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"To more fully restore the separation of powers intended by the founders, SCOTUS must soundly repudiate the Chevron Doctrine, and assert the primacy of an alternative." ~ David Gillette & Warren Barge
Apr 10, 2023 - 08:19:04 PDT
Jamie Dimon, the Chairman and CEO of JPMorgan Chase, has cranked up his public relations machine since March 16 to promote the narrative that he came to the “rescue” of the plunging regional lender, First Republic Bank. The so-called “rescue” consisted of 11 banks, including JPMorgan Chase, dumping a total of $30 billion in “uninsured” deposits into First Republic.
With the recent collapse of Silicon Valley Bank and Signature Bank, financial markets all around the world are on edge. Despite promises from the Federal Reserve that a “soft landing” of the economy is on the way, all signs point to an imminent “crash landing”!
Apr 10, 2023 - 07:59:51 PDT
I read over the weekend that the Biden Administration was planning to unleash its army of social influencers on us to hype Biden’s economic accomplishments before the Presidential election. I…
Apr 10, 2023 - 07:58:05 PDT
Inflation started with Biden’s misguided war on US energy, then Biden/Congress helped inflation with an epic spending splurge. The Federal Reserve counterattacked with Fed rate hikes.
Apr 10, 2023 - 07:54:54 PDT
US commercial banks deposits (red line) had been slowly declining even before Silicon Valley Bank failed. Along with Signature Bank and First Republic Bank, not to mention Credit Suisse. And The Teutonic Titanic, Deutshe Bank, is on the ropes. But the failure of SVB saw an acceleration of the decline in commercial bank deposits as banks accelerated borrowing.
Apr 10, 2023 - 07:31:11 PDT
On January 10, Fed Chairman said the Fed ‘will not be a climate policymaker’. Under guise that it's just a stress test model and not a policy setting model, the Fed announced details on its Pilot Climate Scenario Risk Analysis Program on January 17.
As of April 7, Bankrate shows 10 offers of 5.00 percent or higher the highest is CFG Community Bank at 5.20 percent.
Rate hike odds jumped from 49.2 percent on Thursday to 71.2 percent on Friday.
Apr 10, 2023 - 07:25:54 PDT
“More than 50% of the $2.9T in commercial mortgages will need to be renegotiated in the next 24 months when new lending rates are likely to be up by 350 to 450 basis points"
Trillions of dollars in derivatives risk. Quantitative easing from 2009 could presents challenges. Return to a gold standard? Gold to outperform most investment classes. Holding gold offshore is advisable.
Gold prices fell on Monday after strong U.S. jobs numbers rekindled bets for another interest rate hike and buoyed the dollar, but persistent economic risks kept safe-haven bullion near the $2,000 level.
US Bank Lending Slumps by Most on Record in Final Weeks of March: BloombergApr 10, 2023 - 06:04:20 PDT
US bank lending contracted by the most on record in the last two weeks of March, indicating a tightening of credit conditions in the wake of several high-profile bank collapses that risks damaging the economy.
The recent banking crisis has added to fears that credit will become less available and more expensive, just as prices are slumping
The World Bank will push to resolve the mounting debt problems of poor countries and along with the International Monetary Fund will present concrete proposals to address some of the biggest restructuring roadblocks at this week’s Spring Meetings.
Macron Says Europe Should Reduce Dependence On US Dollar, Seek 'Strategic Autonomy'Apr 10, 2023 - 05:55:10 PDT
As the United States combats a recent flood of countries 'de-dollarizing' - trading commodities in other currencies, the last thing that was needed was French President Emanuel Macron amplifying this message.
The concern now is how far and fast that unfolds.
Most Wall Street banks are likely to report lower quarterly earnings and face a dour outlook for the rest of the year, with last month's regional banking crisis and a slowing economy expected to hurt profitability.
Debt Crunch Looms for Weaker Economies With a Wall of Bond Maturities AheadApr 10, 2023 - 05:51:20 PDT
A combination of sticky high interest rates and lacklustre global growth could push a number of emerging economies that are facing soaring refinancing needs into debt difficulties next year.
US Navy Challenges Beijing in South China Sea Amid Taiwan Drills: BloombergApr 10, 2023 - 05:45:24 PDT
A US Navy destroyer passed through waters claimed by Beijing in the South China Sea in a show of force that comes as the nation’s military holds drills around Taiwan