$21 billion of debt. Off-balance-sheet entities. Moody’s wakes up, downgrades it four notches, with more to come.… Read More Enron Déjà Vu? Citi, BofA, HSBC, Goldman, BNP on the Hook as Steinhoff Spirals Down
Ironically, the European Union – allegedly created as an antidote to the vicious nationalisms of the twentieth century – has been the tool through which Germany has been able to achieve the ‘new European order’ that Nazi ideologues had theorised in the 1930s and early 1940s… Read More Germany’s Dystopian Plans for Europe: From Fantasy to Reality?
In the run-up to the last crisis, it was the Bank for International Settlements’ then head of its Monetary and Economics Department, William White, who “rang the bell”. Now his successor, Claudo Borio, is doing the same… Read More BIS Issues Alert: Tightening “Paradoxically” Leading To Excessive Risk Taking; Reminds What Happened Last Time
Bank of Mexico caught in a vise… Read More Inflation Surges as Economy Bogs Down in Mexico
“If our gold and currency reserves can be arrested, even if such a thought exists, it would be a declaration of a financial war”… Read More Russia Warns Washington: Confiscating Gold Reserves Would Be “Declaration Of Financial War”
Just don’t mention “Antonveneta”… Read More Could Italy’s Banking Crisis Drag Down Draghi?
The ECB does not seem to care about the impression the public might get. Its attitude is: Our leadership will always do the right thing even in the face of strong incentives to do otherwise. Trust us!… Read More The ECB Resorts to Omissions, Half-truths and Misrepresentations to Defend Draghi’s G30-Membership
Sharp Dose of Deja Vu for Italy’s Teetering Banks… Read More The Next Italian Bank Threatens to Topple
A man holding one of the most important and powerful financial regulatory jobs thinks there is no good reason to prevent giant corporate conglomerates from owning insured depository banks that are backstopped by the U.S. taxpayer. Welcome to insanity cubed… Read More Insanity Cubed: Trump Official Suggests Merging Taxpayer-Backed Banks With Corporate Conglomerates
Wishful thinking may not be enough… Read More Financial Storm Clouds Gather Over Italy
“Testimony to the iron grip the financial industry’s lobby still exerts on governments and legislators”… Read More The EU Just Did the Big Banks a Massive Favor
Many of these banks are implicated in the biggest financial crimes.… Read More ECB Suffers from “Corporate Capture at its Most Extreme”