- At Year End, JPMorgan Chase Held Over $1 Trillion in Uninsured Deposits...on March 23, 2023 at 7:23 pm
Jamie Dimon is the Chairman and CEO of JPMorgan Chase, the largest bank in the U.S., which is also ranked the riskiest global bank by its regulators. But instead of getting his own house in order in the midst of a banking crisis, Dimon has been peculiarly focused elsewhere.
- Another New Home Sales "Rose" Joke of a Reporton March 23, 2023 at 7:21 pm
Thanks to revisions, the Census Bureau's New Home Sales report shows new home sales rose for the third month. The good news, not that it's remotely believable, stops there.
- Layoffs in California Stall Employment Growth: San Francisco and Silicon Valley Hardest Hiton March 23, 2023 at 7:20 pm
But only 8% of Alphabet’s and 13% of Meta’s layoffs are in California: The tally based on California’s WARN reports.
- American Empire Expiration Dateon March 23, 2023 at 7:18 pm
American Empire at 234 years. “I do not say that democracy has been more pernicious on the whole, and in the long run, than monarchy or aristocracy. Democracy has never been and never can be so dur…
- After Sparking Rout, Yellen Changes Key Part Of Prepared Testimony, Says "Prepared For Additional Deposit Action"by Tyler Durden on March 23, 2023 at 7:18 pm
After Sparking Rout, Yellen Changes Key Part Of Prepared Testimony, Says "Prepared For Additional Deposit Action" After sparking a market rout on Wednesday and even prompting Bill Ackman to call her out for sparking a new bank run, moments ago the senile, 76-year-old Treasury Secretary Janet Yellen emerged for her second day of testimony on the Hill and, realizing that blowing up the market in addition to sparking a recession and destroying the US banking system may not be the look her just as senile boss is going for, changed a key section of her testimony. One day after her […]
- Yellen Says U.S. Would Take ‘Additional Actions’ on Bank System if Necessary: MWon March 23, 2023 at 7:18 pm
Treasury Secretary Janet Yellen on Thursday will tell lawmakers that the federal government would take extra steps to stabilize the U.S. banking system if...
- Resumption Of New START Unlikely Due To 'Hostile' US As "Fewer & Fewer Steps" Toward Nuclear Collision Remain: Kremlinby Tyler Durden on March 23, 2023 at 7:09 pm
Resumption Of New START Unlikely Due To 'Hostile' US As "Fewer & Fewer Steps" Toward Nuclear Collision Remain: Kremlin Moscow this week warned that there remain "fewer and fewer steps" toward nuclear collision after the UK announced it is sending depleted uranium ammunition to the Ukrainians for use in their Challenger II main battle tanks. President Putin also in the wake of London's decision said Russia will "respond accordingly" if the Ukrainians do indeed receive a "nuclear component". On Wednesday the Kremlin followed by pointing to New START's collapse, and that the […]
- How The 'Inside Of The Stock Market' Quashed The Soft Landing Narrativeon March 23, 2023 at 7:01 pm
We might be headed for a hard landing after all.
- Texas Senator Ted Cruz Introduces Anti-CBDC Billby Tyler Durden on March 23, 2023 at 6:50 pm
Texas Senator Ted Cruz Introduces Anti-CBDC Bill Authored by BTCCasey via BitcoinMagazine.com, Ted Cruz has joined a myriad of politicians in demonstrating their contempt for CBDCs in America... but what about pro-Bitcoin legislation? Texas Governor Ted Cruz has joined a growing group of politicians who have come out in support of anti-CBDC bills, reintroducing legislation to the Senate that would prohibit a direct to consumer Federal Reserve-issued CBDC. Recent weeks have seen several U.S. state politicians at the center of these actions. The trend was seemingly kicked […]
- Mean While Gold Soars Above $2000on March 23, 2023 at 6:47 pm
After flirting with the "nice, round number" earlier this week, Gold - which soared by $150 in the past two weeks amid the relentless bank crisis - has just topped $2000 for the first time since March 2022 and then, since the Covid crash before it, when the Fed unleashed $10+ trillion in emergency liquidity.
- Video: Amid Banking Collapse, White House Says “We See A Strong Economy”on March 23, 2023 at 6:44 pm
Strange choice of words. As inflation continues to skyrocket and amid huge banking collapses, the White House press secretary declared Wednesday that the Biden administration “sees a strong economy.”
- Walmart Layoffs At Fulfillment Centers Signals Ominous Sign For Economyby Tyler Durden on March 23, 2023 at 6:30 pm
Walmart Layoffs At Fulfillment Centers Signals Ominous Sign For Economy Over the next three months, hundreds of workers at five Walmart warehouses handling e-commerce orders will be laid off. This situation could be a worrisome indication that consumers are tapped out. A Walmart spokesperson told Reuters about 200 warehouse workers in Pedricktown, New Jersey, and hundreds of others at Fort Worth, Texas; Chino, California; Davenport, Florida; and Bethlehem, Pennsylvania locations were asked to find new jobs before summer due to the need to reduce headcount. "We recently […]
- Gold Soars Above $2000by Tyler Durden on March 23, 2023 at 6:17 pm
Gold Soars Above $2000 After flirting with the "nice, round number" earlier this week, Gold - which soared by $150 in the past two weeks amid the relentless bank crisis - has just topped $2000 for the first time since March 2022 and then, since the Covid crash before it, when the Fed unleashed $10+ trillion in emergency liquidity. The latest surge comes just hours after none other than Goldman Sachs raised its price target on gold from $1950 to $2050 overnight in a note titled "Fear is contagion" (full note available to pro subs). We excerpt several key sections from the note […]
- Medical, Financial, Political, & War Disasters Getting Worse: Dr. Chris Martensonby Tyler Durden on March 23, 2023 at 6:00 pm
Medical, Financial, Political, & War Disasters Getting Worse: Dr. Chris Martenson Via Greg Hunter’s USAWatchdog.com, Dr. Chris Martenson holds a PhD in toxicology from Duke University, is a futurist and economic researcher. He is also a Wall Street Journal best-selling author with his new revised book called “Crash Course.” Martenson said in August 2021 on USAWatchdog that the FDA approval of Pfizer’s CV19 vaccine named Comirnaty was “actually a fraud.” He was right. Now, Martenson is warning that medical, financial and war troubles abound and […]
- Disney Begins 7000 Job Cuts After String Of Theatrical Failuresby Tyler Durden on March 23, 2023 at 5:40 pm
Disney Begins 7000 Job Cuts After String Of Theatrical Failures Disney has finally hit the financial wall after a long string of money losing theatrical and streaming service failures, with the company committing last month to at least 7000 job cuts to help cover a $5.5 billion total savings target. The move followed the abrupt replacement of former CEO Bob Chapek and the return of Bob Iger, and has been blamed on "macroeconomic headwinds." Those layoffs are being initiated in March, with the bulk of pink slips expected to be handed out in April as new details of the mass […]
- Upside For Silver May Be Quite Jaw-Dropping For Many Years To Comeby King World News on March 23, 2023 at 5:39 pm
Here is a chartapalooza that puts the big picture in perspective for silver. The potential upside is massive. The post Upside For Silver May Be Quite Jaw-Dropping For Many Years To Come appeared first on King World News.
