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    INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

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    Carol
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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Sun Sep 18, 2016 10:20 am


    https://www.youtube.com/watch?v=ssW88XpZr0w
    After China in G20, Laos Insult Barack Obama when he arrive Laos Airport (Update)
    After China Insult Barack Obama, Now Laos when he arrive Laos Airport (Update)


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Tue Sep 20, 2016 9:26 am

    ← Deutsche Bank Says “No” to $14 Billion DOJ Fine: It Must Have Learned Its Negotiating Skills at the Trump Institute
    The Debate Is Over: Banking Has Become a Criminal Enterprise in the U.S.
    By Pam Martens and Russ Martens: September 19, 2016


    Tomorrow the U.S. Senate Banking Committee will hold a hearing to take testimony from Wells Fargo CEO John Stumpf and Federal regulators to understand how this mega bank was able to get away with opening more than two million fake customer accounts over a span of years. The accounts and/or credit cards were never authorized by the customer and were opened solely by employees to meet sales quotas, get bonuses or to avoid getting fired for failing to meet sales targets.

    The only reason the Republican-controlled Senate is holding this hearing is because the Wells Fargo fake-account story got a lot of coverage in the media when the Consumer Financial Protection Bureau (CFPB) announced a $185 million settlement over the charges on September 8. The reason the story got a lot of media coverage is because it’s a simple story to tell: widely respected bank opens two million accounts for its customers without their knowledge or permission, sometimes illegally funneling money to the new account from the old account to generate fees.

    In July of last year, when Citibank, the deposit-taking retail bank settled charges with the CFPB for $700 million for deceptively selling add-on products to credit card customers, the Senate Banking Committee yawned and did nothing. The story didn’t get major press attention because it was a complicated story to tell. Among a long list of fraudulent practices, the CFPB found that Citibank led 2.2 million customers to believe they were paying to have their credit card monitored for fraud and identity theft, “when, in fact, these services were either not being performed at all, or were only partially performed,” according to the CFPB.

    The CFPB charges against Citibank came exactly two months after Citbank’s parent, Citicorp, pleaded guilty to a felony with the Justice Department in connection with the rigging of foreign currency. On the same day, another U.S. mega bank, JPMorgan Chase, also pleaded guilty to a felony related to the same crime. Both banks are more than a century old and both banks, on May 20 of last year, pleaded guilty to a felony for the first time in their history.

    The public first got its peek into the corrupt culture at Citigroup, the bank holding company of Citibank, on December 4, 2011 when Richard Bowen, a former Citigroup Vice President and whistleblower, appeared on 60 Minutes. Bowen explained how he had found that Citigroup was buying fraudulent mortgages and selling them to investors as sound investments. When his superiors ignored his warnings, in November 2007 he wrote to top management, including the CFO, chief risk officer and Robert Rubin, the Chairman of Citigroup’s executive committee who, as a former Treasury Secretary under Bill Clinton, had pushed to deregulate Wall Street banks – allowing them to hold FDIC insured products and cross-sell their carnival barker wares to the public.

    Bowen explained on 60 Minutes what happens when an honest employee speaks out in one of the Wall Street banking behemoths: “I was relieved of most of my responsibility and I no longer was physically with the organization.” He was told not to show up at the bank.

    Bowen’s treatment at Citigroup was replicated against a different whistleblower at JPMorgan Chase, now the largest U.S. bank by assets, according to a report by Matt Taibbi in Rolling Stone. Alayne Fleischmann, an attorney, described to Taibbi what she saw within JPMorgan Chase as “massive criminal securities fraud.” Taibbi describes what happened to Fleishmann as follows:

    “Six years after the crisis that cratered the global economy, it’s not exactly news that the country’s biggest banks stole on a grand scale. That’s why the more important part of Fleischmann’s story is in the pains Chase and the Justice Department took to silence her.”

    Fleishmann had found problems very similar to what Bowen had found at Citigroup. JPMorgan Chase was buying fraudulent mortgages and packaging them and selling them to investors. In one package of mortgage loans, Fleishmann found that approximately 40 percent were based on overstated incomes in violation of Chase’s tolerance for error of five percent in securitizations. Fleischmann told a managing director at JPMorgan Chase that “the bank could not sell the high-risk loans as low-risk securities without committing fraud,” according to Taibbi.

    JPMorgan Chase went on to sell boatloads of these fraudulent mortgage products while Fleishmann was “quietly dismissed in a round of layoffs.” Obama’s Justice Department took all of this testimony from Fleishmann and had evidence of her written warnings that went unheeded. But even then, it let JPMorgan Chase and its executives off without prosecution.

    When the big Wall Street banks collapsed under the weight of their own corruption in 2008, rather than being prosecuted by the Justice Department, the banks were bailed out through a secret, unprecedented $13 trillion revolving loan program operated by the Federal Reserve. Citigroup received the largest amount of these loans: over $2.5 trillion between 2007 and 2010. These loans were made frequently at less than one percent interest while the insolvent Citigroup charged some of its customers double-digit interest rates on credit cards.

    Which brings us to today’s crisis of confidence in the U.S. banking system. The underfunded Consumer Financial Protection Bureau, which Republicans in Congress are attempting to neuter further, has received thousands of new complaints against the banking giants of Wall Street, which are publicly available for viewing here. (Just put the name of the bank you want to inspect in the search box.) Searching under the name Citibank brings up 29,000 rows of complaints. A search under Chase, the retail banking unit of JPMorgan Chase, brings up 37,000 rows of complaints.

    The seriousness of the complaints against these two banks strongly suggests that the failure to prosecute these banks for frauds against their customers has led to far more than moral hazard. The complaints paint a crystal clear image of a U.S. banking sector that is evolving at lightning speed into an entrenched criminal enterprise.

    The Senate Banking Committee is adding to this crisis by holding isolated hearings of isolated banks that look only at the current scandal. The serial scandals are simply symptoms. The disease is a U.S. banking sector that relies on fraud and abuse of its customers to meet its profit targets just as the low level employees of these banks are pressured into fraudulent acts to meet their sales quotas.

    If you need more evidence, check out this timeline of regulators’ serial charges of abuses of its customers by JPMorgan Chase, compiled by two trial attorneys. Below is just a partial timeline of the serial abuses at Citigroup.


    READ MORE: http://wallstreetonparade.com/2016/09/the-debate-is-over-banking-has-become-a-criminal-enterprise-in-the-u-s/


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Tue Sep 20, 2016 9:30 am

    Global trade deal threatens Paris climate goals, leaked documents show
    Controversial Trade in Services Agreement (Tisa) could make it harder for governments to favour clean energy over fossil fuels as part of efforts to keep temperature rises to 1.5C
    https://www.theguardian.com/environment/2016/sep/20/global-trade-deal-threatens-paris-climate-goals-leaked-documents-show


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Tue Sep 20, 2016 10:43 am

    Bond Bubble has Finally Reached its Apogee
    This is merely the prelude of what is to come once the ECB and Bank of Japan reverse their monetary stimuli; or when the Fed actually begins its rate normalization campaign. Just for the record, the Fed's first hike in ten years, which occurred last December, does not count as a tightening cycle.

    The bond bubble has grown so immense that if, or when, central banks ever begin to reverse monetary policy it will cause yields to spike across the globe. But as recent trading volatility has proved, it won't just be bond prices that collapse; it will be every asset that is priced off that so called "risk free rate of return" offered by sovereign debt. The painful lesson will then be learned that negative yielding sovereign debt wasn't at all risk free. All of the asset prices negative interest rates have so massively distorted including; corporate debt, municipal bonds, REITs, CLOs, equities, commodities, luxury cars, art, all fixed income assets and their proxies, and everything in between will fall concurrently along with the global economy.

