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At the latest Wealthion Conference, Mike Maloney gave a speech on the dangers in the banking industry – and it couldn’t have come at a better time.
Predictions about the BRICS countries as the fastest growing economies haven't quite panned out. Instead, the alliance is now offering a diplomatic forum and development financing, outside of the Western mainstream.
Why Fractional Reserve Banking Is behind Bank Failures | Jonathan NewmanMar 28, 2023 - 08:11:04 PDT
Drug addicts suffer major withdrawal symptoms when they go cold turkey. In the case of high-tech startups and their banks (like Silicon Valley Bank), the super-low-interest-rate stimulant has been taken away by the drug dealer (the Fed) via interest rate hikes.
Banking is in a league of its own when it comes to government subsidies, special privileges, and bailouts.
Janet Yellen Asked Bush Treasury Chief Henry Paulson for Advice on Bank Crisis: ReportMar 28, 2023 - 08:04:49 PDT
Paulson told the AP that he told Yellen: “We are fighting for the survival of our regional banks.”
The US Senate Banking Committee has convened a hearing on the regulatory response to the recent string of bank failures that has upended the finance industry and roiled markets. Among those asked to appear is Michael Barr, the Federal Reserve’s vice chair for supervision.
Regulators can protect deposits over $250,000 if they determine that a bank’s failure pose a systemic risk, but some lawmakers have pushed for more sweeping coverage.
Mar 28, 2023 - 07:43:55 PDT
"'Progressive' taxes impose a particularly strong disincentive for more productive work. Depriving the economy of greater productivity curtails the alleviation of poverty, and as a result disproportionately harms the poor." ~ Brian Balfour
The Moral Hazard Emerging From Fed's Response to Failures of Silicon Valley Bank & Signature BankMar 28, 2023 - 07:34:33 PDT
The federal response to the failures of SVB and Signature Bank, and more recently to the troubled First Republic Bank, is extremely concerning for several reasons.
Money printing is not the main source of trillions in government spending – it is our bank accounts
* How the Federal government changed the laws in 2006 and 2008, giving Washington and Wall Street unprecedented back door access to the spending power of our money in the bank.
The labor market, the yield curve, inflation and a stock-market selloff are poised to force the Federal Reserve into a rate cut sooner than the market is currently pricing.
Tired of Getting Screwed by Banks, People Yank their Cash Out, Forcing Banks to Pay Higher InterestMar 28, 2023 - 07:03:44 PDT
That’s how it should have been all along. But the Fed’s interest rate repression killed competition for deposits.
"Delay Your Home Purchase" - Bob Shiller Warns As Prices Slide For 7th Straight MonthMar 28, 2023 - 07:02:15 PDT
US home prices, according to S&P CoreLogic's Case-Shiller index, fell for the 7th straight month (-0.42% MoM) leaving the home price index up 2.55% YoY (in January - this data is always very lagged) - the lowest growth since Nov 2019.
Gold prices edged up on Tuesday as the U.S. dollar eased, although an improvement in risk appetite after efforts by regulators to contain worries over the global banking system limited the safe-haven metal's appeal .
Depositors have withdrawn €214bn from eurozone banks over the past five months, with outflows hitting a record level in February, according to data published by the European Central Bank on Monday. The fall in eurozone bank deposits, which started a few months after the ECB began raising interest rates last summer, marks a reversal from the large amounts of money that had been pouring into banks — particularly since the pandemic.
Lawmakers are expected to put top U.S. bank regulators on the defensive over the unexpected failures of regional lenders Silicon Valley Bank and Signature Bank when they testify before Congress on Tuesday.
French unions are holding a 10th day of nationwide protests Tuesday to try to force President Emmanuel Macron to hit the brakes on his unpopular pension reform and open fresh talks.
British grocery inflation rose again in March to a record 17.5%, inflicting yet more pain on consumers battling a cost-of-living crisis, industry data showed on Tuesday.
Pricing of swaps linked to scheduled Federal Reserve meetings now suggest that a quarter-point hike is more likely than not at the central bank’s next meeting in May.
What Happens in the Banking Sector Won’t Stay There, El Erian: BloombergMar 28, 2023 - 06:05:31 PDT
The sudden loss of confidence by depositors in some US banks is causing many to focus on the scope for financial contagion and the needed policy responses. What should not be overlooked is the other, and slower, contagion channel in play — that involving enablers of economic growth — which is less in focus but also important in determining how quickly the world’s largest economy will overcome this abrupt air pocket.