Lenin famously said there are years where nothing happens and weeks where years happen. That was last week, especially in geopolitics. Let’s start small with an article from Zerohedge discussing the latest H.4.1 data from the Fed’s balance sheet. It came with this headline: The editors at Zerohedge continue to balk at the script that…
Financial podcasts have been featuring ominous headlines lately along the lines of “Your Bank Can Legally Seize Your Money” and “Banks Can STEAL Your Money?! Here’s How!” The reference is to “bail-ins:” the provision under the 2010 Dodd-Frank Act allowing Systemically Important Financial Institutions (SIFIs, basically the biggest banks) to bail in or expropriate their…
Now that we’re post-FOMC and ECB we have a clear playing field for another 6 weeks. The US debt ceiling theater is now center-stage along with completing the transition away from LIBOR, which will become an anachronism at the end of Q2. SOFR will be the law of the land in the US come July….
So, Credit Suisse is no more. Good riddance? I think this is an open question given the very complicated landscape of the global banking system today. By the time I’m done here I think you’ll have an answer that no one, including me, was expecting. There’s a lot to cover, so let’s start at the…
The collapse of the Silicon Valley Bank and the following spectacle in which the media blares out about a massive bank crisis (without any hard figures for us to assess for ourselves) suggests that the parasite class is preparing for its war on money, the next step after COVID-19 of its war on citizens. After…
I hate to gloat but, screw it. I’m gloating. With every FOMC meeting this year, Jerome Powell has become more and more hawkish, but the denial of this still dominates the headlines. He raised the Fed Funds Rate to 4.5% last week, a level unthinkable to nearly everyone, including me, this time last year. I…