- Watch: Amid Banking Collapse, White House Says "We See A Strong Economy"by Tyler Durden on March 23, 2023 at 5:20 pm
Watch: Amid Banking Collapse, White House Says "We See A Strong Economy" Authored by Steve Watson via Summit News, As inflation continues to skyrocket and amid huge banking collapses, the White House press secretary declared Wednesday that the Biden administration “sees a strong economy.” CBC’s Caitlin Huey-Burns asked Karine Jean-Pierre about Joe Biden’s support for Federal Reserve Chairman Jerome Powell and what the Fed is doing to attempt to reduce inflation. “We understand what the American people are feeling, that is why we have made it a priority to do […]
- The Fed Backtracks on Future Rate Hikes as Bank Failures Loom Largeon March 23, 2023 at 5:11 pm
The Federal Reserve’s Federal Open Market Committee (FOMC) on Wednesday raised the target policy interest rate (the federal funds rate) to 5.00 percent, an increase of 25 basis points. With this latest increase, the target has increased 4.75 percent since February 2022.
- The Math Behind Deposit Insurance, And Why It's The Beginning Of The Endon March 23, 2023 at 5:11 pm
As Simon White writes today, "a full guarantee of all bank deposits would spell the end of moral hazard disciplining banks and mark the final chapter of the dollar’s multi-decade debasement." And yet that's where we are headed, even if with a few hiccups along the way, because as White also notes, with the latest banking crisis in the US, it’s the clean-up that could end up doing far...
- Crypto Fugitive Do Kwon Arrested In Montenegroby Tyler Durden on March 23, 2023 at 5:00 pm
Crypto Fugitive Do Kwon Arrested In Montenegro Famous South Korean fugitive and "crypto-entrepeneur" Do Kwon, who was behind the $40BN implosion of the terraUSD and luna digital tokens last year which sparked the initial leg of the crash sweeping the crypto space, has been arrested in Montenegro according to local authorities. Do Kwon in his company’s office in Seoul in 2022: Bloomberg In a statement on Twitter, Montenegro’s interior minister Filip Adzic said “the former cryptocurrency king” was detained by police at Podgorica Airport with falsified documents. “We are […]
- "An Unprecedent Inquiry": Manhattan DA Fires Off Angry Letter Blaming Trump For Arrest Rumorsby Tyler Durden on March 23, 2023 at 4:42 pm
"An Unprecedent Inquiry": Manhattan DA Fires Off Angry Letter Blaming Trump For Arrest Rumors Manhattan District Attorney Alvin Bragg - who lied about growing up poor, has fired off an angry letter to House Republicans, calling their investigation into his case against former President Trump over hush payments to Stormy Daniels "an unprecedent [sic] inquiry into a pending local prosecution," adding "The letter only came after Donald Trump created a false expectation that he would be arrested the next day and his lawyers reportedly urged you to intervene." See the full response […]
- Watch: Biden Judicial Nominee Stumped By Basic Legal Questionby Tyler Durden on March 23, 2023 at 4:20 pm
Watch: Biden Judicial Nominee Stumped By Basic Legal Question A Senate judiciary nomination hearing exposed a Biden nominee's alarming lack of fundamental knowledge of US law. This was no "gotcha" question about some obscure aspect of jurisprudence -- it related to a basic rule that's guided criminal law for the past 60 years and is familiar to plenty of well-informed laymen. The nominee is Kato Crews, whom Biden has put forward for the US District Court for the District of Colorado. His jarring knowledge gap was exposed Wednesday when Louisiana Senator John Kennedy asked […]
- Google's New Bard AI Is Riddled With Political Biasby Tyler Durden on March 23, 2023 at 4:00 pm
Google's New Bard AI Is Riddled With Political Bias Authored by Paul Joseph Watson via Summit News, Google’s Bard AI program mimics ChatGPT in that it is riddled with political bias, refusing to comment on Donald Trump or the evils of abortion, while effusively praising Joe Biden and the benefits of abortion. The company released its Bard chatbot to users in both the UK and US yesterday as part of an “experiment” as it rushes to keep up with Open AI’s ChatGPT and Microsoft’s Bing Chat. “We feel like we’ve reached the limit of the testing phase of this […]
- The Math Behind Deposit Insurance, And Why It's The Beginning Of The Endby Tyler Durden on March 23, 2023 at 3:39 pm
The Math Behind Deposit Insurance, And Why It's The Beginning Of The End As Simon White writes today, "a full guarantee of all bank deposits would spell the end of moral hazard disciplining banks and mark the final chapter of the dollar’s multi-decade debasement." And yet that's where we are headed, even if with a few hiccups along the way, because as White also notes, with the latest banking crisis in the US, it’s the clean-up that could end up doing far more lasting damage. That's because with the failure of SVB et al prompted the FDIC to guarantee that all depositors will […]
- Stocks & Crypto Erase Post-Fed Losses, Banks & Bond Yields Keep Droppingby Tyler Durden on March 23, 2023 at 3:28 pm
Stocks & Crypto Erase Post-Fed Losses, Banks & Bond Yields Keep Dropping After yesterday's Yellen-driven bloodbathery in stocks, it seems a good night's sleep has calmed all those nerves and the machines are back in panic-buying mode. Nasdaq is leading the charge but The Dow and S&P have also now erased all of the losses from the release of the FOMC statement... We note the bounce in the S&P occurred around the 200DMA and it's now testing up towards its 50DMA... Goldman's Scot Rubner notes that yesterday's rapid reversal was very much accelerated by 0DTE […]
- Moral Hazard Is a Fact of Life. The Fed Should Focus On Inflationon March 23, 2023 at 3:21 pm
"To the shame of two generations of economists-turned-policy-advisors, moral hazard is a fact of life. We don’t need to add permanent dollar depreciation to this mess." ~ Alexander William Salter
- The Country Where Economic Freedom Has Grown the Most Over the Last Two Decadeson March 23, 2023 at 3:20 pm
The US only just scrapes into the second-best of the five categories, falling to #25 in the world.