    Perhaps after this next economic collapse central banks will deploy even more creative ways to increase their hegemony and destroy wealth; such as banning physical currency and spreading electronic helicopter money around the world. In the interim, having a portfolio that hedges against extreme cycles of both inflation and deflation is essential for preserving your wealth.

    http://www.fxstreet.com/analysis/bond-bubble-has-finally-reached-its-apogee-201609200731



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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Tue Sep 20, 2016 10:51 am

    Wells Fargo CEO Grilled In Senate - Live Feed

    Just when the images of Too-Big-To-Fail Bank CEOs facing faux-angry (but impotent under lobbying fees) politicians had moved to the back of the mind, Wells Fargo CEO John Stumpf will visit Capitol Hill to explain to the Senate Banking why he is "deeply sorry" about the massive and systemic fraud his bank visited upon Americans, and why he "accepts full responsibility" but will not resign (because he really owes it to the company to stay around and fix this mess).

    Stumpf is scheduled to deliver the testimony two weeks after popular anger erupted at the bank which agreed to pay a $185 million fine after regulators found it had opened about two million deposit and credit-card accounts without customers’ consent. Wells Fargo said it fired 5,300 employees over the sales practices during a five-year period ended in March of this year. A House panel is also expected to hold a hearing later this month.
    http://www.zerohedge.com/news/2016-09-20/tbtf-bank-ceo-faces-senate-grilling-live-feed


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Tue Sep 20, 2016 10:53 am

    Is This Why Deutsche Bank Is Crashing (Again)?

    Deutsche's dead-bank-bounce is over. The last few days have seen shares of the 'most systemically dangerous bank in the world' plunge almost 20%, back to record lows as the DoJ fine demands reawoken reality that the €42 trillion-dollar-derivative-book bank is severely under-capitalized no matter how you spin asset values. However, another question looms - Is Deutsche Bank cooking its derivatives book to hide huge losses...

    Read more: http://www.zerohedge.com/news/2016-09-20/why-deutsche-bank-crashing-again


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Tue Sep 20, 2016 11:00 am

    Frontrunning: September 20
    by Tyler Durden
    Sep 20, 2016 7:46 AM

    How Police Tracked Down Bombing Suspect Suspect Ahmad Khan Rahami (WSJ)
    Dollar Falls With Treasuries Amid Fed, BOJ Countdown; Oil Rises (BBG)
    Fed again poised to cut longer-run interest rate forecast (Reuters)
    Pipeline Break Lights a Fire Under Gasoline Prices Across Southeast (WSJ)
    U.S. investigators seek motive for NY, NJ weekend attacks (Reuters)
    Carrie Tolstedt: In the Eye of the Wells Fargo Storm (WSJ)
    Skeptical of Russia, Clinton seen going toe-to-toe with Putin (Reuters)
    Star Names Struggle as Smaller Funds Make Hay (WSJ)
    Deutsche Bank Said to Securitize Loans to Offload Risk (BBG)
    Oklahoma police release video of officer shooting unarmed black man (Reuters)
    U.K. Told It Has Zero Chance of Having Brexit Cake and Eating It (BBG)
    Red Cross postpones aid convoys after Aleppo attack (Reuters)
    Taiwan tight-lipped on four new structures being built on Taiping Island in disputed South China Sea (SCMP)
    Former Fed Staffer Suspected of Abusing Computer Privileges (WSJ)
    Wealth of Clues Led to Quick Arrest of Suspected Bomber (BBG)
    Jack Ma’s Finance Business May Be Worth More Than Goldman Sachs (BBG)
    Eagles players latest to join anthem protest (Reuters)
    Funds Dump Gold at Fastest Pace Since May as Fed View Shifts (BBG)
    Small flat frenzy spills into Hong Kong’s luxury homes sector (SCMP)
    North Korea Says It Successfully Tested New Rocket Engine (WSJ)

    Overnight Media Digest

    WSJ


    - The U.S. authorities, aided by technology, tips and luck, wrapped up a tension-filled weekend with the arrest of a man suspected of setting off homemade bombs in New York and New Jersey that injured 29 people. http://on.wsj.com/2cDByBF

    - National-security concerns lurched back to the forefront of the 2016 presidential race as Democrat Hillary Clinton and Republican Donald Trump battled over policy and fitness to lead after the series of weekend bombings in the New York City area. http://on.wsj.com/2cDAT34

    - The U.S. and China are targeting the finances of Hongxiang Industrial Development Co, headed by a Communist Party member, who the Obama administration believes has played a role in aiding North Korea's nuclear programme. http://on.wsj.com/2cDBHoH

    - Tesla Motors Inc said its proposal for about $2.3 billion merger with SolarCity Corp could be delayed by shareholder lawsuits, adding to uncertainty for the cash-strapped home solar power company, which is selling assets and cutting costs until the deal can close. http://on.wsj.com/2cDBOAw

    - A South Korean bankruptcy court ordered Hanjin Shipping Co to return the ships it charters back to their owners and to sell as many of its own ships as possible, in the strongest signal yet that the debt-ridden Korean carrier will be either liquidated or turned into a much smaller company. http://on.wsj.com/2cDBSjY

    - The Obama administration said companies developing driverless cars should adopt a series of government recommendations to certify their vehicles are ready for the U.S. roads, a policy aimed at front-running possible conflicting local rules and potentially reducing traffic fatalities. http://on.wsj.com/2cDCu97

    - Samsung Electronics Co sought to distance fresh reports of phone combustions in China from its global recall Monday, saying that for at least one case, it believed the fire began outside the phone. http://on.wsj.com/2cDB922

    - FedEx Corp said its will raise shipping rates starting next year, including an average increase of 3.9 percent at its air-shipping Express division and 4.9 percent for its ground and home-delivery services. http://on.wsj.com/2cDCpSV

    - GoPro Inc unveiled two new cameras and its first drone - launches that are expected to test whether the action-camera maker can jump-start growth. http://on.wsj.com/2cDBZfs

    - Kmart is closing another 64 locations, according to a person familiar with the matter, as the struggling department store chain continues to shrink its footprint. http://on.wsj.com/2cDC82y

    FT

    EY has agreed to pay a $9 million fine after investigations by the Securities and Exchange Commission found that one of its partner involved in the audit of a New York-based public company forged an improperly close friendship with the company's chief financial officer and spent more than $100,000 on corporate entertainment for the executive.

    ARM Holdings Plc, the UK company that designs the semiconductors found in most of the world's smartphones, has introduced a chip engineered for new markets including self-driving cars and surgical robots.

    Drugmaker Shire Plc sold $12.1 billion of debt on Monday to help finance its acquisition of Baxalta. The deal represents the first bond offering from the Anglo-Irish company, according to Dealogic.

