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Two Italian Zombie Banks Toppled Friday Night
Two Italian Zombie Banks Toppled Friday Night ECB shuts down Veneto Banca and Banca Popolare di Vicenza. When banks fail and regulators decide to liquidate them, it happens on Friday evening so that there is a weekend to clean up the mess. And this is what happened in Italy – with two banks! It’s over […]
Four Reasons Central Banks are Wrong to Fight Deflation
Four Reasons Central Banks are Wrong to Fight Deflation The word “deflation” can be defined in various ways. According to the most widely accepted definition today, deflation is a sustained decrease of the price level. Older authors have often used the expression “deflation” to denote a decreasing money supply, and some contemporary authors use it […]
Canadian banks set to reveal quarterly earnings amid housing & debt concerns
Canadian banks set to reveal quarterly earnings amid housing & debt concerns Ratings agency Moody’s downgraded the credit ratings for Canada’s big banks earlier this month, citing concerns that over-stretched borrowers and high house prices have left lenders vulnerable to potential losses. (Dillon Hodgin/CBC) The Canadian banks are expected to benefit from rising U.S. interest […]
China Capitulates: Injects $25 Billion Into Liquidity-Starved Banks To “Appease Investors”
China Capitulates: Injects $25 Billion Into Liquidity-Starved Banks To “Appease Investors” Is China’s push to deleverage its financial system over? That is the question following last night’s dramatic reversal in recent PBOC liquidity moves, when after weeks of mostly draining liquidity, the central bank injected a whopping 170 billion yuan (net of maturities), or $24.7 […]
It’s time to become your own banker. Here’s how–
It’s time to become your own banker. Here’s how– Sometimes I wonder why most of the giant mega-banks are based in New York. They should be here in Las Vegas, the gambling capital of the world. Because that’s precisely what they’re doing with your money. Actually it’s not even your money. From a legal perspective, […]
Contagion: Home Capital Bank Run Spreads To Another Canadian Mortgage Lender
Contagion: Home Capital Bank Run Spreads To Another Canadian Mortgage Lender As discussed first thing this morning, the fate of Canada’s largest alternative mortgage lender, Home Capital Group, appears to have been decided over the weekend, when in the span of just one week, over 70% of the company’s deposit base had been withdrawn, effectively […]
Italy Warns Sudden Collapse Of Alitalia Would Lead To “Great Shock” For The Economy
Italy Warns Sudden Collapse Of Alitalia Would Lead To “Great Shock” For The Economy That Italy has a bank solvency problem will not come as a surprise to anyone who has been following events in Europe for the past 7 years. Just yesterday, Italian daily La Stampa reported that four months after the third government […]
Trying to Save Monte Paschi – Oldest Bank in the World
Trying to Save Monte Paschi – Oldest Bank in the World The EU Commission is looking to bailout Monte Paschi by almost eliminating more than 5,000 jobs. The Monte Paschi plan that was presented last October called for 2600 layoffs. It is the oldest surviving bank in the world and the third largest Italian commercial and retail bank […]
CIBC CEO explains why bank is replacing Canadian staff with workers from India
CIBC CEO explains why bank is replacing Canadian staff with workers from India CEO Victor Dodig acknowledges that ‘outsourcing isn’t a popular decision’ CIBC CEO Victor Dodig sent a memo to staff on Friday to explain why the bank sometimes needs to outsource work to other countries. (Jeff McIntosh/Canadian Press) CIBC’s CEO issued an internal staff […]
Banks Are Evil
Barandash Karandashich/Shutterstock Banks Are Evil It’s time to get painfully honest about this I don’t talk to my classmates from business school anymore, many of whom went to work in the financial industry. Why? Because, through the lens we use here at PeakProsperity.com to look at the world, I’ve increasingly come to see the financial […]
Whose Banks Are Riskiest: A Surprising Answer From The BIS
Whose Banks Are Riskiest: A Surprising Answer From The BIS When one thinks of unstable, risky banking systems, the first thing that comes to mind are visions of insolvent, state-backed building – with or without long ATM lines – in China, Greece, Italy or, in recent times, Germany. However, according to the most recent report […]
Unaware and Misinformed–Exactly How They Like Us
UNAWARE AND MISINFORMED – EXACTLY HOW THEY LIKE US I should start this out with a disclaimer. I worked as a financial planner and stock broker for 25 years and really didn’t begin to grasp the true mechanics of the financial system until nearly 10 years in. It took even longer for the magnitude of […]
The Italian Banking Crisis: No Free Lunch – Or Is There?
The Italian Banking Crisis: No Free Lunch – Or Is There? It has been called “a bigger risk than Brexit”– the Italian banking crisis that could take down the eurozone. Handwringing officials say “there is no free lunch” and “no magic bullet.” But UK Prof. Richard Werner says the magic bullet is just being ignored. On […]
UBS Warns: Spain’s “Most Italian Bank” Runs Out of Options
UBS Warns: Spain’s “Most Italian Bank” Runs Out of Options The bank-bailout business rages on. During the first week of 2017, Spain’s “most Italian bank”, Banco Popular, got off to a flying start as its stock outperformed all other major Spanish banks. By Jan 5th its shares had even crossed the €1-line for the first […]
