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French FinMin: The Euro Zone Is Not Prepared To Face A New Crisis
French FinMin: The Euro Zone Is Not Prepared To Face A New Crisis Europe finds itself at a troubling crossroads: while on one hand the official narrative emanating from Brussels and Berlin (and, of course, the ECB) is that there is no risk of contagion from Italy’s budget crisis in the European Union, on the […]
“Peak QE”: This Is What Share Of The Market Central Banks Now Own
“Peak QE”: This Is What Share Of The Market Central Banks Now Own After a decade of unprecedented liquidity injections by central banks to preserve the western financial system, global QE has peaked. First, the aggregate balance sheet of major central banks started to shrink earlier in the year, a reversal that took investors many […]
ECB To End QE In December, Will Keep Rates Unchanged “As Long As Necessary”
ECB To End QE In December, Will Keep Rates Unchanged “As Long As Necessary” In a statement that was a virtual replica from September, the ECB announced it was keeping its three key rates unchanged (main refinancing operations: 0.00%, marginal lending facility: 0.25%; deposit facility: -0.40%), that it will end its LSAP QE program at […]
Italy Openly Defiant of Eurozone Stability Pact, Deliberately and Knowingly
Italy Openly Defiant of Eurozone Stability Pact, Deliberately and Knowingly Eurozone officials and the ECB are in a quandary over Italy’s deliberate defiance of budget rules. There is a fundamental irony in Italy’s open defiance of Eurozone stability rules. Both France and Germany did the same in 2003. Eurointelligence reports Italy Formulates First Fundamental Challenge […]
The European financial establishment has just declared war on Italy
The European financial establishment has just declared war on Italy This week in a CNBC interview Jeroen Dijsselbloem, the former Dutch minister of finance who served as the President of the Eurogroup, declared war on the Italian government. The European financial establishment is prepared to destroy the banking system and cause the Italian economy to […]
Juncker Warns ‘The EU Cannot Survive Without Italy’
Juncker Warns ‘The EU Cannot Survive Without Italy’ Ignoring warnings from the European Commission, the ECB and the European Commission (as well as practically every other supranational organization in Europe), the populist-led Italian government managed to submit their draft budget to the Commission before a midnight deadline – an outcome that was cheered by BTP […]
St Louis Fed Discloses More Free Money: A Carry Trade in Liquidity
St Louis Fed Discloses More Free Money: A Carry Trade in Liquidity Not only do banks earn free money on excess reserves, they can borrow money and make guaranteed free money on that. The Federal Reserve Bank of St. Louis discusses the Carry Trade in Liquidity. The IOER [interest on excess reserves] has been the […]
The ECB on the Verge of Collapse?
The ECB on the Verge of Collapse? The European Central Bank (ECB) will NOT aid Italy with an EU rescue program if the country or its banks are in financial turmoil. The Italian government is taking the view that Italy has become an “occupied” country and that Germany has conquered Europe imposing austerity and […]
ECB Hands Italy An Ultimatum: ‘Obey EU Budget Rules Or We Won’t Save You’
ECB Hands Italy An Ultimatum: ‘Obey EU Budget Rules Or We Won’t Save You’ With the Washington Post stepping up to put a floor under US stocks Thursday afternoon by reporting that President Trump would meet Chinese President Xi Jinping at next month’s G-20 summit (while the headline soothed the market, it doesn’t change the […]
Italy’s Debt Crisis Flares Up, Banks Get Hit, as Showdown with the EU Intensifies
Italy’s Debt Crisis Flares Up, Banks Get Hit, as Showdown with the EU Intensifies Who will blink first? A serious showdown is brewing in the Eurozone as Italy’s anti-establishment coalition government takes on the EU establishment in a struggle that could have major ramifications for Europe’s monetary union. The cause of the discord is the […]
Maybe a rethink from Brussels?
Maybe a rethink from Brussels? The entire fabric of the European Union is under threat while the hierarchy in Brussels sleepwalks into yet another crisis. The UK is highly likely to walk away from further Brexit negotiations, Italy which once survived on a diet of high interest rates and high inflation is threatening to blow […]
Greece Planning Bad Debt Bailout For Its Banks After Market Crash
Greece Planning Bad Debt Bailout For Its Banks After Market Crash It seems like it was just yesterday that Greek banks, which carry some €89BN of bad loans on their balance sheets, passed the ECB’s latest confidence building exercise, known as the “stress test.” In retrospect that may have been premature, because as Bloomberg reports, […]
Europe Launches War On Italy’s Fiscal Plans: Warns Of Debt “Explosion”, Threatens Savers
Europe Launches War On Italy’s Fiscal Plans: Warns Of Debt “Explosion”, Threatens Savers In the aftermath of Italy’s defiant announcement that it would expand its 2019 budget deficit to 2.4% of GDP, above both the initial proposal from finmin Tria which was 1.6%, and also higher than the European “redline” of 2.0%, the question was […]
