Precious metals are apparently waking up. And here is where you can find the best deals.
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Mar 31, 2023 - 11:59:33 PDT
The U.S. fell into the empire trap a century ago, and the world is starting to say: “That’s enough.”
When people understand that money is worth less (or worthless), it’s much easier for them to understand the cause of the problem.
Mike Maloney is not your typical economist or financial analyst. As a monetary historian, he has been studying the evolution of currency and financial systems for well over two decades.
US-China Decoupling Will Force Europe To Choose Sides Sooner Rather Than LaterMar 31, 2023 - 11:56:01 PDT
Moreover, this US-China decoupling may force Europe to choose sides sooner rather than later. Indeed, the US has been pushing its allies to toughen their stance towards China. And the Netherlands have effectively already done so, when they followed the US in banning the export of certain semiconductor technology earlier this year. China’s ambassador to the EU threatened the bloc not to cut trade ties with China.
Mar 31, 2023 - 11:52:05 PDT
Serious issue. US policy has been very harsh, causing countries to abandon the dollar.
"Two-hundred-seventy billion dollars’ worth of commercial real estate loans [are] coming up for renewal this year, 70% of that is held by smaller regional banks," former acting White House chief of staff Mick Mulvaney noted...
Shares of the firm have plunged 34% in March, set to be their biggest drop since October 1987, the month when the biggest single-day stock market crash, dubbed Black Monday, occurred. The rout has wiped out $47 billion in market value from Schwab, roughly equivalent to the size of Truist Financial Corp.
‘Most U.S. Banks Are Technically Near Insolvency, & Hundreds Are Already Fully Insolvent,’ RoubiniMar 31, 2023 - 10:48:59 PDT
MW: Bank sector stress makes a stagflationary debt crisis more likely and severe, writes Nouriel Roubini.
Nouriel Roubini, CEO at Roubini Macro Associates, explains the "megathreat" he sees from higher interest rates, why he expects an economic and financial crash, and US labor market issues. He speaks from Cernobbio, Italy on "Bloomberg Surveillance Early Edition."
The Federal Reserve’s higher interest rates after 12 years of zero interest rates are devaluing the asset side of banks’ balance sheets. This frightens depositors and they withdraw their deposits. Depositors also are withdrawing their money because they can get much higher interest rates on safe US Treasuries. According to some reports, $1 trillion has already been withdrawn from US banks...
This sector, she said, includes things like hedge funds, money market funds, and digital assets, the last of which the Biden administration is continuing to evaluate. She paid close attention to stablecoins, which she said have a structure that creates the types of "run incentives" found in the traditional financial system.
Mar 31, 2023 - 08:17:50 PDT
The dominance of the US dollar has been causing increasing problems for economies around the world. As a result, there is a growing undercurrent of interest in finding alternative reserve currencies. China is pushing for the yuan to become a reserve currency, but a possible BRICS+ Central Bank Digital Currency (CBDC) may have the edge
This month, Russia and China are sparking new jitters in Washington. That is primarily because of their stage-managed displays of diplomatic unity, around Ukraine and much else.
U.S. money supply is falling at its fastest rate since the 1930s, a red flag for the economy and financial markets.
The dangers of U.S. banks holding large amounts of uninsured deposits came up repeatedly in his testimony. For example, Gruenberg’s written testimony included these details about the ongoing banking crisis:..
German savers are getting cold feet about deposits held abroad despite juicier interest rates for fear of getting embroiled in a crisis like the one that hit Silicon Valley Bank, data compiled for Reuters shows.
Banks are a bellwether for the economy. It’s worth looking past today’s headlines and asking, “What else is on a bank’s balance sheet that could cause trouble?”
It’s the U.S., Not Europe’s Banking System That’s a Concern, Top Economists SayMar 31, 2023 - 07:06:09 PDT
"We're still fighting inflation, but, at the same time, we're fighting these uncertainties in the banking sector. All of the central banks will try to distinguish between the two and say, on the one hand, we can use certain policies to deal with the financial instability. On the other hand, we can use interest rates to fight inflation. But those two will get muddied, and I think, inevitably, financial instability will become the one that's dominant."
“Old soldiers never die,” said Gen. Douglas MacArthur in his long-ago farewell address of April 1951. “They just fade away,” he added with a note of deep sadness. I sure wish we could say that about Keynesian economists.
Gold prices held steady on Friday, but the safe-haven metal was bound for its second straight quarterly gain after recent banking turmoil raised hopes of a less-aggressive U.S. Federal Reserve and shored up interest in bullion.