- Europe Is Having a Better Banking Crisis Than The US (So Far): FTon March 23, 2023 at 3:15 pm
Europe has made a valiant effort to seize back the banking shitshow crown it has owned for most of the past decade, but at the moment it seems the US still has a firmer grasp of it. Deutsche Bank’s George Saravelos has sent over some interesting charts on how US and European banks are faring at the moment. Notwithstanding the messy final denouement of Credit Suisse’s yearslong faceplants, Europe still looks better.
- Morgan Stanley Allegedly Organizing Saudi, UAE Investors To Plow Billions In Musk's SpaceXby Tyler Durden on March 23, 2023 at 3:14 pm
Morgan Stanley Allegedly Organizing Saudi, UAE Investors To Plow Billions In Musk's SpaceX Morgan Stanley is said to be coordinating a group that includes a unit of Saudi Arabia's investment fund and a company based in Abu Dhabi to invest billions of dollars in a funding round for SpaceX, the private space company owned by Elon Musk, The Information reported on Wednesday, citing people familiar with the matter. "Representatives of SpaceX and Morgan Stanley, which is organizing the ongoing funding effort, have told investors that Badeel—Saudi Arabia's Water and Electricity […]
- Biden Approval Dips Near Lowest Point: AP-NORC Pollon March 23, 2023 at 3:10 pm
Approval of President Joe Biden has dipped slightly since a month ago, nearing the lowest point of his presidency as his administration tries to project a sense of stability while confronting a pair of bank failures and inflation that remains stubbornly high.
- Republicans Introduce Bills To Prevent Biden Administration From Banning Gas Stoveson March 23, 2023 at 3:09 pm
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
- The Federal Reserve Is Walking A Tightrope In A Hurricaneby Tyler Durden on March 23, 2023 at 2:58 pm
The Federal Reserve Is Walking A Tightrope In A Hurricane Authored by Michael Maharrey via SchiffGold.com, The Federal Reserve is trying to walk a tightrope — in a hurricane. After rate hikes resulted in the collapse of Silicon Valley Bank and Signature Bank, the Federal Reserve and the US Treasury stepped in with a bailout. With that hole in the dam seemingly plugged for the time being, the Fed pushed forward and raised interest rates by another 25 basis points at its March meeting. In effect, the bank bailout ended the inflation fight while allowing the Fed to continue […]
- US New Homes Sales DOWN -19% Since Last Feburary (Median Sales Price DOWN -8.18% Since Dec 31, 2022)on March 23, 2023 at 2:36 pm
The median price of new home sales is down a whopping -8.18% since December 2022. And average price is down -12.83%.
- Giant 3D-Printed Rocket Fails To Reach Orbitby Tyler Durden on March 23, 2023 at 2:35 pm
Giant 3D-Printed Rocket Fails To Reach Orbit A mostly 3D-printed rocket, measuring 110 feet high, blasted off from Cape Canaveral, Florida, on Wednesday night and encountered a mid-flight problem preventing it from reaching orbit. Launch startup Relativity Space Inc.'s Terran 1 is the first of its kind with an 85% 3D-printed structure. A live stream of the launch showed the two-stage rocket failed to ignite its upper-stage engine that would've propelled the rocket into orbit. Relativity launch director Clay Walker confirmed an "anomaly" occurred with the rocket's […]
- Property Faces Significant Downside Risk Coming off Record Valuationson March 23, 2023 at 2:22 pm
Property Market Valuations: Another casualty (and cause) of banking stress is likely going to be all flavors of property… particularly given that all 3 of REITs, commercial real estate, and housing market valuations reached record highs in the wake of the pandemic emergency stimulus measures.
- Housing Construction Slide Coming in Six Monthson March 23, 2023 at 2:21 pm
The boss of the country’s biggest brick-making company, Brickworks managing director Lindsay Partridge says a sharp slowdown in housing construction and renovations is likely towards the end of 2023, with a backlog of work stemming from tradie shortages to provide a short-term buffer of about six months.
- What A Messby Tyler Durden on March 23, 2023 at 2:17 pm
What A Mess By Michael Every of Rabobank I start the Global Daily today with the concluding comment to our Fed-watcher Philip Marey’s post-FOMC note titled ‘Credit Tightening’: “A final observation. The Fed continues to stumble its way through the fight against inflation. First they tried to explain inflation away by claiming it was transitory. Consequently, they were late in starting the hiking cycle. Now that they are finally approaching positive territory for the real federal funds rate, they are close to ending the hiking cycle and leaving the rest of the fight […]
- New Home Sales Unexpectedly 'Rose' In February, Median Price Reboundsby Tyler Durden on March 23, 2023 at 2:09 pm
New Home Sales Unexpectedly 'Rose' In February, Median Price Rebounds After surging far more than expected in December and January (and beaten expectations in each of the last six months), new home sales were expected to slide in February (despite the unexpected jump in existing home sales as mortgage rates took a pause from their blast off higher). However, like existing home sales, new home sales rose 1.1% MoM (-3.1% exp). This is the seventh beat in a row, but only because January's +7.2% MoM spike was revised dramatically lower to a mere +1.8% MoM... if that January level had […]
- What Does the Fed Have to Break?: Miller on the Moneyon March 23, 2023 at 2:07 pm
While Fed Chairman Jerome Powell appears determined to bring inflation down to their 2% target, inflation is far from under control.
