Hmmmmm...Central Banks you say? Teh Iorny.
IMF: AgustÃn Carstens: The Innovative Central Banker.
Financial Times: Agustin Carsten; "Crypto, but only government crypto." (CBDC).
[...]"the problem with stablecoins is that to assure [their] stability in an ironclad fashion is extremely difficult."
Same as the stock market, then, Slim? Hands off Crypto Control. Hit the treadmill 'Gus.
Coinrank: What is CBDC? A Beginner’s Guide.
Daily HODL: Bank Abruptly Shut Down by US Regulators in Second Bank Failure of 2024.
Financial regulators just shut down a bank in Oklahoma, marking the second US bank failure of 2024.
The First National Bank of Lindsay has been shuttered by the Office of the Comptroller of the Currency.
The agency says it took action after identifying false and deceptive bank records and other information that suggests fraud depleted the bank’s capital.
“The OCC also found that the bank was in an unsafe or unsound condition to transact business and that the bank’s assets were less than its obligations to its creditors and others.”
The OCC is also forwarding the matter to the US Department of Justice.
Off to the DOJ, eh? Well Merrick Garland will be right on top of it, you betcha!
But wait, there's more! More banks on the verge of failing:
Cryptopolitician: U.S. banks’ unrealized losses soar to 7 times 2008 crisis levels.
Unsustainable. Awaiting the domino effect.
CNN (Updated 12:59 AM EDT, Tue October 1, 2024): Port workers strike starts across the East and Gulf Coasts.
Nearly 50,000 members of the International Longshoremen’s Association (ILA) are on strike Tuesday against the nation’s East and Gulf Coast ports, choking off the flow of many of the nation’s imports and exports in what could become America’s most disruptive work stoppage in decades.
The strike, which was confirmed by the Port Authority of New York and New Jersey as well as the Port of Virginia, began at midnight.
[.]
The strike will stop the flow of a wide variety of goods over the docks of almost all cargo ports from Maine to Texas. This includes everything from bananas to European beer, wine and liquor, along with furniture, clothing, household goods and European autos, as well as parts needed to keep US factories operating and American workers in those plants on the job. It could also stop US exports now flowing through those ports, hurting sales for American companies.
Biden could stop this, but he his handlers don't want to.
Washington Examiner: Biden won’t invoke Taft-Hartley to stop port strike that could cost $5 billion a day.
On Sunday, Biden said he would not get involved.
“It’s collective bargaining,” he said. “I don’t believe in Taft-Hartley.”
Oh, we have to suffer and endure more economic hardship because Biden doesn't believe in Taft-Hartley.
U.S. Chamber of Commerce: US Chamber of Commerce calls on Biden to Invoke Taft-Hartley.
Hit MW and Crypto links:
^ Link defaults to US Market. Once there, remember to click and view Europe, Asia, Futures and Crypto.
Crypto. < All Crypto.
Schuduled Sunday night to post Monday AM. I may sleep in. Why awaken early for disaster? Pray it's not as bad as the Stonkers predict.
^ Link defaults to US Market. Once there, remember to click and view Europe, Asia, Futures and Crypto.
Crypto. < All Crypto.
100% Fed Up: BLACK MONDAY INCOMING? Everything Is Crashing Overnight, Heading Into Monday.
This is intended and designed to happen. It's not accidental or incompetency. It's ... the Amish.
Substack - Gregory Mannarino: $517,000,000,000 in Unrealized Losses Hit US Banking System, FDIC Says.
In its latest Quarterly Banking Profile report, the FDIC notes that banks now face over half a trillion dollars in paper losses on their balance sheets, primarily due to their exposure to the residential real estate market. These unrealized losses, the gap between the purchase price of securities and their current market value, are becoming a significant burden.
DC Patriot: $517,000,000,000 in unrealized losses hits US Banking System as FDIC Warns 63 Lenders on Brink of Insolvency.
“The number of banks on the Problem Bank List, those with a CAMELS composite rating of ‘4’ or ‘5’, rose from 52 in the fourth quarter of 2023 to 63 in the first quarter of 2024. This figure represents 1.4% of all banks, a range considered normal for non-crisis periods, typically between 1% and 2%. The total assets held by problem banks increased by $15.8 billion to $82.1 billion during the quarter,” the FDIC stated.
[.]
