Gold has all the potential to go unprecedentedly high. But silver will be gold on
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This has only happened 4 previous times in last 150 years. Each time a Depression with double-digit unemployment rates followed. Contracting money supply + inflation is a nasty combination.
Because it means there are fewer dollars floating around in the system to pay for the higher prices. At some point the system "breaks" & a deflationary crash occurs.
Highest Personal Income Tax Rate Since 1986. Biden’s budget calls for a top combined federal tax rate of about 45%, the highest since 1986 when “Walk Like An Egyptian” was the number one song and the first Top Gun movie was released.
Mar 10, 2023 - 07:12:52 PST
Biden's plan to raise taxes might help reduce the deficit, but the costs will be felt by every American earner who tries to save for retirement.
Central Bank Digital Currency is the most comprehensive, far-reaching, authoritarian social control mechanism ever devised. Its “interoperability” will enable the CBDCs issued by various national central banks to be networked to form one, centralised global CBDC surveillance and control system.
Yellen Shrugs As India's Oil Deals With Russia Threaten Petrodollar DominanceMar 10, 2023 - 07:08:17 PST
Remember when Janet Yellen exclaimed proudly that there would never be another financial crisis "in our lifetimes" in 2017, only to see the repo crisis and the reaction to COVID lockdown policies prompt the biggest response by The Fed ever.
Mar 10, 2023 - 07:05:38 PST
Ah, memories! I still remember the 2000s housing bubble and subsequent financial crisis and bank bailout from 2008/2009 like it was yesterday. And I remember Representative Barney Frank (D-MA) claiming that the Dodd-Frank legislation would end bank bailouts. I laughed out loud when I heard Mr. Frank utter those preposterous words.
Silicon Valley Bank Financial in Talks to Sell Itself After Attempts to Raise Capital Have FailedMar 10, 2023 - 06:37:07 PST
SVB is a major bank for venture-back companies, and cited cash burn from clients as one reason it was looking to raise additional capital.
Gold jumped on Thursday as the dollar retreated, after data showed U.S. jobless claims grew more than expected last week, providing some hope to investors that the Federal Reserve's interest rate hikes could be less aggressive than feared.
February Payrolls Come In Hot At 311K - Record 10th Beat In A Row - But Unemployment Rate Unexpectedly RisesMar 10, 2023 - 05:50:55 PST
If the already jittery market needed another reason to be very confused today, it got it moments ago when the BLS reported February jobs data and which -on one hand - came in hotter than expected at the headline level, with some 311K jobs reportedly created in February, which while was a drop from last month's downward revised 504K, was well above the 225K consensus and was also above the whisper number of 250K.
We Are Seeing 'Blind Panic' - US Jobs Data Upstaged By Fears Of What Else May Be Out ThereMar 10, 2023 - 05:45:47 PST
Even though, for now, there seems to be little indication of a wider systemic risk from the distress surrounding Silicon Valley Bank, Bloomberg cross-asset strategist Ven Ram notes that traders are selling anything associated with risk first and asking questions later.
The Treasury Department is monitoring Silicon Valley Bank “very carefully,” White House Economic Advisor Bharat Ramamurti tells CNBC. “I don’t want to say more than that right now, but I want to assure the viewers that this is something we are on top of,” he says, while adding that this is a “highly fluid situation”
Developing...
SVB Financial Stock Slides 66% Premarket as Fears of a Potential Run on the Bank Continue: MWMar 10, 2023 - 05:38:31 PST
SVB Financial Group (SIVB) the parent of Silicon Valley Bank, saw its stock tumble more than 66% in premarket trade Friday, in a continued response to reports late Thursday that several funds were advising clients to pull their money, sparking fears of a run on the bank.
A widening bank rout has raised the stakes for key jobs data due Friday, as investors brace for a hawkish Federal Reserve to accelerate rate hikes even at the risk of tipping more lenders into distress.
‘Too Big to Fail’ Is Back: Bill Ackman Says Government Should Consider a Silicon Valley Bank BailoutMar 10, 2023 - 05:34:39 PST
The founder of Pershing Square Capital Management said the collapse of Silicon Valley Bank "could destroy a long-term driver of the economy."
Haruhiko Kuroda finished his last meeting at the helm of the Bank of Japan by buffeting markets again with a straightforward stand-pat that contrasted with the explosive launch of his massive stimulus program a decade ago.
The S&P 500 bank index tumbled nearly 6% on Thursday in its biggest one-day drop in over two years as investors fled the industry following SVB Financial Group's share sale announcement and crypto bank Silvergate's decision to wind down operations.
\Federal Reserve Chair Jerome Powell hinted that the central bank may re-accelerate the pace of its interest-rate increases if economic data warrants. But such a move would be a mistake, according to a bond manager who beat most of his peers last year.
Panic is spreading across the financial world as concerns about the stability of Silicon Valley Bank prompt prominent venture capitalists including Peter Thiel’s Founders Fund to advise startups to withdraw their money.
10 banks that may face trouble in the wake of the SVB Financial Group debacleMar 10, 2023 - 05:25:25 PST
Silicon Valley Bank wasn't well positioned for rising interest rates, leading to losses and a dilutive capital raise. Other banks show similar red flags.
10 Banks That May Face Trouble in the Wake of the SVB Financial Group Debacle: MWMar 10, 2023 - 05:25:25 PST
Silicon Valley Bank wasn't well positioned for rising interest rates, leading to losses and a dilutive capital raise. Other banks show similar red flags.