- Swiss Defend $17BN AT1 Bond Wipeout In Credit Suisse Deal As Furious Creditors Including David Tepper Vow To Sue Switzerlandby Tyler Durden on March 23, 2023 at 2:03 pm
Swiss Defend $17BN AT1 Bond Wipeout In Credit Suisse Deal As Furious Creditors Including David Tepper Vow To Sue Switzerland Amid the justifiably shocked outcry from Credit Suisse junior debtors, who saw their entire AT1 debt tranche wiped out before the equity was fully impaired, violating every conventional liquidation waterfall, on Thursday Swiss financial regulator Finma has defended its decision to wipe out a huge swath of risky subordinated bonds as part of the Credit Suisse rescue deal even as an army of bondholders is preparing to sue the Swiss government. Sunday's […]
- In Fed Q&A Jerome Powell Wonders "How Did Bank Failures Happen?"on March 23, 2023 at 2:03 pm
At roughly the 1:26:00 mark in the video below, Powell responded to a Politico reporters question on the failure of Silicon Valley Bank. Politico: Can you speak to the role you will be playing in the Fed's internal investigation on its supervision and regulation.
- Powell Explains the Fed’s New Regime: Rate Hikes & QT to Fight Inflation while Offering Liquidity to Banks to Keep them from Topplingon March 23, 2023 at 1:59 pm
An enormously important new regime gets engraved into central-bank handbooks. The ECB and Bank of England are also on board.
- Jobless Claims Data Continues To Ignore The Fedon March 23, 2023 at 1:57 pm
Initial jobless claims dropped (again) last week to 191k (fewer than expected) and once again standing in the face of anecdotal evidence of waves of headlines of mass layoffs.
- Watch Live: TikTok CEO Testifies Before Congress; China Opposes Forced Saleby Tyler Durden on March 23, 2023 at 1:55 pm
Watch Live: TikTok CEO Testifies Before Congress; China Opposes Forced Sale As TikTok mulls a demand from the Biden administration that the video-app divest itself from Beijing-based parent ByteDance (a move strongly opposed by the Chinese Ministry of Commerce), CEO Shou Chew is preparing to testify before Congress for the first time on Thursday, where US lawmakers will grill him over how the app handles sensitive US user data, as well as the risks it may pose to teens and children. The hearing will commence at 10 a.m. before the House Energy and Commerce Committee. TikTok - […]
- Republicans Introduce Bills To Prevent Biden Administration From Banning Gas Stovesby Tyler Durden on March 23, 2023 at 1:40 pm
Republicans Introduce Bills To Prevent Biden Administration From Banning Gas Stoves Authored by Savannah Hulsey Pointer via The Epoch Times (emphasis ours), Two House Energy and Commerce Committee Republicans announced on March 20 they are introducing legislation to prevent the Biden administration from banning gas stoves. A gas stove in a file photograph. (Joe Klamar /AFP via Getty Images) The legislation was introduced by Reps. Kelly Armstrong (R-N.D.) and Debbie Lesko, (R-Ariz.) in response to the Biden administration’s two-pronged push to ban gas stoves, and might go to […]
- FDIC Unexpectedly Delays Bid Deadline For Silicon Valley Private Bankby Tyler Durden on March 23, 2023 at 1:20 pm
FDIC Unexpectedly Delays Bid Deadline For Silicon Valley Private Bank Over the past weekend, it was determined that the Federal Deposit Insurance Corporation (FDIC) would break up Silicon Valley Bank into two separate auctions. But now, the auction for SVB's wealth-management unit has been delayed. FDIC was set to receive bids for Silicon Valley Private Bank, successor to Boston Private, which SVB acquired in 2021 at 2000 ET Wednesday. However, without any reasoning, government regulators shifted the auction until Friday, according to Bloomberg, citing people familiar with […]
- Goldman Hikes Gold Forecast, Reiterates Bullish Commodities Viewon March 23, 2023 at 1:19 pm
Goldman Sachs on Thursday raised its gold price forecasts, describing it as the best hedge against financial risks, and reiterated its bullish view on commodities as a banking crisis has yet to spill over into physical markets.
- Gold Shines as Bets on Fed Pause Gain Momentumon March 23, 2023 at 1:16 pm
Gold prices extended gains on Thursday after the Federal Reserve signalled a potential end to its monetary tightening cycle could be on the horizon.
- Russia Says Gold Hoard Grew as West Imposed Sanctionson March 23, 2023 at 1:15 pm
Russia’s central bank said its bullion holdings jumped by 1 million ounces over the past year as it bought gold in the face of Western sanctions.
- The US Banking System Was Destroyed by QE ... and Negative Rates Killed It: Epoch Timeson March 23, 2023 at 1:13 pm
Every time there’s a banking crisis, some scratch their heads and wonder, how could this happen? Surely it must be greed, bad risk management, or a lack of regulation? More intervention should solve it. However, all those excuses miss the most critical point: The U.S. banking system was destroyed by design, and the big banks played along with it.
- Investors Turn More Bearish on Stocks After Fed, Survey Showson March 23, 2023 at 1:11 pm
Investors are convinced the Federal Reserve will hike again this year and won’t pivot to monetary easing until 2024 — an outlook they see as bearish for stocks.
- Differing Powell and Yellen Messages Were a Lot for the Stock Market to Digeston March 23, 2023 at 1:09 pm
Traders are accustomed to a bumpy ride whenever Jerome Powell speaks. But when Powell speaks at the same time Janet Yellen is talking to Congress about the health of the banking sector, the turbulence can get overwhelming.
- The World Economic Forum and the West's Next Act?on March 23, 2023 at 1:08 pm
Economic writer Charles Hugh Smith has repeatedly warned [about] the "crapification" of the U.S. economy.... customers with scant other buying options are forced to accept that few purchases will last.
- US Fears a War-Weary World May Embrace China’s Ukraine Peace Bidon March 23, 2023 at 12:49 pm
US left on sidelines as China-Russia ‘bro-fest’ cements ties Some uncomfortable realities of Xi’s visit to Putin in Moscow...
- Short Seller Hindenburg Says ‘Another Big One’ Coming Soonon March 23, 2023 at 12:47 pm
\Hindenburg Research said it will soon release a new report, two months after the US short seller’s explosive allegations against Adani Group wiped more than $100 billion off the Indian conglomerate’s market value.
