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Tag Archives: bailouts

  • Blog
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    Banks Are Evil

    It's time to get painfully honest about this.
    by Adam Taggart

    Saturday, March 18, 2017, 12:05 AM


    I don’t talk to my classmates from business school anymore, many of whom went to work in the financial industry.


    Because, through the lens we use here at PeakProsperity.com to look at the world, I’ve increasingly come to see the financial industry — with the big banks at its core — as the root cause of injustice in today’s society. I can no longer separate any personal affections I might have for my fellow alumni from the evil that their companies perpetrate.

    And I’m choosing that word deliberately: Evil.

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  • Insider

    Japan Is Struggling

    More data on my favorite black swan candidate for 2012
    by Chris Martenson

    Saturday, July 28, 2012, 1:53 AM


    In a prior piece this year, I proclaimed Japan to be my favored candidate to be the black swan of 2012. By this I mean that a financial accident in Japan that would create massive havoc in the world markets seems even more likely to me than something originating in Europe.

    The reason is precisely because all eyes (and efforts) are focused on Europe, leaving Japan out of focus and unattended, so to speak. This is practically a requirement for a crisis spot; crises never seem to arise in the place everybody is already watching. Japan is nicely out of focus and therefore a good place for us to keep our eyes trained upon.

    In the most recent podcast with Mish, we discussed the fact that Japan had recently posted its largest first half trade deficit in history. Then Mish asked if Japan's current account had slipped into negative territory yet, as that event will accelerate the pace at which Japan's looming structural insolvency will arrive.

    While discussing the current account, a normally obscure economic term, seems a bit wonkish, it is really quite important. So let's start there, with a definition as a refresher for myself and perhaps an introduction for others.

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  • Insider
    © laudu | flickr Creative Commons

    I’m Keeping My Fingers Crossed for a Quiet Summer

    But be prepared for something else
    by Chris Martenson

    Wednesday, June 27, 2012, 4:01 AM


    I am hoping for a quiet summer so that all of us north of the equator can enjoy the warm, lazy months of July and August in peace and quiet. But I am concerned that this may not come to pass.

    The daily drumbeat of bad news from Europe covers all fronts and is relentless. Rumors abound, confusion reigns, downgrades happen weekly and sometimes daily, unemployment is up, the economy is slipping, and it is entirely unclear if anybody there knows what to do.

    Even as the stock markets somehow magically finding their footing on each new rumor turning back at each critical zone of support, while gold continues to languish, I find myself increasingly bearish as all the new data comes in on both the unfolding European credit crisis and the slowing global economy.

    Here's the troubling information out of Europe:

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  • Insider
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    Off the Cuff: Building Bailout Rumors

    All eyes are turning to the Fed to bailout Europe
    by Adam Taggart

    Thursday, June 7, 2012, 4:55 PM


    In this week's Off the Cuff with Mish & Chris podcast, Mish and Chris tackle:

    • Rumors of Bailouts in Europe
      • Germany looks like it may be willing to compromise, and many pundits are hinting that the US may pitch in.
    • A 'Nannycrat' Future for the EU 
      • The clamor for more central authority is increasing, but will the populace vote for it?
    • A New Drachma Backed by Silver?
      • An interesting proposal worth considering…

    The situation in Europe continues to drive market sentiment, as does increased speculation that — to prevent contagion from crossing the Atlantic — the Fed is preparing to ease again. With all of the machinations being discussed, there really is nothing new in terms of actual progress. The proposals being considered (like the new Spanish "FROB") are simply shell games designed for optical purposes, nothing more. The key question remains unanswered at this point: Who will take the colossal losses on Europe's bad debts?


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  • Insider
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    Surviving a Currency Crisis

    The biggest risk is not believing that the collapse is under
    by Adam Taggart

    Saturday, February 11, 2012, 7:33 PM


    Executive Summary

    • Why hope alone is a terrible fiscal strategy
    • The false security of shifting baselines
    • The key indicators of a currency crisis
    • Plan A (and Plan B) for surviving a currency crisis


    Part I: Why Our Currency Will Fail

    If you have not yet read Part I, available free to all readers, please click here to read it first.


    Part II: Surviving a Currency Crisis

    The Biggest Risk

    The biggest risk here is not a sudden collapse of the currency that catches everyone off guard some Tuesday afternoon in a matter of minutes. The biggest risk is not believing that the collapse is underway. Most people are going to lose most of their wealth simply because they could not mentally and/or emotionally grasp what was actually happening.