Despite these concerning trends, the FDIC assures that the US banking system is not in imminent danger. However, it warns that ongoing inflation, fluctuating market rates, and geopolitical issues continue to exert pressure on the industry.
"...and geopolitical issues..." Gee, I wonder what those might be?
Does the FDIC's assurance there's no imminent danger put you at ease?
Reuters: Some young people see Trump as an answer to their economic woes.
For Democratic incumbent Joe Biden, who overwhelmingly won the youth vote in 2020, an erosion of his support among young voters could potentially dampen his hopes of a second term.
[.]
There are also signs young people are slowly warming to the Republican Party, despite Biden's efforts to keep them on side by trying to cancel student debt, expand affordable housing and reverse curbs on abortion rights.
[.]
"I make decent money and I can't afford a home on the salary I make now," said Steve Wendt, 26, a security guard at a nearby hospital.
[.]
"I don't really like what we are doing with Ukraine," [Collin Crego, 19] said. "When I hear him (Trump) talk, he's very patriotic, very 'America First' and I like that."
NY Post: Group of bandits break into 13 homes, steal luxury cars in NYC.
A group of bandits broke into more than a dozen homes in ritzy NYC neighborhoods, swiping nearly 10 luxury cars in a cross-borough operation that spanned three months.
The car thieves stole a Porsche, Mercedes, Range Rover and other high-end vehicles from driveways in Queens and Brooklyn from June through August, police said.
They were still on the loose Sunday night.
The gang typically worked in groups of four and three and targeted homes primarily in the affluent neighborhood of Whitestone but also hit houses in Bayside, Jamaica Estates, Holliswood, Manhattan Beach and Bay Ridge.
They would strike in the early morning hours — often when the homeowners were asleep inside.
[.]
They struck again the day after that and swiped a Range Rover SUV and a Porsche from a home near Cambridge Road and Somerset Street — and again a day when they drove away with jewelry, clothes, cash and a Mercedes Benz from a home near Ridge Boulevard and 77th Street in Brooklyn, police said.
In the words of Celine Dion, Let them touch those things for once!
Touch them? Nah. Let them take and keep those things. It's free market equity!
And nothing less than $50's on the TP roll. $1's are insulting.
HITC: Bud Light offering $20 rebates to flog beer after controversy.
Bud Light is practically giving away beer with $20 rebates at certain stores as they try and sell crates following the controversy.
[.]
[... and] backlash for partnering with transgender influencer Dylan Mulvaney.
[.]
People have seen the notices at Meijer, Kroger, and other stores, and have taken to Twitter to share photos of the rebates.
Here’s one:
I've been sober for almost a decade, so I'm not sure on this, but ain't a case like $20 most places?
Things can't be going great if they're basically giving it away… pic.twitter.com/aeCgHjlnEe
— Ed Latimore (@EdLatimore) May 13, 2023
And another:
Stopped by my local Kroger tonight and they had a $10 rebate on cases of Bud Light and no one will still even touch it. pic.twitter.com/K1iP5lDI5F
— Scott Burns (@SeminoleScott) May 12, 2023
[.]
“The Bud Light marketing team must still be all women if they think a coupon will get a man’s attention,” she amusingly wrote in the caption.
“What’s a coupon?” one man joked in the comments.
Another said: “We hate rebates, too much work.”
“Literally never used a coupon in my life, so yeah this checks out,” a third person added.
In other business news: Adidas has decided to sell Kanye merchandise after deciding not to sell Kanye merchandise.
A great time to be alive in an era of Bad Marketing and PR!
MSN: PacWest Shares Plunge 60%, More Banks Drawn Into Quagmire.
PacWest shares plunged by 60 percent in after-hours trading Wednesday, raising concerns that the Los Angeles-headquartered bank might be the latest victim of the turmoil sweeping through the banking sector ever since the collapse of Silicon Valley Bank (SVB) in March.
[.]
Growing anxiety over the fate of PacWest and other smaller banks in the future would likely increase pressure on the Fed, which in the aftermath of the SVB's collapse was widely expected to pause its interest rate hikes.
Another smaller bank, Western Alliance, saw its shares drop by as much as 38 percent in after-hours trading on Wednesday.
But despite predictions and expectations, the Fed has so far persisted in its strategy.
Hit The Kobeissi Letter at Twitter for ongoing updates. The outlook...let's just say it's not optimistic.