    European Union antitrust regulators on Monday opened a probe into tax deals granted by Luxembourg to French electric utility company Engie, as it expands its state-aid clampdown on "sweetheart" tax deals

    NYT

    - European Union regulators stand accused of unfairly targeting American companies in a series of inquiries. So with the region's antitrust chief Margrethe Vestager visiting the United States this week, the bloc's officials said on Monday that they were investigating whether French company Engie SA signed a sweetheart tax deal with Luxembourg. http://nyti.ms/2cljtu8

    - Wells Fargo & Co Chief Executive John Stumpf will say in testimony Tuesday morning that he is "deeply sorry" for selling customers unauthorized bank accounts and credit cards and that he takes "full responsibility" for the unethical activity, according to a copy of the remarks prepared for a Senate Banking Committee hearing. http://nyti.ms/2cljUEQ

    - Unlike many business leaders, LinkedIn co-founder Reid Hoffman has taken to publicly decrying Republican presidential nominee Donald Trump. Last week, Hoffman pledged to donate $5 million to a veterans' group if Trump released his tax returns before the last presidential debate in October. And now he has gone so far as to release a card game, "Trumped Up Cards: The World's Biggest Deck" that pokes fun at Trump. http://nyti.ms/2clkjXW

    - In a study published on Monday in the journal Scientific Reports, a group of researchers suggest that high-frequency traders who were more sensitive to their own bodies routinely made more profitable trades, and had longer careers in a notoriously unforgiving profession. http://nyti.ms/2clmVVE

    - For what is believed to be the first time, U.S. Wireless Emergency Alerts system was deployed early on Monday as an electronic wanted poster, identifying a 28-year-old man sought in connection with the bombings in Manhattan and New Jersey over the weekend. http://nyti.ms/2cllYg4

    Britain

    The Times


    Mitie Group ended months of speculation that it was struggling yesterday as the cleaner, security guard, catering staff and homecare group warned the City that profits would be well below expectations, prompting its shares to lose almost a third of their value. http://bit.ly/2cDhEH4

    A survey of 2,044 adults by the National Housing Federation showed that there is a real concern among baby-boomers about the economic divide between generations, most clearly seen in the housing market. http://bit.ly/2cDgA69

    The Guardian

    Central banks have boosted their gold stocks by almost 10 percent since the financial crash, reflecting its renewed attractiveness as a safe haven in an environment of uncertainty and low or negative interest rates. http://bit.ly/2cDjSGa

    Indonesia plans to pursue Google's parent company Alphabet for five years of back taxes, meaning the search firm could face a bill of more than $400 million for 2015 alone if it is found to have avoided payments, a senior government tax official has said. http://bit.ly/2cDhpeT

    The Telegraph

    The City of London will be able to cope with the loss of banks' passporting rights if Britain leaves the EU's single market, according to an influential credit rating agency, assuaging fears that the UK's financial services sector will be crippled by Brexit. http://bit.ly/2cDifso

    The accountancy firm Ernst & Young has agreed to pay $9.3 million to settle charges that two of its auditors formed "inappropriately close" relationships with staff at the companies whose books they were checking. http://bit.ly/2cDiT96

    Sky News

    Microsoft is closing the London headquarters of Skype as part of a review which will put 220 jobs at risk. http://bit.ly/2cDiNOJ

    British-based financial institutions will lose passporting rights in the European Union unless Britain remains at least part of the European Economic Area, according to Germany's top banker. http://bit.ly/2cDimE1

    The Independent

    One year after the "Dieselgate" scandal engulfed Volkswagen , shocking new figures show that many of Europe's other large car manufacturers are even worse polluters. http://ind.pn/2cDhj78

    Opening the water market in Britain could be worth billions, boost innovation and cut bills, UK water regulator has said. http://ind.pn/2cDhpMh

    Links at http://www.zerohedge.com/news/2016-09-20/frontrunning-september-20


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Tue Sep 20, 2016 11:06 am

    Italy's PM Unloads On Deutsche Bank's Unfixable Problem: "Hundreds And Hundreds Of Billions Of Derivatives"
    While Italy's prime minister Matteo Renzi may be wrong about almost everything else, he is right about the elephant in the room: Deutsche Bank's "hundreds and hundreds and hundreds of billions of euros of derivatives." €42 trillion to be precise.

    As SocGen's Andrew Lim calculated, Germany’s biggest bank would be “significantly undercapitalized” even if an eventual settlement with the DoJ can be covered by the bank’s reserves. Any settlement above €5.4 billion would imply a capital increase is needed just to pay the fine, he wrote.

    Taking prompt remedial action, news leaked over the afternoon that Deutsche Bank was hoping to bolster its balance sheet and boost its capitalization, when The Street first reported that it was trying to securitize at least some $5.5 billions of corporate loans to offload risk. The problem for Deutsche Bank, already ranked among the worst-capitalized lenders in European stress tests before the DOJ's $14 billion demand, is that by admitting it is in balance sheet "recovery" mode it would make shareholders even more nervous: what if the bank failed to securitize those loans? Or what happens if yet another legal settlement arrives? Or, worst of all, what if Mario Draghi cuts rates again and pressures the bank's inceome statement even more? There is little the bank can cut as is: CEO John Cryan already suspended the bank's dividend to preserve capital and has repeatedly ruled out tapping investors for more; but if he has to, he surely will.

    But not even that is the biggest problem facing Deutsche Bank.

    Recall that several years ago, we were the first to point out the true "elephant in the room", namely Deutsche Bank's $75 trillion at the time in gross notional derivatives which as we said then was about 20 times bigger than Germany's GDP, and 5 times bigger than the entire economic output of the Eurozone." Much to the chagrin of those who did (and still do) accuse of being conspiratorial something or another, since then Deutsche Bank stocks has plunged, reaching all time lows as recently as a few months ago.

    Still, Deutsche Bank's "derivative problem" was largely ignored by the "experts" because why bring attention to something which is fundamentally a devastating break in the narrative that "Europe is fine" and the financial crisis is contained.

    Fast forward to today when Europe is once again not fine, only this time one can't blame Europe's problems on Greece or Brexit, when in a surprising admission of reality, none other than Italy's prime minister Matteo Renzi, "went there" and slammed Deutsche Bank as the true "derivative problem" facing Europe.

    To be sure, Renzi has his own problems, chief among which is how to conclude the latest and greatest bail out of Italy's third largest and most insolvent bank, Monte Paschi, a process which we hear is not going well at all, without resorting to a government-funded rescue - a plan which the Germans have repeatedly frowned upon.

    So it is not surprising that when faced with stiff resistance from the Germans, Renzi decided to call a spade a spade when, as Reuters reports, he said that the difficulties facing Italian banks over their bad loans are miniscule by comparison with the problems some European banks face over their derivatives.

    As Reuters reports, Renzi once again broke with the fine European tradition of ignoring the massively overlevered elephant in the roon, and said on Monday that Germany's central bank chief Jens Weidmann should concentrate on fixing the problems of his own country's banks, after Weidmann had urged Italy to cut its huge public debt.

    Specifically, Renzi told reporters in New York that Weidmann needed to solve the problem of German banks which had "hundreds and hundreds and hundreds of billions of euros of derivatives" on their books.

    He was, of course, referring to Deutsche Bank.

    Renzi, who has staked his career on a referendum on constitutional reform this autumn, has repeatedly criticized other European leaders in the last few days over what he sees as an inadequate European Union response to the problems of his country's economy and Europe's immigration crisis, which in 2016 has slammed Italy most acutely, largely bypassing Germany for the time being. In this particular case, Renzi was responding to an interview Jens Weidmann gave to daily La Stampa on Monday, in which the German said Italy needed to consolidate its budget to avoid doubts emerging about the sustainability of its public debt.

    Renzi's angry response was predictable: stop worrying about Italy's debt problem, after all that's what the ECB is for, to monetize it and keep rates artificially low indefinitely. Instead worry about your own mega bank, which judging by its stock price, is something the market has been doing for quite a few months now.

