposit rate deeper into the negative, to -0.2%, and has promised to buy €60 billion […]
The Austrian Black Swan Claims Its First Foreign Casualty: German Duesselhyp Collapses, To Be Bailed Out
The Austrian Black Swan Claims Its First Foreign Casualty: German Duesselhyp Collapses, To Be Bailed Out Precisely one week ago in “A Black Swan Lands In Southern Austria: The Ripple Effects Of “Mini-Greece Going Off In The Heartland Of Europe“, when analyzing the consequences of the collapse of Austria’s bad bank, we noted perhaps the […]
QE Inventor: It’s EASY to Create a Full-Blown Recovery, But Central Banks Chose to Make Banksters Rich Instead of Helping Main Street
QE Inventor: It’s EASY to Create a Full-Blown Recovery, But Central Banks Chose to Make Banksters Rich Instead of Helping Main Street QE Is a Sham Richard Werner (economics professor at University of Southampton) is the inventor of quantitative easing (QE). Werner previously said that QE has failed to help the economy. (Former long-time Fed chair Alan Greenspan agrees. Numerous academic studies confirm […]
How Our Crazy Money System Wo
How Our Crazy Money System Works Squirrelly and Subtle Yes, we were in London, taking care of business. Now, we’re back in Buenos Aires. We’ve tried medication. We’ve tried prayer. We’ve tried heavy drinking – all in an effort to understand how our crazy money system works. And where it leads. You’d think it would […]
