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Economy
On claims of depositors, subordinated and creditors and central banks in bank resolutions
Regarding Cyprus, recently I heard someone claim that depositors are not creditors of a bank despite the fact that deposits are bank liabilities. This is bollocks. Depositors are indeed creditors, particularly in Europe where they are…
The Cyprus Bank Deposit Bail-in
This morning we learned that after hours of tense negotiation, Europe has hammered out a 10bn euro "bailout" of Cyprus. I put the term bailout in quotes because the key feature of this deal is the bail-in of Cypriot depositors to the tune…
Netherlands: Poor economy prompts Moody’s to change outlook on three Dutch banks to negative
Moody's released the following statement in conjunction with a ratings action it took earlier today on three Dutch banks
Unequivocally strong North American jobs data
The US jobs data was consistent with the recent string of data clearly showing a surprising resilience to the anticipation and tightening of fiscal policy. The Canadian employment data was also stronger than expected.
Trouble in Canada’s economy
Analysts are beginning to raise concerns about Canada's near-term economic growth. The nation's central bank is holding the overnight rate at 1% and will likely maintain this level for some time to come.
Achuthan: The US has been in a recession for three quarters of a year already
Lakshman Achuthan, co-founder of the Economic Cycle Research Institute, was on "Bloomberg Surveillance" this morning repeating his claim that a US recession "began around the middle of last year".
The Product is the Promise: Finance and Social Values
In the first paragraph of my book A Demon of Our Own Design (Wiley, 2007) I observe that “You don't deliberately obliterate hundreds of billions of dollars of investor money. And that is at the heart of this book – it is going to happen…
The Dutch will miss targets in 2013 but refuse to institute more austerity
Well, well, well, it seems we have a problem in Euroland. The Dutch have now confirmed what I have been saying all along: they have run into so many fiscal problems that they will need to relax their targets instead of doubling down on…
Poor PMIs Shake Markets
The ball got rolling in Asia as China's official manufacturing PMI eased to 50.1 from 50.4 in January. The details were poor, even if not that surprising after the HSBC measure. New orders fell to 50.1 from 51.6 and new export orders fell…
“Pervasive” Fraud by our “Most Reputable” Banks
A recent study confirmed that control fraud was endemic among our most elite financial institutions.