    And while Renzi may be wrong about almost everything else, he is right about Deutsche Bank's "hundreds and hundreds and hundreds of billions of euros of derivatives."

    http://www.zerohedge.com/news/2016-09-19/italys-pm-unloads-deutsche-banks-unfixable-problem-hundreds-and-hundreds-billions-de


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Tue Sep 20, 2016 11:23 am

    Bond Bubble has Finally Reached its Apogee
    Michael Pento - Pento Portfolio Strategies

    Boston Fed President Eric Rosengren recently rattled markets when he warned that low-interest rates were increasing the temperature of the U.S. economy, which now runs the risk of overheating. That sunny opinion was echoed by several other Federal Reserve officials who are trying to portray an economy that is on a solid footing. And thus, prepare investors and consumers for an imminent rise in rates. But perhaps someone should check the temperatures of those at the Federal Reserve, the idea that this tepid economy is starting to sizzle could not be further from the truth.

    In fact, recent data demonstrates that U.S. economic growth for the past three quarters has trickled in at a rate of just 0.9%, 0.8%, and 1.1% respectively. In addition, tax revenue is down year on year, S&P 500 earnings fell 6 quarters in a row and productivity has dropped for the last 3 quarters. And even though growth for the second half of 2016 is anticipated with the typical foolish optimism, recent data displays an economy that isn't doing anything other than stumbling towards recession.

    The Institute for Supply Management Purchasing Manager's index for the manufacturing sector during August fell into contraction at 49.4, while the service sector fell to 51.4 compared to 55.5 in July, which was the lowest reading since February 2010 and the biggest monthly drop in eight years. And the recent jobs report was also full of disappointment too, with just 151,000 jobs created in August and a decline in the average work week and aggregate hours worked.

    But our Federal Reserve is not the only central bank making statements troubling to stock and bond prices. The President of the European Central Bank (ECB), Mario Draghi, threw all the major averages into a tailspin at a recent press conference by failing to indulge markets with a grander scheme to destroy the euro. When asked if the ECB had talked about extending Quantitative Easing (QE) at its meeting, Draghi had the gall to make the egregiously hawkish announcement that they "did not discuss" anything in that regard. This mere absence of a discussion regarding extending or expanding QE caused the Dow to shed nearly 400 points on Friday and spiked the U.S. Ten-year from 1.52% to 1.68%. Indeed, stock and bond prices plunged across the globe.

    It appears that nothing is ever enough to satisfy global stock and bond markets that are completely addicted to central bank stimulus. Mr. Draghi has managed to drive rates so low that they are now in effect paying European companies to borrow--yet markets want even more.

    That's correct, it's no longer just sovereign debt that offers a negative yield. According to Bloomberg, French drug maker Sanofi just became the first nonfinancial private firm to issue debt at yields less than zero. Also, shorter-term notes of some junk-rated companies, including Peugeot and Heidelberg Cement, are yielding about zero percent.

    Christopher Whittall of The Wall Street Journal reports that as of September 5th, €706 billion worth of investment-grade European corporate debt was trading at negative yields. This figure represents over 30% of the entire market, according to the trading platform Tradeweb. You can attribute this to the fact that global central bank balance sheets have increased to $21 trillion from $6 trillion in 2007, as central banks continue to flood the markets with $200 billion worth of QE every month.

    The bond bubble has now reached epic proportions and its membrane has been stretched so thin that it has finally started to burst. As mentioned, not only did U.S. yields spike on the Draghi disappointment but the Japanese Ten-year leaped close to positive territory from the all-time low of -0.3% in late July. And the German Ten-year actually bounced back into positive territory for the first time since July 22nd.

    What did Mario Draghi say that was so unsettling to the Global bond market and caused speculators that have been front-running the central bank's bid for the last eight years to panic? He didn't avow to sell assets; he didn't even promise to reduce the 80 billion euros worth of bond buying each month. All he did was fail to offer a guarantee that the pace of the current bond buying scheme would be increased or extended beyond March 2017. That alone was enough to cause yields around the globe to spike and stock markets to plunge.

    This is merely the prelude of what is to come once the ECB and Bank of Japan reverse their monetary stimuli; or when the Fed actually begins its rate normalization campaign. Just for the record, the Fed's first hike in ten years, which occurred last December, does not count as a tightening cycle.

    The bond bubble has grown so immense that if, or when, central banks ever begin to reverse monetary policy it will cause yields to spike across the globe. But as recent trading volatility has proved, it won't just be bond prices that collapse; it will be every asset that is priced off that so called "risk free rate of return" offered by sovereign debt. The painful lesson will then be learned that negative yielding sovereign debt wasn't at all risk free. All of the asset prices negative interest rates have so massively distorted including; corporate debt, municipal bonds, REITs, CLOs, equities, commodities, luxury cars, art, all fixed income assets and their proxies, and everything in between will fall concurrently along with the global economy.

    Perhaps after this next economic collapse central banks will deploy even more creative ways to increase their hegemony and destroy wealth; such as banning physical currency and spreading electronic helicopter money around the world. In the interim, having a portfolio that hedges against extreme cycles of both inflation and deflation is essential for preserving your wealth.

    http://www.fxstreet.com/analysis/bond-bubble-has-finally-reached-its-apogee-201609200731


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Thu Sep 22, 2016 8:45 am

    UN fears third leg of the global financial crisis - with prospect of epic debt defaults

    The third leg of the world's intractable depression is yet to come. 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.

    "Alarm bells have been ringing over the explosion of corporate debt levels in emerging economies, which now exceed $25 trillion. Damaging deflationary spirals cannot be ruled out," said the annual report of the UN Conference on Trade and Development (UNCTAD).

    We know already that the poisonous side-effect of zero rates and quantitative easing in the US, Europe, and Japan was to flood developing nations with cheap credit, upsetting their internal chemistry and drawing them into a snare. What is less understood is just how destructive this has been.

    Much of the money was wasted, skewed towards "highly cyclical and rent-based sectors of limited strategic importance for catching up," it said.

    Worse yet, these countries have imported the deformities of western finance before they are ready to cope with the consequences. This has undermined what UNCTAD calls the "profit-investment nexus" that ultimately drives growth and prosperity.

    Is the world about to get another financial kicking?
    The extraordinary result is that some countries are slipping backwards, victims of "premature deindustrialisation". Many of them have fallen further behind the rich world than they were in 1980 despite opening up their economies and following the global policy script diligently.

    The middle income trap closed in on Latin America and the non-oil states of the Middle East a long time ago, but now it is beginning to close in such countries as Malaysia and Thailand, and in some respects China. "The benefits of a rushed integration into international financial markets post-2008 are fast evaporating," it said.

    Read more: http://www.telegraph.co.uk/business/2016/09/21/un-fears-third-leg-of-the-global-financial-crisis-with-epic-debt/


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Sat Sep 24, 2016 1:55 pm

    CHINA EXCHANGE RATE REFORM WILL COINCIDE WITH PHASE TWO OF CIPS
    SWIFT and CIPS Sign Memorandum of Understanding

    By JC Collins
    http://philosophyofmetrics.com/china-exchange-rate-reform-will-coincide-with-phase-two-of-cips/

    Last October the China International Payment System (CIPS) went live. The initial phase of the CIPS platform included the direct participation of 19 banks, of which 9 were foreign institutions, and another 176 banks which were indirectly participating in this alternative to USD dominated SWIFT.

