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“We Don’t Have The Culture To Manage Risks” – Largest-Ever Indian Bank Fraud Exposes Systemic Flaws
“We Don’t Have The Culture To Manage Risks” – Largest-Ever Indian Bank Fraud Exposes Systemic Flaws Stocks of Indian jewelers and state-run banks have been sinking since Friday, when the full extent of what’s now understood to be the largest bank fraud case in Indian history was unveiled in a complaint to Indian federal banking […]
What’s Behind Global Inflation: China Creates A Record 2.9 Trillion Yuan In New Loans In One Month
What’s Behind Global Inflation: China Creates A Record 2.9 Trillion Yuan In New Loans In One Month According to one monetary theory, in a world in which China is the dominant creator of debt – which it has been since the financial crisis – it is also China that is the marginal creator of the […]
Chinese “Ghost Collateral” Scam Leads To Market “Shockwaves”, Huge Loss For Giant Commodity Trader
Chinese “Ghost Collateral” Scam Leads To Market “Shockwaves”, Huge Loss For Giant Commodity Trader Back in 2014, a scandal erupted when media reports confirmed what many had previously speculated about China’s banking system: namely that much of China’s staggering loan issuance had been built (literally) upon air and that trillions in loan collateral had been […]
Record Surge in Riskiest Loans Fattens Wall Street Banks
Record Surge in Riskiest Loans Fattens Wall Street Banks Crackdown efforts by bank regulators are put on hold. The volume of leveraged loans – the riskiest loans Wall Street banks provide – has surged 38% year-over-year and has already beaten the full-year record set in 2013, according to Dealogic. Total of leveraged loans outstanding has […]
The Bank For International Settlements Warns That A Major Debt Meltdown In China Is Imminent
The Bank For International Settlements Warns That A Major Debt Meltdown In China Is Imminent The pinnacle of the global financial system is warning that conditions are right for a “full-blown banking crisis” in China. Since the last financial crisis, there has been a credit boom in China that is really unprecedented in world history. […]
George Friedman: Italy Is the Mother of All Systemic Threats
George Friedman: Italy Is the Mother of All Systemic Threats Italy has been in a crisis for at least eight months, though mainstream media did not recognize it until July. This crisis has nothing to do with Brexit, although opponents of Brexit will claim it does. Even if Britain had voted to stay in the EU, […]
John Perkins: The Shadow World Of The Economic Hitman
John Perkins: The Shadow World Of The Economic Hitman An exposé of the ugly global battle for control of resources If you’re hoping to have a ‘feel good’ day today, we’re about to owe you an apology. John Perkins, author of The New Confessions of an Economic Hit Man, is someone we’ve been trying to get […]
The Subprime Auto Loan Meltdown Is Here
The Subprime Auto Loan Meltdown Is Here Uh oh – here we go again. Do you remember the subprime mortgage meltdown during the last financial crisis? Well, now a similar thing is happening with auto loans. The auto industry has been doing better than many other areas of the economy in recent years, but this […]
If Zero Interest Rates Fixed What’s Broken, We’d Be in Paradise
If Zero Interest Rates Fixed What’s Broken, We’d Be in Paradise Rather than fix what’s broken with the real economy, ZIRP/NIRP has added problems that only collapse can solve. The fundamental premise of global central bank policy is simple: whatever’s broken in the economy can be fixed with zero interest rates (ZIRP). And the linear extension […]
The Oil Crash Of 2016 Has The Big Banks Running Scared
The Oil Crash Of 2016 Has The Big Banks Running Scared Last time around it was subprime mortgages, but this time it is oil that is playing a starring role in a global financial crisis. Since the start of 2015, 42 North American oil companies have filed for bankruptcy, 130,000 good paying energy jobs have been lost in the […]
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 […]
When good loans go bad among junior energy companies
When good loans go bad among junior energy companies The energy sector is facing a season of pain as its loans are renegotiated. This is shaping up to be a deeply unpleasant autumn for junior energy companies and the banks that lent them hundreds of millions of dollars. “Everyone got hall passes until the fall, but the principal […]
Bank Reserves and Loans: The Fed is Pushing On a String
Bank Reserves and Loans: The Fed is Pushing On a String The money multiplier effect no longer works. As you (hopefully) know, we live in a fractional reserve banking system: if the bank is required to have $1 in cash reserves for every $10 in loans, it means the bank creates $10 of new money when it issues a […]
