Regional Banks

Tyler Durden's picture

Guest Post: Gold-Bugs And Anti-Gold-Bugs





An article by David Weiner on the MarketWatch site reminded me of just how weak the economic arguments against the gold standard are. Its title: "A Fool's Gold Standard." We examine this article here. The issue that divides the anti-gold bugs from the gold bugs is simple to state. The gold-coin standard places monetary authority in the hands of millions of economic participants who own gold. The gold bugs favor this. The anti-gold bugs oppose it. The rival camps are divided by rival systems of economic sovereignty. The gold bugs favor the sovereignty of the free market. The anti-gold bugs favor the sovereignty of the banking cartel, which is the joint creation of the federal government (Federal Reserve) and the states (state bank licensing). This is a replay of the arguments of Adam Smith against the arguments of the mercantilists. It is the logic of widespread, decentralized private ownership and voluntary contract versus the logic of government licensing, barriers to entry, and the legal right to counterfeit money. The anti-gold bugs do not want to put it this way. This is why gold bugs should always put it this way. Ultimately, this debate is between the logic of the free market as a social organization versus the logic of central planning. The battlefield is monetary theory and monetary policy.

 
rcwhalen's picture

Earnings Setup -- JPM, WFC, C, BAC





Reports that the housing sector is recovering has generated more than a little irrational exuberance among investors regarding financials. 

 
Tyler Durden's picture

Guest Post: QE For the People - What Else Could We Buy With $29 Trillion?





In a system that depends on lies and the credulity of the citizenry, the greatest lie is that the Federal Reserve's "quantitative easing" bailouts of the banks somehow help our citizens and communities. To clarify this, ask yourself this question: what else could we have bought with the $29 trillion the Fed loaned or backstopped to the banks?  If you enjoy quibbling about the total sum of Fed support, be my guest; the Levy Institute came up with $29 trillion after poring over all the data, while the Government Accountability Office’s (GAO) tally topped $16 trillion. That's 100% of the nation's GDP and roughly 100% of the $16 trillion national debt. While we're asking about opportunity costs, let's ask what else we could have bought with the $10 trillion that the Federal government has borrowed and blown in the past 11.7 years. The national debt was $5.727 trillion when G.W. Bush was sworn into office on January 20, 2001. It had risen to $10.626 trillion when President Obama was sworn into office in January, 2009. It is now $16.016 trillion, an increase of $5 trillion in less than four years in "debt held by the public" (i.e. the Chinese central bank, the Japanese central bank, the Federal Reserve, etc.)

 
EconMatters's picture

Top 10 Warning Signs of a Global Endgame





While conflicts within and with the Middle East region are still among the top global risks, the paradigm has definitively shifted to China and Europe.

 
EconMatters's picture

Crude Oil Market: A Perfect Bear Storm Despite the Euro Pop





A confluence of factors is forming a perfect storm for the oil market to face some major headwinds for the next 5 years. 

 
Bruce Krasting's picture

Passing The Trash - Again





In banking, what goes agound comes around - again.

 
Tyler Durden's picture

Guest Post: Black Is White, Hedges Are Bets, And Your Money Is Mine





As we witness the riotous dissolution of corrupted capitalism, we need not wait for the history books to identify the mile markers of self-destruction. If we are to rebuild capitalism, even as it is tearing itself down, then we will need to become street-smart detectives in analyzing the current economic murder-suicide in progress. Every fall has its tell-tale confirmations and corrupt capitalism is no exception. There arrive key points where a system’s own contradictions become so evident and self-damaging, where motive, means, and opportunity become so clear, that one can mount an informed, effective counter-offensive.

 
Phoenix Capital Research's picture

Graham Summers' Weekly Market Forecast (Do We Still Have Faith? Edition)





 

With that in mind, I sincerely doubt €100 billion is going to solve Spain’s problems. The whole bailout reeks of desperation. And it likely will have political and financial implications that will quickly render the benefits of this move moot. Of course, when you’re facing systemic collapse, you don’t have time to debate implications and consequences. But I highly doubt that this move will do much to address Spain’s true problems.

 
 
thetechnicaltake's picture

Investor Sentiment: It's too Early to "BTFD"





If you "buy the f---ing dip" make sure you "sell the f---ing rip".

 
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