    After the launch of CIPS a large volume of renminbi liquidity was released to off-shore markets. As a point of interest, if short-selling occurs, RMB funds could be limited to the off-shore market through the same CIPS platform. This is Important to understand as the Federal Reserve moves further along the path of monetary policy normalization.

    A few years back we reviewed how CIPS would use the same base coding as SWIFT so that both systems could align further down the road. This past March the number of participating banks was quietly increased to 253 and a memorandum of understanding was signed between CIPS and SWIFT. The agreement set forth was that CIPS would directly connect with SWIFT in order access the full global user group which is available through SWIFT.

    Once this agreement and connection is being fully realized the number of direct participants will increase well past the existing 253. This will push CIPS into becoming a mainstream and truly international platform for clearing and settling cross-border RMB payments.

    Phase Two of CIPS will begin in the near future and will be more focused on the on-shore renminbi market, as well as plans to enhance international monetary and financial cooperation and coordination, which is the base framework for the multilateral system.

    This broader use of CIPS and further monetary policy reform will also be coordinated with additional capital account liberalization and renminbi internationalization. Increased capital in-flows and connectivity to the on-shore RMB market will be facilitated by this deeper connectivity between CIPS and SWIFT and will establish the Phase Two mandate.

    All of this will allow for broader and more meaningful exchange rate reform, which is gobbledygook for ending the US dollar peg which China has maintained in various alterations. This is descriptive of the process which I have previously mentioned regarding the incremental widening of the trading band as RMB liquidity increases internationally and as the Federal Reserve increases interest rates incrementally.

    Such a process could see a potential mixed settlement with CIPS between USD and RMB, as both are used to rebalance the international monetary system. All of which will solidify CIPS has a reliable platform and allow for foreign participants and financial markets to directly interact with the Chinese on-shore market.

    The complicated nature of this whole monetary transformation is best digested in small bites. All of the above has to happen in alignment with the monetary reforms taking place across a host of nations and economies. As stated above, the interest rate increases by the Federal Reserve will have to happen step-by-step with the internationalization of the renminbi.

    The trading band between the USD and RMB can only be ended by incremental movements which are aligned with this internationalization. This widening of the trading band will work alongside alternative pegging mechanisms which China has established outside of the USD framework. Such a system exists in the form of a basket of currencies within the Bank for International Settlements.

    This should be considered a safeguard against volatility caused by Fed rate increases and can be used within the CIPS settlement platform with non-USD payments from other nations.

    The less influenced the Chinese on-shore and off-shore markets become to USD fluctuations the more flexible China will become on exchange rate reforms. As the exchange rate between the two becomes more and more irrelevant, the US monetary authorities will be able to increase rates further, allowing for the USD to depreciate through organic exchange rate reforms of its own. – JC



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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Sat Sep 24, 2016 1:59 pm

    What’s driving the mysterious gains in Chinese banking shares?
    Enthusiasm for Chinese financials points to intervention by state authorities


    Just look at the difference between monetary outlooks on the Federal Reserve versus the People’s Bank of China. The Fed watcher’s report will heavily rely on Taylor rules and regression models. It cannot forecast surprises, because the Fed telegraphs its intentions with the same level of earnest detail that a random American, seated next to you on a plane, might provide about his political views, or marriage, or the items in his breakfast sandwich.

    Why would Beijing be boosting the H-share banks? Gavekal strategist Chen Long imagines two motivations...

    In China, however, surprises occur all the time. Two weeks ago, for instance, there was an unexpected liquidity squeeze in the interbank market, forcing market watchers into Freudian analysis mode. The PBOC is clearly mad about something – but what? It’s like trying to figure out why an uncommunicative spouse has gone frosty. The trick is to review all recent sins, and through a process of deduction identify the likely target of the PBOC’s ire.

    Could it be loose lending in the mortgage market? A surge of wealth management product (WMP) sales in the shadow banking market? Or is the PBOC taking revenge on those who may be gaming the bond market, piling into risky high-yield debt on the assumption that governments will bail out, rather than allow defaults ahead of upcoming National People’s Congress?

    One can only speculate. In writing about the squeeze, BOC International used the word “rumour” five times in its report. For example in this sentence: “The unclear signal from the central bank without communication to the market caused rumours and then significant increase in interest rates in the market.”

    Rates calmed when vice governor Yi Gang reassured the markets that liquidity would remain ample. But really, can Yi be trusted?
    Strategists at both Bank of America Merrill Lynch and Credit Suisse expect further tightening ahead. Merrill’s chief concern is the bubbly sales in WMPs, or financial vehicles structured and managed by banks, that usually promise to deliver superior returns to bank deposits. A crackdown in this sector will likely have a broader tightening effect, in Merrill’s view. WMPs are the biggest funding sources in the shadow-banking world, and as such, “any significant slow-down in [their] sales may have important implications on asset prices across the board, especially bonds and stocks, and possibly properties.”

    Credit Suisse also expects Beijing will continue to tighten monetary conditions, but try to offset the pressure by allowing for further currency devaluation. This is a hard call to make elsewhere in the world, because tighter monetary policy usually boosts a currency. But this is China, where analysts must consider the impact of the heavy-hand of the state on asset prices.

    Which brings us to another market mystery – the run-up of the price of Chinese banks listed in Hong Kong.

    Read more: http://www.scmp.com/business/article/2014876/whats-driving-mysterious-gains-chinese-banking-shares


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Sat Sep 24, 2016 3:36 pm

    Breaking, PoliticsIreland Begins Arresting Top Bankers Responsible For 2008 Crash
    Breaking, PoliticsIreland Begins Arresting Top Bankers Responsible For 2008 Crash

    Ireland are following in Iceland’s footsteps by jailing its top bankers responsible for the 2008 financial crash. Following from last year’s mass incarceration of 26 bankers in Iceland, Ireland is going to prosecute the 2005-2008 CEO of Anglo Irish Bank, David Drumm, on 33 criminal charges.

    Anonhq.com reports:

    These include two charges of conspiracy to defraud and false accounting relating to €7.2 billion in deposits placed in Anglo Irish Bank accounts by the then Irish Life and Permanent, between March and September 2008.

    16 of the 33 charges relate to unlawfully authorizing billions in loans (to be invested back into Anglo Irish Bank) to 16 wealthy investors, in a bid to artificially prop up Anglo Irish Bank’s share price before its December 2008 collapse. Each of the 33 offenses carries a 5 or 10 year jail term, except for a single count of conspiracy to defraud, which has a maximum penalty of an “unlimited term of imprisonment” under Irish law.

    According to Cape Cod Times, Anglo Irish Bank was nationalized in January 2009, but the financial crisis before and after the nationalization destroyed Ireland’s economy, with taxpayers forced to shoulder costs of $32 billion to cover bad debt and repay investors. The collapse of its economy forced Ireland to take EU and IMF bailout packages worth up to £77 billion in November 2010.

    Hide-And-Seek With A Swindler

    Drumm stepped down from Anglo Irish Bank in December 2008, leaving Ireland for Boston in June 2009 after the Bank’s collapse. The collapse was said to cost Irish citizens around €30 billion, close to one-fifth of Ireland’s annual output. In 2010, he filed for bankruptcy under U.S. law; however, a Boston court dismissed his application in early 2015, saying he had lied and acted in a fraudulent manner in his bid to be declared bankrupt in the United States. Finding Drumm “not remotely credible,” the court ruled that he could be held liable for debts of €10.5 million in Ireland.