Conservative Playbook: Are PacWest and Western Alliance the Next 2 Dominoes to Fall?
Things weren’t supposed to move this quickly. Just hours after First Republic was dissected, two more major banks are in very serious trouble.
Are the dominoes going to start to fall more quickly than we were anticipating? After his bank gobbled up First Republic, Jamie Dimon told the world that “this part of the crisis is over”, and many in the corporate media believed him.
[.]
Both institutions are now highly vulnerable, and as Dick Bove has aptly noted, those that have made massive amounts of money from recent bank failures are searching for their next victim[.]
[.]
Of course PacWest and Western Alliance are not the only potential targets.
🤣
NY Mag: Jerome Powell Got Punked by Russian Prank Callers.
...it’s a little jarring to see that on Thursday, the gray-haired Powell was made the butt of a joke by two Russian pranksters crudely posing as Ukrainian president Volodymyr Zelenskyy. This happened back in January, but Powell apparently thought this call was a private one with the world leader and talked candidly about how a recession was just as likely as it was not, and it is now making the rounds on Russian media and Twitter.
BBC: Federal Reserve chair Jerome Powell pranked by Russians.
Comedians Vladimir Krasnov and Alexei Stolyarov - known as Vovan and Lexus - claimed credit for the stunt.
[.]
In one of the clips shared on Russian television, Mr Powell praised Russia's central bank chief Elvira Nabiullina for managing the Russian economy amid Western sanctions, according to the BBC Monitoring service.
Other video now circulating on the internet shows Mr Powell describing a sharp slowdown in growth in the US, following the bank's efforts to rein in price rises.
"We would tell you that a recession is almost as likely as very slow growth," he said of expectations for 2023. "I think that is partly because of us having raised rates quite a bit but this is what it takes to get inflation down."
[.]
"Embarrassing moment for the Fed," chimed in Jesse Cohen, global markets analyst at Investing.com.
"Embarrassing moment for the Fed." Ya think?
Powell needs to go. Didn't care for his policies during Trump's term, he shouldn't have been appointed, still don't care for his policies.
This wasn't a perfect phone call. Resign.
Energy Intelligence: Oil Pricing Without Dollars: Is It Possible?
How much does it matter whether oil is priced in dollars? What are the alternatives, and how vulnerable is dollar pricing? Who would suffer — or gain — most if dollars ceased to be the automatic medium for oil exchange? Those aren’t questions people have thought about much since the so-called “petrodollar” agreements of the mid-1970s. But with Russia already off dollar pricing and relations strained between Washington and Riyadh, they now demand consideration. Such “de-dollarization” of oil may never happen; the world may abandon oil before oil abandons the dollar. But then again it may. A unified replacement, such as the Chinese yuan, isn’t feasible. [OH, I'm not so sure about that! See the RT story at the end of this post. - DD] Market fragmentation — another assault on the globalized world oil did so much to help create — is a more likely result.
Market fragmentation? Maybe. Or maybe, instead, an intentional plan by globalists to destabilize and crush the dollar? They've been working on this for decades. What better commodity to leverage and accomplish this? Petrol, of course! The only other would be the food supply, but the Elites don't care if others starve as long as their HVAC works, they have food and their private jets run.
Trusted Broker: Why is the U.S. Dollar being the world currency?
China and Russia requested a new world currency in March 2009.
RT: Russia and China to abandon dollar in energy trade – Moscow.
The two nations have been promoting settlements in their national currencies.
Energy trade between Russia and China has been steadily growing and is up 64% in monetary terms so far this year, Russian Deputy Prime Minister Aleksandr Novak told the Rossiya 24 TV channel on Friday.
His comments followed a meeting of the intergovernmental Russian-Chinese commission on energy cooperation.
“China is our strategic partner in the Asia-Pacific region and generally in trade,” he said, noting that in physical terms the increase was about 10% in supplies of oil, gas, coal, and electricity.
The deputy PM explained that the two countries aim to further develop trade relations, and in particular are working on expanding the share of national currencies in energy transactions.
“We are switching to settlements in rubles and yuan for the energy resources supplied,” Novak said.
"...and the Yuan." Uh-huh. There it is and here we are. But - hey, look over there! Russia and Ukraine! "We" have to stop Russian aggression and give Billions to Ukraine Nazis because..."reasons..."