- Block Shares Fall As Hindenburg Accuses Company Of "Fraud Facilitation", Says Shares Could Fall 65% To 75%by Tyler Durden on March 23, 2023 at 12:46 pm
Block Shares Fall As Hindenburg Accuses Company Of "Fraud Facilitation", Says Shares Could Fall 65% To 75% Shares of Jack Dorsey's Block fell about 10% this morning after short seller Hindenburg Research said it was short the name, accusing the company of "facilitating fraud". "On a purely fundamental basis, even before factoring in the findings of our investigation, we see downside of between 65% to 75% in Block shares," the short seller wrote. The short seller, recently most well known for targeting Asia's richest man Gautam Adani, is now setting its sights on another […]
- Yellen Pulls Rug Out From Powell's Dovish Promises: Gold Gains As Banks Buston March 23, 2023 at 12:40 pm
Yesterday, @SecYellen made reassuring comments that led the market and depositors to believe that all deposits were now implicitly guaranteed. That coupled with a leak suggesting that @USTreasury, @FDICgov and @SecYellen were looking for a way to guarantee all deposits reassured the banking sector and depositors.
- Jobless Claims Data Continues To Ignore The Fedby Tyler Durden on March 23, 2023 at 12:38 pm
Jobless Claims Data Continues To Ignore The Fed Initial jobless claims dropped (again) last week to 191k (fewer than expected) and once again standing in the face of anecdotal evidence of waves of headlines of mass layoffs. Source: Bloomberg Continuing claims remained below 1.7mm. California and Illinois saw the biggest weekly drop in claims while Indiana and Massachusetts saw the largest increase... Assuming a 3mo lag between monetary policy and its effect on the economy, we can comfortably claim that something's broken... Source: Bloomberg Maybe what we really need […]
- Fed Cut May Be Too Late to Ease Stress on Debt-Laden Firmson March 23, 2023 at 12:37 pm
An interest rate cut by the Federal Reserve later this year will be too late to boost the stocks and bonds of highly indebted companies, as funding access is already turning restrictive in the wake of the global banking turmoil, investment strategists say.
- 'Big Short' Michael Burry Sounds the Alarm on U.S. Bankson March 23, 2023 at 12:36 pm
The legendary investor published a chart which quantifies the uninsured clients and unrealized capital losses for major regional banks.
- Powell’s Own Guide to Recessions Shows Rate Cuts Are Comingon March 23, 2023 at 12:32 pm
A recession is certain and so are rate cuts this year. That’s the message from the bond market metric Federal Reserve Chairman Jerome Powell highlighted a year ago as the best guide to tip-off economic troubles in the US.
- Fed Opts for Hike-and-See in Gamble That Crisis Will Stay Containedon March 23, 2023 at 12:29 pm
“They think they have the tools in place to contain the turmoil in the banking system,” Wells Fargo Chief Economist Jay Bryson said. “There certainly is a risk that this could be a bad decision.”
- Distressed Debt Soars By 29%, Or $66 Billion, In One Week Amid Surge In Bankruptcieson March 23, 2023 at 12:27 pm
The cascade of defaulted regional US banks is blowing out the circulating inventory of distressed debt which expanded by about $65.9 billion last week as US insolvency courts saw six new, large bankruptcy filings, according to data compiled by Bloomberg.
- Hedge Fund Billionaire Bill Ackman Says U.S. Economy Risks Heading Into a ‘Train Wreck'on March 23, 2023 at 12:25 pm
Bill Ackman blasts Yellen’s rejection of full deposit insurance: A ‘guarantee is needed to stop the bleeding’
- The Federal Reserve Now Believes Its Work Is Nearly Doneon March 23, 2023 at 12:23 pm
The Federal Reserve has raised rates aggressively in the last year and projected on Wednesday its work raising rates is likely done. Dealing with the fallout of these moves, however, appears to be a project just getting underway.
- Global Markets Splutters as Europe Ploughs on With Rate Hikeson March 23, 2023 at 12:19 pm
Europe's post-Credit Suisse rebound spluttered to a halt on Thursday as Switzerland and Norway, and most probably the Bank of England later, showed the year-long cycle of sharp interest rate rises was by no means over. its rates up again despite its torrid week was a reminder not to get too carried away.
- ALERT: Here Is What You Need To Know Post-Bank Runs And Bailoutsby King World News on March 23, 2023 at 12:48 am
Here is a chartapalooza that puts the big picture in perspective following the bank runs and subsequent bailouts. March 22 (King World News) – The following charts are from Ronald Stoeferle The post ALERT: Here Is What You Need To Know Post-Bank Runs And Bailouts appeared first on King World News.
- Urgent Market Alert: Join Mike Maloney for a Live Q&A Sessionon March 22, 2023 at 9:10 pm
The Fed just raised interest rates again which could put even more pressure on the banks. Things are heating up and the wheels are falling off. That’s why Mike is dropping everything to bring you this urgent market alert.
- Preview Chartbook of the In Gold We Trust Report 2023: Ronald-Peter Stöferle & Mark J. Valekon March 22, 2023 at 7:51 pm
2% inflation target behaved like a ceiling. In the next twenty-years, the 2% inflation target will become a floor.”
- The Hierarchy Of Money And The Case For $8,000 Gold: Seeking Alphaon March 22, 2023 at 7:49 pm
In this article, we will use Mehrling’s hierarchy of money framework and examine the relationship between national currencies and gold to get a sense of where the price of gold is headed.
- Gold Prices Could Notch an All-Time High Soon — And Stay Thereon March 22, 2023 at 7:48 pm
Gold prices have room to run as banks struggle and the Federal Reserve renders another rate decision, potentially breaking all-time highs — and staying there.
- Gold Prices Finish Higher, Gain More Ground After Fed Rate-Hike Decisionon March 22, 2023 at 7:46 pm
Prices for the precious metal then moved up in electronic trading as the U.S. dollar, as well as Treasury yields, weakened in the wake of Federal Reserve's decision to raise its benchmark fed funds rate by a quarter of a one percentage point.
- JPMorgan Traders Should Get Prison for Spoofing, US Sayson March 22, 2023 at 7:45 pm
The former head of the JPMorgan Chase & Co. precious-metals business and his top gold trader should get multiyear prison terms after they were convicted of spoofing the market for years, the US government said in a court filing.
