not-bono-ever
meh
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Global financial system implosion begins
- Thread starter Falcon
- Start date
not-bono-ever
meh
and i am outta this thread once again
Pickman's model
Starry Wisdom
pah a mere bagatelle
Pickman's model
Starry Wisdom
could you change your avatar as those dead eyes give me the shivers
not-bono-ever
meh
More velocity than a Greek Credit Default Option.
Also: "To be clever enough to get a great deal of money, one must be stupid enough to want it." -- G.K. Chesterton
coley
Well-Known Member
coley
Well-Known Member
Good article, bit puzzling that he seems to 'semi endorse' Trump before going on to rubbish him?
Should be reposted in the Corbyn thread?
teqniq
DisMembered
Yeah I thought that too. I almost put a caveat in with the link saying something to that effect and then he went on to rubbish him as you say. Bit confusing really.
teqniq
DisMembered
Nothing was sorted out properly concerning these scumbags last time and quelle surprise they are taking the piss again - if in fact they ever actually stopped.
Dishonest bankers threaten new financial crisis says Mark Carney
Dishonest bankers threaten new financial crisis says Mark Carney
hot air baboon
Well-Known Member
...Ambrose Evans-Pritchard in the Torygraph forseeing the crisis of capitalism...and how the Torys may turn it to their advantage
UN fears third leg of the global financial crisis - with prospect of epic debt defaults
If trade economists at the United Nations are right, the next traumatic episode may entail the greatest debt jubilee in history.
It may also prove to be the definitive crisis of globalized capitalism, the demise of the liberal free-market orthodoxies promoted for almost forty years by the Bretton Woods institutions, the OECD, and the Davos fraternity.
The UN's diagnosis is that "shareholder primacy" and the entire edifice of liberal market finance are among the key culprits, all made worse by stringent fiscal austerity that has starved the global economy of sufficient demand.
Its prescription is radical. The world must jettison neo-liberal ideology, and launch a "global new deal" with a blitz of investment on strategic sectors. It wants a return of the "developmental state", commanding a potent industrial policy, and backed by severe controls on capital flows.
UNCTAD's manifesto of Left-wing proposals clashes with almost every nostrum taught in universities and business schools for the last two generations. Yet its arguments cannot be dismissed lightly, and its dissenting voice deserves to be heard.
The report puts the advocates of globalisation (as practiced) in a quandary. They - or we, perhaps I should say - typically argue that it has vastly raised the living standards of hundreds of millions of people across Asia.
It allegedly "works" for emerging nations, and this is cited as the paramount moral justification even if free flows of capital have regrettably allowed multinationals to fatten on 'labour arbitrage' and play off western wages at against low-pay hubs abroad.
But what UNCTAD shows is that globalisation has not in fact worked for these countries, bar a few exceptions. One starts to suspect that it works for nobody except the owners of capital and their close allies.
Besides, I have a hunch that UNCTAD's moment may be coming. It was Britain's Margaret Thatcher who kicked off the neo-liberal age of tax cuts, privatisation, and unfettered supremacy of the markets.
With uncanny timing - fit from a Conservative Party that has outlived every other major party in the world from sheer instinct and fingerspitzengefühl - Theresa May may now start to close that era with her embrace of industrial strategy.
UN fears third leg of the global financial crisis - with prospect of epic debt defaults
If trade economists at the United Nations are right, the next traumatic episode may entail the greatest debt jubilee in history.
It may also prove to be the definitive crisis of globalized capitalism, the demise of the liberal free-market orthodoxies promoted for almost forty years by the Bretton Woods institutions, the OECD, and the Davos fraternity.
The UN's diagnosis is that "shareholder primacy" and the entire edifice of liberal market finance are among the key culprits, all made worse by stringent fiscal austerity that has starved the global economy of sufficient demand.
Its prescription is radical. The world must jettison neo-liberal ideology, and launch a "global new deal" with a blitz of investment on strategic sectors. It wants a return of the "developmental state", commanding a potent industrial policy, and backed by severe controls on capital flows.
UNCTAD's manifesto of Left-wing proposals clashes with almost every nostrum taught in universities and business schools for the last two generations. Yet its arguments cannot be dismissed lightly, and its dissenting voice deserves to be heard.
The report puts the advocates of globalisation (as practiced) in a quandary. They - or we, perhaps I should say - typically argue that it has vastly raised the living standards of hundreds of millions of people across Asia.
It allegedly "works" for emerging nations, and this is cited as the paramount moral justification even if free flows of capital have regrettably allowed multinationals to fatten on 'labour arbitrage' and play off western wages at against low-pay hubs abroad.