    Consider that in Greece the banks are under a tremendous run losing up to 25% of total deposits. Sounds extreme but let's look at it the other way, just what are the 75% of remaining depositors thinking? How could they leave their money in a Greek bank for another minute? What are they thinking? Probably that somehow things will get better, or some other rationalization that supports their decision to hunker down and hope.

    In reading When Money Dies, an historical account of the events leading up to and through the Weimar hyperinflation in Germany, one hears anecdote after anecdote of families and individuals impoverished by their own disbelief and inaction. Most just sat numbly by waiting for the currency to come back, or buying government bonds because they were asked to as a matter of patriotism, or just trusting that the government would figure something out, hoping that things would soon turn around. 

    In Argentina the same dynamic happened. We've heard in detail on this site from Fernando "FerFAL" Aguirre how those who lost most we the ones who hestitated to acknowledge the reality of what was happening until it was too late.

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  • Blog

    Why Our Currency Will Fail

    The US is irretrievably down the rabbit hole of deficits and
    by Adam Taggart

    Saturday, February 11, 2012, 7:16 PM


    The US is irretrievably down the rabbit hole of deficits and debt

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  • Blog

    Why Our Currency Will Fail

    by Chris Martenson

    Wednesday, February 8, 2012, 2:18 PM


    The idea that the very same economic forces that are currently plaguing Greece, et al., are somehow not relevant to the United States’ circumstances does not hold water.  As goes the rest of the world, so goes the US. 

    When we back up far enough, it is clear that money and debt are there to reflect and be in service to the production of real things by real people, not the other way around. With too much debt relative to production, it is the debt that will suffer. The same is true of money. Neither are magical substances; they are merely markers for real things. When they get out of balance with reality, they lose value, and sometimes even their entire meaning.

    This report lays out the case that the US is irretrievably down the rabbit hole of deficits and debt, and that, even if there were endless natural resources of increasing quality available at this point, servicing the debt loads and liabilities of the nation will require both austerity and a pretty serious fall in living standards for most people. 

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  • Blog

    Daily Digest 12/6 – Eurozone Crisis Talks, Gold Trades Near Record, Hungarian Assets Slip

    by DailyDigest

    Monday, December 6, 2010, 4:00 PM

    • No, The Big Banks Have Not “Paid Back” Government Bailouts and Subsidies
    • Branson Says Crude Oil Prices Might Hit $200 a Barrel Without New Policies
    • Eurozone Ministers Set for Crisis Talks
    • Gold Trades Near Record on Concern U.S. Economy May Need Further Stimulus
    • Getting JAL On Its Feet
    • Hungarian Assets Slip On Moody’s Downgrade
    • Crude Wavers Amid Higher Dollar, European Concerns

    Crash Course DVDOwn the Crash Course Special Edition Set with Presenter’s Pack (NTSC or PAL)

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  • Blog

    Daily Digest – July 21

    by Davos

    Tuesday, July 21, 2009, 3:00 PM

    • BIS, The Central Bank of all Central Bankers: The Central Bank WAS Warned in 2003 (Repost)
    • FSN News Hour Part 3A
    • Ambrose Evans-Pritchard Says End of the Financial World is Nigh
    • Ending the week on a positive note…
    • Persistent Ignorance
    • Denninger on CNBC Follow Up
    • White House putting off budget update
    • Bailouts could cost U.S. $23 trillion
    • Fed member Lockhart calling a mea culpa on Fed policy
    • CRE: I Think The Other Shoe Just Dropped (Chart on Page)
    • USPS May Be Unable to Make Payroll in October and Retiree Health Plan Costs, Unions’ Letter to White House Says

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  • Blog

    Daily Digest – May 27

    by Davos

    Wednesday, May 27, 2009, 3:12 PM

    • Jeff Macke Goes Nuts On Dennis Kneale (Video)
    • Housing: More problems ahead for the low end?
    • Geithner to DeMint: Bailouts may never end, no exit plans…
    • Samuelson: Insolvency? Bring it on.
    • Without Meters, Fresno Water Beyond Measure
    • A California Town Squeezes Water From A Drought
    • Pension Terminators?
    • In Others’ Hands
    • Is Factory Farming a Risk Too Far?
    • China unveils first sovereign credit rating standards (H/T PineCarr)
    • Agrichemical Industry Attacks White House Organic Garden
    • Good Methods for Finding Local Food
    • LocalHarvest.Org

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