- Monetary Madness Endgameon March 22, 2023 at 7:38 pm
For over twelve years at TF Metals Report, we have been writing about "The End of The Great Keynesian Experiment". Recent events have moved us closer to this monetary endpoint.
- SVB And Collapsing Global Financial Defenseson March 22, 2023 at 7:37 pm
These choices do not increase the chances for a near-term crisis, but they do mean that the chances of a catastrophe scenario are up sharply, in the event of a crisis.
- How Does a Bank Collapse in 48 Hours?on March 22, 2023 at 7:36 pm
“How does a bank collapse in 48 hours?” Asks the CNN headline. Especially a bank that reported a profit of $3.4 billion just last year. Murray Rothbard answered the question years ago in What Has Government Done To Our Money?, “No other business can be plunged into bankruptcy overnight simply because its customers decide to repossess their own property.
- Interest Payments On Treasury Debt Up 29% y/yon March 22, 2023 at 7:31 pm
Here is a follow-up on last week’s chart with some excellent granular detail. Interest payments on the national debt during the current fiscal year (October to February) are up 29 percent …
- *Yellen: Must Boost Public Confidence In Banking System - Focused On Stabilizing Banking Systemon March 22, 2023 at 7:30 pm
Holy crap, is she senile...
- FDIC Not Considering ‘Blanket Insurance’ for Bank Deposits, Yellen Sayson March 22, 2023 at 7:25 pm
Speaking to a hearing of the U.S. Senate's Appropriations Subcommittee on Financial Services and General Government, Yellen also said that the failure of a small bank or community bank could trigger runs on larger banks.
- Watch Live: Treasury Secretary Janet Yellen Testifies at Senate Hearingon March 22, 2023 at 7:21 pm
Treasury Secretary Janet Yellen is likely to face tough questions from senators about the federal response to two bank failures earlier this month.
- The Dot Plot Shows Fed Projects Interest Rate Cuts Next Yearon March 22, 2023 at 7:20 pm
Please consider the Summary of Economic Projections from the FOMC Meeting March 21-22, 2013.
- Fed Says "Banking System is Sound"on March 22, 2023 at 7:18 pm
The U.S. banking system is sound and resilient. Recent developments are likely to result in tighter credit conditions for households and businesses and to weigh on economic activity, hiring, and inflation. The extent of these effects is uncertain. The Committee remains highly attentive to inflation risks.
- The Fed Proposes a 4th Function of Money: Means of Social Controlon March 22, 2023 at 7:16 pm
The Federal Reserve Board announced that the Federal Reserve Banks will develop a new round-the-clock real-time payment and settlement service, called the FedNowsm Service, to support faster payments in the United States.
- Fed Reverse Repo Useage Rises To $2.28T As Fed Hikes Target Rate To 5%,+25 BPS (Fed Dots Look Like Ski Slope)on March 22, 2023 at 7:15 pm
As expected, The Federal Reserve raised their target rate (upper bound) to 5%, up 25 basis points. At the same time, Fed Reverse Repo useage soared to $2.28 trillion as banks hide from inflation. H…
- Watch Live: Fed Chair Powell Attempts High-Wire Walk Between Price & Financial System Stabilityon March 22, 2023 at 6:38 pm
Having raised rates by 25bps (as expected) and offered a dovish bias to the statement with regard future rate-hikes, Fed Chair Powell now has the unenviable task of threading the needle between too-dovish (what does Powell know about just how bad the banking crisis really is...and what will that do to inflation) and too-hawkish (omfg, Powell's going to kill the banks to crush inflation).
- Fed Hikes Rates by a Quarter Percentage Point, Indicates Increases Are Near an End: CNBCon March 22, 2023 at 6:12 pm
The Federal Reserve on Wednesday enacted a quarter percentage point interest rate increase, expressing caution about the recent banking crisis and indicating that hikes are nearing an end.
- Fed Hikes Rates 25bps, Maintains QT, Removes Hawkish Guidance: ZHon March 22, 2023 at 6:11 pm
A lot has changed since The Fed last met on February 1st and decided to hike 25bps. Between Powell's hawkish hearings with Congress and the dovish-inference of a global financial system crisis, the market's expectations for The Fed's actions today have swung wildly - but ironically, are basically unchanged since the Feb 1st meeting.
- Fed, Central Banks Created the Current Crisis and Are on Course to Making Matters Worseon March 22, 2023 at 6:09 pm
The Fed has a lot of 'splaining to do, yet seems determined to keep doing the wrong thing.
- The Fed’s Self-Directed Tragedy: Professor Steve Hankeon March 22, 2023 at 6:05 pm
Thanks to its monetary mismanagement, the Fed now finds itself in a predicament of its own making.
- Why Six-Figure Earners Still Rent A Home Instead Of Buyingby King World News on March 22, 2023 at 5:04 pm
This is a fascinating look at what is happening with high income individuals who are choosing to rent instead of buying. The post Why Six-Figure Earners Still Rent A Home Instead Of Buying appeared first on King World News.
- The Banking Crisis — and Biden Bucks: Rickardson March 22, 2023 at 3:36 pm
The biggest mistake any analyst or investor can make right now is to believe that the banking crisis is over.
- Market Confidence Is At Mercy Of Central Bankson March 22, 2023 at 3:27 pm
On both sides of the Atlantic, central bankers have been busy putting out banking sector fires. Now they must address investors’ other major concern — how much further interest rates might rise at a time of fragile market confidence.
- Here’s Everything the Federal Reserve Is Expected to Do Wednesdayon March 22, 2023 at 3:07 pm
The Fed will close its two-day meeting Wednesday with a heavy air of uncertainty.
- Fed Caught Between Inflation and Bank Crisison March 22, 2023 at 3:01 pm
All eyes in the financial and economic world will be laser-focused Wednesday on the Federal Reserve as Chair Jerome Powell tries to balance his fight against inflation against a sudden banking crisis.
- Janet Yellen: Creature of Chaoson March 22, 2023 at 2:58 pm
Just a handful of recent bank collapses … with the boost given by Janet Yellen’s recent testimony in congress … have spread shockwaves beneath the entire surface of global banking.