    Subsequently, Ireland sent an extradition file to the U.S. government, outlining charges to be prepared against Drumm on 33 different offenses. Consequently, Drumm was arrested by U.S. Marshals in October 2015, spending much of the next five months in a maximum security prison south of Boston. Though he began a series of court requests to fight extradition and be allowed bail, he changed his mind after two failed attempts to secure bail and came back to Ireland in March 2016 to contest the charges.

    A day after his extradition, back to Dublin from the U.S., Drumm walked free from the prison after securing bail in Ireland when his parents-in-law agreed to a €100,000 independent surety from their joint bank account to satisfy the bail conditions. The father of two daughters also provided his own cash surety of €50,000.

    http://embols.com/2016/09/24/ireland-begins-arresting-top-bankers-responsible-for-2008-crash
    /


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Sat Sep 24, 2016 5:58 pm

    Yuan Likely Stable to Prepare for a Smooth SDR Entry
    https://webcache.googleusercontent.com/search?q=cache:4RUHJ2KdiTAJ:https://www.dailyfx.com/forex/fundamental/article/special_report/2016/09/23/Yuan-Likely-Stable-to-Prepare-for-a-Smooth-SDR-EntrytofRM.html+&cd=1&hl=en&ct=clnk&gl=us

    Yuan inclusion in IMF currency basket October 1st is an "important milestone", says fund
    http://www.publicfinanceinternational.org/news/2016/09/important-milestone-yuan-included-imf-currency-basket?

    China to launch yuan's direct trading with Saudi riyal, UAE dirham
    http://news.xinhuanet.com/english/2016-09/23/c_135709142.htm


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Tue Sep 27, 2016 8:38 pm


    https://www.youtube.com/watch?v=Iu2ZQyk65-E
    Greg Hunter-Weekly News Wrap-Up 9. 23.16


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Thu Sep 29, 2016 9:44 am

    Frontrunning: September 29
    by Tyler Durden
    Sep 29, 2016 7:41 AM

    Stocks Jump as OPEC Splits Markets; Indian Assets Drop on Attack (BBG)
    In U-Turn, Saudis Choose Higher Prices Over Free Oil Markets (BBG)
    Congress Passes Spending Bill to Keep Government Running (WSJ)
    Wells Fargo chief Stumpf heads to Hill with pressure mounting (Reuters)
    Lawmakers Won’t Let Wells Fargo Forget Its Scandal Anytime Soon (BBG)
    In escalation, India says launches strikes on militants in Pakistan (Reuters)
    U.S. weighs tougher response to Russia over Syria crisis (Reuters)
    Trump Tries to Reclaim His Pre-Debate Swagger (BBG)
    Clinton enlists former foe Sanders in appeal for youth votes in U.S. presidential race (Reuters)
    Och-Ziff to Pay $400 Million to Settle U.S. Foreign Bribery Probe (WSJ)
    Obama Says Backing Third-Party Candidate Is ‘a Vote for Trump’ (BBG)
    Russia says U.S. Syria statement shows Washington supports terrorism (Reuters)
    Russia Says It Would Support 48-Hour Cease-Fire in Aleppo to Allow in Aid (WSJ)
    Hot Mess: How Goldman Sachs Lost $1.2 Billion of Libya’s Money (BBG)
    Hillary Clinton’s Key Aide Huma Abedin Is a Lightning Rod for Attacks (WSJ)
    China armed forces warn Japan against South China sea patrols (Reuters)
    How the IRS Helps the Rich Get Richer (BBG)
    As Chicago Staunches Fiscal Bleed, Schools Are Awash in Red Ink (BBG)

    Overnight Media Digest

    WSJ


    - National Amusements Inc is set to urge the boards of the companies it controls - CBS Corp and Viacom Inc - to explore a merger. http://on.wsj.com/2dsYdnK

    - Takata Corp is negotiating with the U.S. Justice Department to resolve allegations of wrongdoing over its faulty air bags. http://on.wsj.com/2dsYUx8

    - Anheuser Busch InBev won approval for the $100 billion plus takeover of rival SABMiller Plc, after shareholders from both companies voted in favour of the merger. http://on.wsj.com/2dsZuee

    - Blackberry Ltd said on Wednesday it would stop making its smartphone devices and would outsource the development of the devices to focus on its software business. http://on.wsj.com/2dsZzia

    - Samsung Electronics Co Ltd said it was in discussions with the U.S. Consumer Product Safety Commission to address potential safety issues of some of its top-load washing machines manufactured between March 2011 and April 2016. http://on.wsj.com/2dt0qQ5

    - Och-Ziff Capital Management Group LLC will pay more than $400 million to settle charges that it paid bribes to African government officials, while its unit will plead guilty to criminal charges. http://on.wsj.com/2dsZtqU

    FT

    Oil prices settled up nearly 6 percent on Wednesday after OPEC struck a deal to limit crude output at its policy meeting in November, its first agreement to cut production since 2008 and after the market crashed on oversupply.

    European Central Bank President Mario Draghi rejected German criticism that sub-zero interest rates were impoverishing savers and straining top lender Deutsche Bank AG, saying its monetary policy was a necessity to get the euro zone back on the path to growth and revive inflation.

    French financial regulators offered on Wednesday to speed up the process of registering financial firms leaving London for France by handling their files in English.

    Luxury carmaker Jaguar Land Rover's strategy director said in a speech ahead of the Paris Motor Show that any new tariffs introduced after Britain leaves the European Union will make its business uncompetitive and put jobs at risk.

    NYT

    - Ronald Stanton, a refugee from Nazi Germany who made a fortune in petrochemicals and then gave or pledged more than $300 million to various charities, most of them in New York, died at his home in Manhattan. He was 88. http://nyti.ms/2dF4lYV

    - House lawmakers questioned Janet Yellen, the Federal Reserve chairwoman, on Wednesday about the handling of the Wells Fargo accounts scandal, with some calling for tougher punishment of the biggest banks and their senior managers when they violate the law. http://nyti.ms/2dgd5SK

    - Maurice Greenberg, the former chief executive of American International Group Inc, clashed with a New York State prosecutor on Wednesday over the extent of his role in a transaction at the center of his civil accounting fraud trial. http://nyti.ms/2dsY2Zu

    - OPEC's 14 oil-producing nations agreed to modestly cut their collective oil output later this year in an effort to bolster sagging prices, according to a cartel official. http://nyti.ms/2dgdIvM

    Britain

    The Times


    BlackBerry Ltd said that it would no longer develop its own hardware, outsourcing the work to Indonesia. The announcement marked the end for a device that sparked a revolution in mobile working. (http://bit.ly/2dsDbRl)

    Deutsche Post DHL unwrapped a £242.7 million ($316.38 million) deal for UK Mail yesterday and thereby greatly expanded the German company's British network. (http://bit.ly/2dsDDiH)

    The Guardian

    Tidjane Thiam, chief executive of Credit Suisse, said the banking sector is "not really investable" and warned about the problems plaguing the sector as the focus remained on Deutsche Bank's battle to reduce a $14billion penalty from U.S. authorities. (http://bit.ly/2d81clL)

    Apple Inc is planning to move its UK headquarters to Battersea power station in a major boost for the £8bn regeneration of the Grade II-listed building. (http://bit.ly/2d82g8V)

    The Telegraph

    Bidders for National Grid's £11 billion ($14.34 billion)regional gas networks business may be preparing to overpay based on mistaken assumptions about the returns that will be on offer in future years, energy regulator Ofgem has warned. (http://bit.ly/2d83W2a)

