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Riyadh Joins Shanghai Cooperation Organization as Ties With Beijing GrowMar 29, 2023 - 08:22:13 PDT
Saudi Arabia's cabinet approved on Wednesday a decision to join the Shanghai Cooperation Organization, as Riyadh builds a long-term partnership with China despite U.S. security concerns.
Xi: "Changes" Are Coming After 100 years
Banking Crisis Threatens to Ignite Credit Crunch for US Households: RickardsMar 29, 2023 - 08:12:29 PDT
Strategic Intelligence editor Jim Rickards discusses the Fed's decision to raise rates by 25 basis points, arguing that policymakers are "determined" to get inflation under control.
The U.S. is not yet experiencing a Minsky moment but certainly our economy is characterized by Minsky’s “Ponzi finance” where existing debt requires more credit just to pay for interest on that debt. To be specific total credit -- now approaching 85 trillion -- requires credit growth of perhaps 4 trillion annually just to steady GDP at the current 26 trillion. That’s possible but it requires lower interest rates not higher.
Lenders probably aren’t going to be buying many mortgage bonds, which could put upward pressure on mortgage rates.
In a tumultuous few days, the crypto giant raised fees, suffered software issues and faced a regulator lawsuit.
Representatives from the FDIC, the Board of Governors of the Federal Reserve System, and the Undersecretary for Domestic Finance, were questioned.
DBS Group Holdings Ltd.’s digital banking and payment services were restored after an outage that lasted about 10 hours, in a throwback to more than a year ago when Southeast Asia’s biggest bank faced one of its worst tech outages.
The Fed Just Erased 5 Months of Qt in Two Weeks and That Should Only Add Fuel to the Inflation FireMar 29, 2023 - 07:38:22 PDT
Meanwhile: Used car prices increased again for the 5th month in a row. Prices continue to firm up at historical levels, despite being down about 2% on a year-over-year basis. Inflationary forces remain stubbornly high due to structural macro drivers.
When Signature Bank of New York was taken into receivership this month, depositors as far away as Arkansas, Georgia and Ohio took fright. That’s because there are four Signature Banks in the US, and customers weren’t immediately sure which one was in trouble.
Whistleblowers Say Credit Suisse Bank Has Been Helping Wealthy Americans Dodge U.S. Taxes for YearsMar 29, 2023 - 07:12:39 PDT
The bank notoriously pleaded guilty in 2014 to criminal charges for "knowingly and willfully" helping U.S. clients hide offshore assets and income from the IRS.
Why Small Banks and Commercial Real Estate Could Be Headed for a ‘Doom Loop'Mar 29, 2023 - 07:10:16 PDT
'In the worse-case scenario, we could have a rolling crisis that lasts for years'...
What Are Credit Default Swaps and Why Are They Causing Trouble for Europe’s Banks?Mar 29, 2023 - 07:06:47 PDT
Turbulence in Europe's banks following the implosion of 167-year-old Credit Suisse and runs on regional banks in the U.S. has focused attention on the role played by credit default swaps in all the turmoil.
In this insiders video, Mike shares an unconventional investment that may surprise you.
Gold prices retreated on Wednesday as investors trickled back into riskier assets, betting that risks of contagion from the global banking crisis have been curbed for now.
Mar 29, 2023 - 05:57:44 PDT
Macron’s Pension Gambit Sparks Revolt, Pushing France to the Brink. Bloomberg reports Macron’s Pension Gambit Sparks Revolt, Pushing France to the Brink
Mar 29, 2023 - 05:55:30 PDT
Well, the regional banking crisis has one positive outcome: mortgage rates dropped -46 basis points since last week. The result? Mortgage demand increased 2.9 percent week-over-week (WoW). Although I don’t recommend banking incompetence by bank management and “regulators” as a strategy to increase mortgage demand.
As I currently watch the world slide into chaos due to the scoundrels I love to ridicule, I hope enough of them go bankrupt..
"A lost decade could be in the making for the global economy," Indermit Gill, the World Bank's Chief Economist and Senior Vice President for Development Economics, warned in a new report.
Mar 29, 2023 - 05:51:30 PDT
On Sunday Financial Times reporters Brooke Masters, Harriet Clarfelt and Kate Duguid published an article under the headline: "Money market funds swell by more than $286 billion as investors pull deposits from banks." ... The Financial Times article is talking about the uninsured money market funds. So why would Americans be flocking to these uninsured money market funds during the latest banking panic?