Hard hitting global and local news
Read the article: Iceland Ponders Radical Money Plan Including Elimination of Fractional Reserve Lending and Deposit Insurance
Read the article: Obama Goes After UK, Australia, the World for "Constant China Accommodation"; US Influence Clearly Waning
Read More: Nestles Has First Ever Negative Interest Corporate Bond; Privilege of Lending Gone Mad
Today the Financial Times reports ECB’s Lending Spree Short of Expectations . The European Central Bank’s first offer of cheap four-year loans has fallen short of expectations, dealing a blow to president Mario Draghi’s hope of sustaining the eurozone’s ailing economy by expanding the central bank’s balance sheet. Banks borrowed €82.6bn through the first of the ECB’s Targeted Longer-Term Refinancing Operations, or TLTROs, one of policy makers’ big ideas to revive the currency area’s recovery.
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U.S. car sales are up
Read more here: Is Risk-Free Banking Possible? What About Fractional Reserve Lending? 30-Year Mortgages?
With the Fed forcing interest rates low, commercial and industrial lending has picked up. That may sound like a good thing, but is it? I suggest it’s not.
Cyprus was such a "success", EU to push for losses on big savers at failed banks . The European Parliament will demand that big savers take losses if their banks run into trouble, a senior lawmaker told Reuters, adding momentum to a policy unveiled as part of a Cypriot bailout