    The London Stock Exchange is exploring plans to sell the French wing of its clearing house in order to soothe the concerns of Europe's competition watchdog, which has launched an investigation into its planned merger with Deutsche Boerse . (http://bit.ly/2d830eq)

    Sky News

    The Treasury is lining up bankers to steer it through the latest crisis to engulf Royal Bank of Scotland's efforts to offload a network of 300 branches. (http://bit.ly/2d83yRi)

    The Independent Minouche Shafik, a deputy governor of the Bank of England, has said she thinks it likely the central bank will cut interest rates still further to help the UK economy cope with the impact of the Brexit vote. (http://ind.pn/2d85UzB)

    Just a month after the final store closed, Al Mana Group, which bought the international and online operation, said it had retained UK staff and suppliers to begin sales via a new web platform. (http://bit.ly/2d86U6U)


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Thu Sep 29, 2016 9:55 am


    https://www.youtube.com/watch?v=hprKtMBvG6c

    Deutsche Bank Insider, financial collapse starts tomorrow Sept 30th                                            

    Focus: Finanzexperte warnt vor Kollaps: Deutsche Bank ist "in echten Schwierigkeiten"

    Wolfgang Gerke, Präsident des Bayerischen Finanz Zentrums, sieht die Deutsche Bank in einer ernsten Schieflage. „Hier geht es absolut nicht um Peanuts. Wir erleben echte Schockwellen. Die Bank steckt in echten Schwierigkeiten", sagte Gerke der Donnerstagsausgabe der „Passauer Neuen Presse".

    Das ist so gut wie ein Todesurteil. Es ist noch eine Insider-Info reingekommen (vermutlich aus der DB selbst), wonach der Finanzkollaps am 30.9 ablaufen soll. Bei einem Briefing wurde mir gesagt, dass 3 Stunden dafür genügen.WE.

    [17:15] Leserzuschrift-DE: DB-Panik:

    Deutsche Bank Filialen müssen an den Vorstand berichten, wieviel Geld abgezogen wird...und da kommt wohl schon einiges zusammen...die Angestellten werden immer nervöser, ahnen dass es nicht gut ausgehen wird!!

    Der Bank Run hat dort also schon begonnen.

    ~~~~~~~

    Financial expert warns of collapse: German bank is "in real trouble"

    Wolfgang Gerke, President of the Bavarian Finance Centre, the German bank sees in a serious imbalance. "This is absolutely not about Peanuts. We experience real shockwaves. The Bank is in real trouble, "Gerke said the Thursday edition of the" Passauer Neue Presse ".

    This is as good as a death sentence. It is still a insider info arrivals (presumably from the DB itself), after the financial collapse is to run at 30.9. In a briefing was told that three hours genügen.WE it.
    ...

    [17:15] reader's letter-DE: DB panic:

    German bank branches have to report to the board, how much money is withdrawn ... and there probably is quite a lot together ... the staff are more nervous, knowing that it will not end well !!

    The bank run has therefore already begun there.

    ~~~~~~~~~~

    Deutsche Bank Collapse: The Most Important Bank In Europe Is Facing A Major ‘Liquidity Event’
    One of the reasons why Deutsche Bank is considered to be so systemically “dangerous” is because it has 42 trillion euros worth of exposure to derivatives. That is an amount of money that is 14 times larger than the GDP of the entire nation of Germany.

    Some firms that were derivatives clients of the bank have already gotten spooked and have moved their business to other institutions. It was this report from Bloomberg that really helped drive down the stock price of Deutsche Bank earlier this week…

    http://theeconomiccollapseblog.com/archives/deutsche-bank-collapse-the-most-important-bank-in-europe-is-facing-a-major-liquidity-event


    Last edited by Carol on Sat Oct 01, 2016 11:55 am; edited 1 time in total


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Thu Sep 29, 2016 10:11 am

    October 1 is when the IMF is opening up the SDR to also include The Chinese Yuan.
    Special Drawing Right SDR


    The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves. As of March 2016, 204.1 billion SDRs (equivalent to about $285 billion) had been created and allocated to members. SDRs can be exchanged for freely usable currencies. The value of the SDR is currently based on a basket of four major currencies: the U.S. dollar, euro, the Japanese yen, and pound sterling. The basket will be expanded to include the Chinese renminbi (RMB) as the fifth currency, effective October 1, 2016.

    http://www.imf.org/en/About/Factsheets/Sheets/2016/08/01/14/51/Special-Drawing-Right-SDR

    IMF Will Identify Yuan in FX Reserve Database From October
    The International Monetary Fund said it will start identifying the yuan in its official foreign-exchange reserves database starting in October, advancing China’s push for a bigger international role of its currency, which is also known as the renminbi.

    The listing will enable IMF members “to record as official reserves their holdings of renminbi-denominated external assets that are readily available for meeting balance of payments financing needs,” the Washington-based lender said Friday in a statement.

    The change will be reflected in the IMF’s fourth-quarter survey on the currency composition of official foreign-exchange reserves, known as Cofer, that covers a total of 96 countries. That survey will be published at the end of March, 2017.

    China is seeking a more prominent role in the global economy and showcased its stature when it hosted a meeting of the Group of 20 last month. However, the start of the year has also been marred by steep stock-market losses spurred in part by concerns over slowing Chinese growth.

    China reported data on its official reserves to the IMF for the first time in September in an effort to speed up the inclusion of the yuan in its basket of reserve currencies -- a move that was approved by the IMF executive board in December. The yuan will be included in the Special Drawing Rights basket of reserve currencies starting in October, alongside the dollar, the euro, the Japanese yen, and the British pound.
    http://www.bloomberg.com/news/articles/2016-03-04/imf-will-identify-yuan-in-fx-reserve-database-from-october

    China Dumping More Than Treasuries as U.S. Stocks Join Fire Sale
    For the past year, Chinese selling of Treasuries has vexed investors and served as a gauge of the health of the world’s second-largest economy.
    The People’s Bank of China, owner of the world’s biggest foreign-exchange reserves, burnt through 20 percent of its war chest since 2014, dumping about $250 billion of U.S. government debt and using the funds to support the yuan and stem capital outflows.
    While China’s sales of Treasuries have slowed, its holdings of U.S. equities are now showing steep declines.

    The nation’s stash of American stocks sank about $126 billion, or 38 percent, from the end of July through March, to $201 billion, Treasury Department data show. That far outpaces selling by investors globally in that span -- total foreign ownership fell just 9 percent. Meanwhile, China’s U.S. government-bond stockpile was relatively stable, dropping roughly $26 billion, or just 2 percent

    Read more: http://www.bloomberg.com/news/articles/2016-06-15/china-dumping-more-than-treasuries-as-u-s-stocks-join-fire-sale


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Fri Sep 30, 2016 8:00 am


    https://www.youtube.com/watch?v=CqVNI9iVfig
    Greg Hunter-Weekly News Wrap-Up 9.30.16


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Fri Sep 30, 2016 11:15 am

    Yuan/Renminbi joins the special drawing rights basket of currency. The end of the fiat dollar. Welcome to our new gold/asset-backed currency!
    http://www.scmp.com/business/companies/article/2024075/chinas-renminbi-joins-sdr-basic-guide China’s renminbi joins the SDR – a basic guide (South China Morning Post)


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Fri Sep 30, 2016 11:31 am

    Deutsche Bank COLLAPSES Tomorrow Friday 9-30-2016 Expected to wipe out banking system worldwide

    German Bank insiders are confirming to SuperStation95 that Germany’s largest, Bank

    Deutsche Bank” will “collapse” tomorrow, Friday, September 30, 2016.  The German government has no plans to bail out the bank and its demise could wipe out Banks in the US and other countries worldwide!
     