- The US Government Has Doubled in Size. Are You Better Off?on March 22, 2023 at 2:58 pm
That’s an almost 40% difference in Defense spending, after adjusting for inflation. But is US national security 40% better than it was in 2013? Is the military 40% stronger today than it was 10 years ago?
- Fed Forward Guidance Has Been a Total Disaster, When Will the Fed Stop?on March 22, 2023 at 2:55 pm
The Fed strived for years to produce inflation with absurd QE policies. When the Fed finally got inflation, every Fed member plus Treasury Secretary Janet Yellen said inflation was transitory.
- A Headline Few Saw Coming "Barney Frank Was Right About Signature Bank"on March 22, 2023 at 2:47 pm
Barney Frank Was Right About Signature Bank...
- Mortgage Apps Rise 3% Thanks to Banking “Crisis”, Mortgage Purchase Demand Down 36% (Refi Down 68%)on March 22, 2023 at 2:46 pm
The deposit runs and Federal bailout at Silicon Valley Bank and Signature Bank has a positive silver lining: mortgage rates dropped -3.43% from the previous week. As such, we got an increase in mor…
- Gold: Currency From Banking System ‘Absolutely Did Move Away Into Gold,’ Says Strategiston March 22, 2023 at 1:12 pm
“We have seen kind of a flee from the banking system," said Soloway. “Money absolutely did move away into gold and that’s definitely one of those fear-factor trades that has helped gold go higher."
- Ted Cruz Introduces Bill Blocking Fed From Adopting Central Bank Digital Currencyon March 22, 2023 at 1:10 pm
Senate Republicans are introducing a bill to block the Federal Reserve and the Biden administration from moving forward with a central bank digital currency.
- Christine Lagarde (ECB) Admitting That if the Central Banks Don’t Do CBDC They Lose Control: Videoon March 22, 2023 at 1:09 pm
Want to know why we are in a financial crisis? Christine Lagarde (ECB) admitting that if the Central Banks don't do CBDC they lose control. This is the endgame.
- As Fed Meeting Looms, Economists See Central Bank Balance Sheet in New Lighton March 22, 2023 at 12:59 pm
Historic Federal Reserve lending to banks in the wake of Silicon Valley Bank’s collapse punched a huge hole in its effort to shrink the size of its balance sheet, though economists don't view that turnaround as a shift back toward a stimulative use of its asset stockpile. Instead, the rapid expansion of the Fed's holdings of cash and bonds has emerged as a key tool to help contain...
- European Spring? Germany Braces For Major Strikes While France Burnson March 22, 2023 at 12:54 pm
Meanwhile, a recession looms for Europe's largest economy, which finds itself in the midst of an inflationary crisis. After experiencing a 0.4% GDP contraction in the fourth quarter of 2022, it's anticipated that the economy will once again contract in the first quarter.
- Fed Could Put Us Economy in ‘Very Dire Situation’ With Rate Hike Decision, Expert Warnson March 22, 2023 at 12:48 pm
Is the Fed's next rate hike decision going to be "poorly perceived" by the markets and bring the U.S. economy closer to recession? Experts Mike Lee and Kathryn Rooney Vera weigh in.
- Banks in Canada Push for Deposit Insurance Boost to Cut Riskon March 22, 2023 at 12:45 pm
\A coalition of Canadian lenders is urging Prime Minister Justin Trudeau’s government to increase the limits on deposit insurance, arguing that it would send “a strong signal” about financial stability and reduce the risk of bank failures.
- How Can New Retirees Recover From Crushing Inflation, Rate Hikes and Bank Failures?on March 22, 2023 at 12:43 pm
Inflation, aggressive Fed rate hikes, failed banks are creating market havoc that's crushing new retirees' futures. Will they be able to recover?
- The World’s Central Banks Have Chosen ‘Class War Over Financial Stability’: Economiston March 22, 2023 at 12:43 pm
The Fed and other central banks want to bring down inflation at all costs. Is it worth it?
- Russia Wields New Regulatory Tool to Banish Enemy Currencieson March 22, 2023 at 12:37 pm
Russia’s central bank is making it more costly for commercial lenders to have liabilities in what it calls “unfriendly” currencies by raising mandatory reserve requirements for foreign tender such as US dollars and euros.
- Goldman’s COO Says Smaller Banks to Need More Capital After Crisison March 22, 2023 at 12:36 pm
The crises at SVB Financial Group’s Silicon Valley Bank and Credit Suisse Group AG are likely to spur scrutiny of small banks and potentially limit lending practices, Goldman Sachs Group Inc. Chief Operating Officer John Waldron said in an interview with the German newspaper Handelsblatt.
- Opinion | The End of Market Discipline for Banks: WSJon March 22, 2023 at 12:35 pm
Janet Yellen essentially says all deposits are insured. From now on, moral hazard rules.
- Asia Banks May Face Difficulty Bolstering Capital via At1s - Cition March 22, 2023 at 12:33 pm
Asian lenders may find it difficult to replenish their capital by issuing Additional Tier-1 (AT1) bonds, Citigroup said in a research note on Wednesday, after the Swiss authorities' move to wipe out Credit Suisse bonds as part of its takeover deal.
- SVB’s Loans to Insiders Tripled to $219 Million Before It Failedon March 22, 2023 at 12:32 pm
As Silicon Valley Bank deteriorated late last year and regulators began internally flagging flaws in its risk management, the lender opened up the credit spigot to one group: insiders.
- Traders Bet on More BOE Rate Hikes After ‘Ugly’ Inflation Dataon March 22, 2023 at 12:30 pm
UK inflation accelerated unexpectedly for the first time in four months, spurring a rally in the pound and a selloff in government bonds as traders firmed up bets on further rate hikes from the Bank of England.
- Lagarde Vows ‘Robust’ Policy With ECB Ready to Act as Neededon March 22, 2023 at 12:29 pm
The European Central Bank will take a “robust” approach that allows it to respond to inflation risks as needed but also aid financial markets if threats emerge, according to President Christine Lagarde.
- More U.S. Banks Potentially Insolvent: Studyon March 22, 2023 at 12:27 pm
n a scenario where 50% of depositors are uninsured, "you have about 190 banks in a precarious position meaning the remaining value of assets is not enough to cover the face value of the insured deposit obligation," of course these bank runs can become more pronounced.