But what UNCTAD shows is that globalisation has not in fact worked for these countries, bar a few exceptions. One starts to suspect that it works for nobody except the owners of capital and their close allies.
Besides, I have a hunch that UNCTAD's moment may be coming. It was Britain's Margaret Thatcher who kicked off the neo-liberal age of tax cuts, privatisation, and unfettered supremacy of the markets.
With uncanny timing - fit from a Conservative Party that has outlived every other major party in the world from sheer instinct and fingerspitzengefühl - Theresa May may now start to close that era with her embrace of industrial strategy.
not-bono-ever
meh
The Vultures have been circling around DB for a little while now- I think they are going for the kill - this could be fucking messy . merkel isn't answering the phone from DB any more.
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hot air baboon
Well-Known Member
...iirc Lehmann Bros was finished when the other banks stopped lending them money even on an overnight basis so it was basically impossible for them to transact any business.....the share price drop is one thing but if there is an unseemly rush for the exit in the inter-bank lending market then messy it will certainly be - who would want to be the last person left with a few bilion quid sitting in the DB vaults if they go down like a house of cards - presumably the ECB would have to step in to provide liquidity...
not-bono-ever
meh
.
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not-bono-ever
meh
sorry. it was a rant so i fucked it off
gosub
~#
5 Things You Should Know About Germany's Largest Bank
um. Those numbers don't work:
"Deutsche has so far only provisioned for a fine of $3.3 billion. Most analysts say that any final settlement over $4 billion could force it, yet again to raise more capital, which is why its stock price is falling now. But German law limits the amount of new shares it can issue in a year to 50% of the outstanding total. At current market levels, that caps the amount it could raise at 8 billion euros."
a $14bn fine in the US for mis-selling mortgage-backed bonds before the financial crisis of 2008.
um. Those numbers don't work:
"Deutsche has so far only provisioned for a fine of $3.3 billion. Most analysts say that any final settlement over $4 billion could force it, yet again to raise more capital, which is why its stock price is falling now. But German law limits the amount of new shares it can issue in a year to 50% of the outstanding total. At current market levels, that caps the amount it could raise at 8 billion euros."
a $14bn fine in the US for mis-selling mortgage-backed bonds before the financial crisis of 2008.
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gosub
~#
Didn't think so. But probably for the best
discokermit
Well-Known Member
this deutsche bank thing has got them all shitting it. americans or merkel, who'll blink first?
not-bono-ever
meh
that's very basic summary but is pretty much spot on and it avoids the hyperbole usually associated with any too big to fail discussion- easy to hawk gross market expose on derivatives in a headline, rather than the actual net exposure, but as the article reiterates, the emergence of the CCP ( counterparty) as default for deals these days has cut the likelyhood of a domino scenario.Its a big slab of a bank though and from a risk perspective, the concern is not is the numbers as such (there could be years of discussion over the 14Bn fine) but in the sentiment across the financial sector.
The market driven financial alchemy side of the business aside, what is important to me with DB is its pivotal relationship with European industry- the process of getting them Euros to that new Porsche factory in Leipzig or a landesbank in a small town in another part of Saxony - this is where DB is slightly different & I have genuine concerns over a fail
and shizzle
Pickman's model
Starry Wisdom
gosub
~#
Except, I don't think they learnt anything from Lehmans.... The UK doesn't do Chapter 11, which creates a problem with unwinding derivatives.
(though I did check Hansard last year, none of our politicians have, since 2008, talked about changing that)
not-bono-ever
meh
The drive towards a CCP/ Common counterparty has helped, in that you remove the initial counterparty risk by assigning to a supposedly well funded & regulated independent partner.In theory, pretty much everything can be pushed through a CCP if needed- the fly in the ointment is that many do not wish their activities to be observed and monitored and still work on an OTC basis - there is still a culture of wilfully obscuring your activities - especially where activities may involve offshoring/ developing countries/ raw materials/ sanction busting/ politically exposed people and regimes/ blah. i.e. where the real money is made and lost, there is no desire to keep this stuff above board and that's the financial elephant in the room.
fredfelt
Mostly unknown member
Thanks for that link.
I found this insightful, on the same subject - New Times: John Gray on moving right in the new times
Data shows how Wall St. profited from financial crash
Newsweek 03 Oct 2016
ING announces 7,000 job cuts as unions condemn 'horror show'
Monday 3 October 2016
Newsweek 03 Oct 2016
"The politically connected saw between 4 to 5 percent return in just three days."
ING announces 7,000 job cuts as unions condemn 'horror show'
Monday 3 October 2016
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