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Christine Lagarde: “There is Still too much Debt in the System”.
From the IMF: There is still too much debt in the system. Uncertainty hovers over sovereigns across the advanced economies, banks in Europe, and households in the United States. Weak growth and weak...
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UK Banks Want to Charge Customers for Accounts
This is nuts. UK banks want to charge customers for the privilege of handing over their money and letting banks gamble it in the global derivatives casino. From the Telegraph: A groundswell of support...
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There Is No Surer Way To Destroy A Banking System Than Giving Depositors A...
No, not that kind of haircut. I’m talking about the kind of haircut where depositors lose a portion of their money. This can destroy confidence in a fractional reserve banking system, as depositors in...
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“Get Your Money Out While You Can”
One can only wonder how long it will take before Europeans particularly in Spain, Greece and Italy, begin to take that advice. The Euro system amplifies shocks. Monetary union without fiscal union,...
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Whose Insured Deposits Will Be Plundered Next?
According to Zero Hedge, it could be Spain: Spain, it would appear, has changed constitutional rules to enable a so-called ‘moderate’ levy on deposits. New legislation in New Zealand suggests that...
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