- JPMorgan Says Treasuries Coping Amid Worst Liquidity Since 2020on March 22, 2023 at 12:23 pm
\The Federal Reserve can look past low liquidity in the Treasuries market and continue with its rate hikes, according to strategists at JPMorgan Chase & Co.
- First Republic Rescue May Rely on Us Backing to Facilitate Dealon March 22, 2023 at 12:23 pm
Wall Street CEOs and U.S. officials discussing an intervention at First Republic Bank are exploring the possibility of government backing to encourage a deal, Bloomberg News reported on Tuesday, citing people with knowledge of the situation.
- Fed in Spotlight as Us Authorities Focus On Stability, First Republicon March 22, 2023 at 12:21 pm
U.S. authorities are set to explore ways to bolster financial stability, along with steps to tackle the problems facing First Republic Bank, as central banks consider whether recent banking sector turmoil has reduced the need for interest rate rises.
- Fed Facing a Blurrier Economic Outlook as It Weighs Rate Hikeon March 22, 2023 at 12:20 pm
The Federal Reserve is grappling with a hazier economic picture clouded by turmoil in the banking industry and still-high inflation just as it meets to decide whether to keep raising interest rates or declare a pause.
- FOMC Preview: Trappedon March 22, 2023 at 12:19 pm
the "most important FOMC meeting of the year", one which has been dubbed "Powell's Volcker Moment" and whose decision will test the Fed chair unlike any other because while on one hand, inflation is still rising, on the other the regional banking sector is currently undergoing existential shock with several banks failing in shocking and rapid succession as a result of the Fed's aggressive rate hikes (which in turn a result of the Fed's aggressive easing and non-hikes in 2021) leaving Powell trapped.
- Countdown to a Critical Fed Decision: Live Updateson March 22, 2023 at 12:17 pm
The Fed concludes its two-day meeting on Wednesday and investors expect the central bank to approve a quarter-point interest rate hike. Follow here for live updates.
- Global Markets Cautiously Higher Ahead of High Stakes Fed Decisionon March 22, 2023 at 12:16 pm
World stocks were cautiously higher on Wednesday as hopes that a banking crisis would be averted were tempered by uncertainty before a Federal Reserve meeting that sees the central bank caught between taming inflation and maintaining stability. While London's FTSE stock index dipped, European stock markets more broadly edged higher while Asia-Pacific shares outside...
- The Most Important Chart Of 2023 Will Blow Your Mindby King World News on March 22, 2023 at 1:07 am
The most important chart of 2023 will blow your mind. Make sure you take a long look at this chart. The post The Most Important Chart Of 2023 Will Blow Your Mind appeared first on King World News.
- Why The US Must Consider Returning To The Gold Standard, Steve Forbes: Videoon March 21, 2023 at 7:56 pm
Steve Forbes calls out the taboo of discussing the gold standard in serious conversations about the economy, and points out that were the US still using it, many economic crises would not have occurred.
- Gold to Head Gradually Toward $2,055/75: SocGenon March 21, 2023 at 7:53 pm
Gold has embarked on a steady up move. Economists at Société Générale expect the yellow metal to enjoy further gains toward the $2,055/75 region.
- Is Silver the Next Gamestop? How Retail Investors Challenged Wall Street Giants Againon March 21, 2023 at 7:50 pm
In the wake of unprecedented short squeezes involving stocks like GameStop and AMC in early 2021, a group of retail investors from the Reddit forum r/WallStreetBets (and the spinoff called r/WallStreetSilver) set their sights on the silver market, attempting to challenge Wall Street giants with a so-called "silver short squeeze." The silver short squeeze movement was sparked on the...
- JPMorgan Is the Unlucky Owner of the Fake Nickel Uncovered by the Lme—Really Just Bags of Rockson March 21, 2023 at 7:49 pm
It's the second scandal involving fake nickel in as many months.
- This Financial Crisis Will Be Like None Other In Historyon March 21, 2023 at 7:48 pm
The first is that this crisis isn’t going away anytime soon - it may shape-shift, but it’s not going away. The second is that the outcome of this crisis is going to be unlike anything that’s ever occurred in history.
- The Great Rotation Out Of Stocks Has Begun. Here Is Where The Money Is Goingby King World News on March 21, 2023 at 3:25 pm
The great rotation out of global stock markets has already begun. Here is where the money is going. The post The Great Rotation Out Of Stocks Has Begun. Here Is Where The Money Is Going appeared first on King World News.
- Legend Richard Russell Warned Every Fiat Currency In The World Will Be Destroyedby King World News on March 20, 2023 at 9:56 pm
Legend Richard Russell warned every fiat currency in the world would be destroyed. Below is the warning Russell wrote along with many other amazing predictions. The post Legend Richard Russell Warned Every Fiat Currency In The World Will Be Destroyed appeared first on King World News.
- STAGFLATION: Gold’s Powerful Upside Breakout As Banking Worries Persistby King World News on March 20, 2023 at 5:12 pm
With stagflation engulfing world economies gold continues to shine with a powerful upside breakout as banking worries persist. The post STAGFLATION: Gold’s Powerful Upside Breakout As Banking Worries Persist appeared first on King World News.
- Greyerz – THIS IS IT! The Global Financial System Has Started To Collapseby King World News on March 19, 2023 at 9:03 pm
Today the man who has become legendary for his predictions on QE and historic moves in currencies and metals warned King World News that people better have an escape plan because the global financial system has started to collapse. The post Greyerz – THIS IS IT! The Global Financial System Has Started To Collapse appeared first on King World News.
- Gold Nears Record High As James Turk Warns US Dollar May Collapse In 2023by King World News on March 18, 2023 at 6:26 am
Today the man who has been trading markets for over half a century warned the US dollar may collapse in 2023. The post Gold Nears Record High As James Turk Warns US Dollar May Collapse In 2023 appeared first on King World News.
- CHAOS ERUPTS: It’s Going To Get Much Worse As The Collapse Will Spread To Currencies And Gold Shinesby King World News on March 17, 2023 at 9:52 pm
On the heels of continued chaos erupting as banks were imploding, it's going to get much worse as the collapse will spread to currencies and gold shines. The post CHAOS ERUPTS: It’s Going To Get Much Worse As The Collapse Will Spread To Currencies And Gold Shines appeared first on King World News.