    According to the insider:
     
    System downfall tomorrow. A collapse of this bank is unavoidable now, and it wipes out everything immediately. 

     
    Wolfgang Gerke, President of the Bavarian Finance Centre, the German bank sees in a serious imbalance.
     
    “This is absolutely not about Peanuts. We experience real shockwaves. The Bank is in real trouble, “Gerke said the Thursday edition of the” Passauer Neue Presse “.
     
    This is as good as a death sentence. It is insider info (presumably from the DB itself), after the financial collapse is to take place on 30 September.
     
    MORE:  A “run” is taking place against Deutsche Bank in Germany as citizens rush to take out money . . .  but they are being systematically delayed. 

    At least one Depositor ordered 2,000 Euros transferred out yesterday via wire transfer.  At close of business, Deutsche Bank had still NOT sent the money.  When challenged, the bank claimed they needed to verify all the information.  The Depositor now says he feels they no longer have liquidity and cannot pay depositors.

    UPDATE 12:58 PM EDT --
     
    Germans are being quietly told that ALL BANKS in Germany will close on October 1.  ALL ATMS, Credit and Debit Cards are likely to be “unavailable” for unknown duration!!!
     
    European Central Bank Chairman  Draghi refused to talk about Deutsche Bank today, saying It is not his fault the bank appears to be in trouble.
     
    German Insider:
     
    There is panic in DB now. A lot of People withdraw money, close accounts. One guy says he transferred 25’000 Euro and the bank called him back if the amount and transaction are correct and true! Still has not sent the money!

     
    This is a developing story.  Please check back.
     
    Stock markets worldwide have now tuned-in to this situation and they are falling fast . . . .
     
    modified on Thursday, 29 September 2016 13:07

    https://mainerepublicemailalert.com/2016/09/29/deutsche-bank-collapses-tomorrow-friday-9-30-2016-expected-to-wipe-out-banking-system-worldwide


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Fri Sep 30, 2016 11:38 am


    Deutsche Bank Jumps on Report of $5.4 Billion DOJ Settlement

    Deutsche Bank AG jumped the most in almost six months after a media report that the lender is nearing a $5.4 billion settlement with the U.S. Department of Justice, less than half the amount initially requested.

    The shares closed at 11.57 euros, up 6.4 percent, the biggest gain since April. Agence France-Presse reported that the lender is nearing a settlement with the DOJ in a probe tied to residential mortgage-backed securities, citing an unidentified person familiar. Spokesmen for the Frankfurt-based lender and the DOJ declined to comment, when contacted by Bloomberg News.
    Start your day with what’s moving markets.

    Deutsche Bank’s stock and debt have been under pressure after the DOJ earlier this month requested $14 billion to settle an investigation into residential mortgage-backed securities. In a memo to staff earlier on Friday, Chief Executive Officer John Cryan said he is taking DOJ settlements with other banks “as a benchmark,” echoing previous remarks that he expects U.S. authorities to scale back their initial request.
    “The amount would be very good news, below what consensus expects now,” said Jerome Legras, an investor at Axiom Alternative Investments, who holds a short position on the lender. “Deutsche Bank has dropped so much as there is so much speculation circulating -- at some point people just want to make a profit on short positions.”

    http://www.bloomberg.com/news/articles/2016-09-30/deutsche-bank-rebounds-as-cryan-moves-to-shore-up-confidence


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Fri Sep 30, 2016 11:41 am

    Money Markets Are Facing the Most Tumultuous Quarter-End Since the Financial Crisis

    The U.S. short-term financing markets and the $2.6 trillion money-fund industry are grappling with one of the most chaotic quarter-end stretches since the financial crisis. Repo rates are soaring and money-market funds are stashing more spare cash with the Federal Reserve.
    Quarter-end is often a tumultuous period. Banks typically rein in collateral lending as they shore up balance sheets, driving up rates on repurchase agreements. When banks curb repo activity, money funds -- the key cash providers in the transactions -- need alternative places to invest. In the past few years, one option they’ve turned to is directing more money into the Fed’s reverse repos, the tool the central bank uses to put a floor under its target for overnight rates.

    But this quarter, the movements are out of the ordinary, partly because of the looming Oct. 14 deadline for the overhaul of rules governing money funds. Treasury repo rates have reached the highest since 2008. Meanwhile, the amount of money piling into the Fed’s overnight reverse repos surpassed $270 billion, one of the highest levels since officials began testing the program in 2013.

    “It’s quarter-end and the money-fund reform all culminating to create more pressure on investors to find places to park cash,” said Gennadiy Goldberg, an interest-rate strategist in New York at TD Securities (USA) LLC, one of the Fed’s 23 primary dealers. The increased use of the Fed’s reverse repos “began much earlier, has been harder and faster than prior quarter-ends.”

    http://www.bloomberg.com/news/articles/2016-09-29/money-markets-upended-as-quarter-end-strains-meet-sec-rule-shift


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Sat Oct 01, 2016 11:54 am

    IMF’s ‘Substitution Fund’ to kick-start SDR as new global currency?
    http://www.cdfund.com/wp-content/uploads/2016/08/SDR-Special-aug2016-DEF.pdf

    IMF AND WORLD BANK MEETING OCTOBER 7-9-2016
    http://www.imf.org/external/am/2016/about.htm

    IMF launches new SDR basket including China's RMB
    http://english.cri.cn/12394/2016/10/01/4081s941677.htm

    China scraps asset allocation restrictions on foreign investors
    http://english.cri.cn/12394/2016/09/30/4081s941668.htm

    China’s renminbi joins the SDR – a basic guide
    http://www.scmp.com/business/companies/article/2024075/chinas-renminbi-joins-sdr-basic-guide?

    IMF Launches New SDR Basket Including Chinese Renminbi, Determines New Currency Amounts
    http://www.imf.org/en/News/Articles/2016/09/30/AM16-PR16440-IMF-Launches-New-SDR-Basket-Including-Chinese-Renminbi

    Catalyzing Private Finance for Development
    http://live.worldbank.org/catalyzing-private-finance-for-development?CID=ECR_TT_worldbank_EN_AM16_EXT


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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

    Post  Carol on Sat Oct 01, 2016 12:40 pm

    There should be no doubt in anyone's mind that the Official Take Down of the Global Monetary System has kicked into OVERDRIVE!!

    Even the government and regulators are doing their part to destroy the system!!

    Deutsche Bank, Paschi, Numora Staff Charged Over False Accounts
    http://www.bloomberg.com/news/articles/2016-10-01/deutsche-bank-paschi-nomura-staff-charged-over-false-accounts-itr5z2ku

    "Six current and former managers of Deutsche Bank AG -- including Michele Faissola, Michele Foresti and Ivor Dunbar -- along with two former executives at Nomura Holdings Inc. and five at Banca Monte dei Paschi di Siena SpA were charged in Milan for colluding to falsify the accounts of Italy’s third-biggest bank and manipulate the market."

    END

    This couldn't happen at a WORSE time for the world's largest derivative holder.

    And there will be more "bad news" soon.

    PS - At this end of this Road is a Silver Moonshot that will be for the record books!!

    May the Road you choose be the Right Road.

    Bix Weir
    www.RoadtoRoota.com




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    Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 2

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