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China “serious about the plan to internationalise” Yuan
Chinese vice-premier Wang Qishan has been appointed to lead a taskforce to make the renminbi the currency of choice for trade settlements, especially with regional trading partners. HSBC economist Qu Hongbin believes this latest salvo in…
Government banking Irish edition
The Irish government today announced that, if necessary, it is prepared to take majority shareholding in ailing Irish banks. However, it has ruled out full-scale nationalisation. But, what is a majority share by government except…
Zombie banks Scandinavian edition and the threat of too big to fail
Across the world, governments are doing their level best to shore up weak banking systems in the wake of the most significant final crisis in decades. Most market players appear to believe these efforts successful; why else have…
News from around the web: 2009-08-31
On this last day of August, I haven’t had any time to post as yet. However, I do expect to post later in the day. In the meantime, here are a number of stories making the rounds on the web. Enjoy. Edward Baker Hughes to Buy…
Weekend Links: 2009-08-30
Our quarter-century penance is just starting - Ambrose Evans-Pritchard, Telegraph All that has happened over this crisis is that huge private losses have been dumped on society: but the losses are still there, smothering the economy.…
Night time Links: 2009-08-28
FDIC: Failed Bank Information - Bank Closing Information for Affinity Bank, Ventura, CA As of July 10, 2009, Affinity Bank had total assets of $1 billion and total deposits of approximately $922 million. In addition to assuming all of…
Bank leverage: forever blowing bubbles part two
You have heard me use the phrase “liquidity is seeking return” to describe the increase in the price of riskier assets due to monetary stimulus. The Bloomberg News video clip below points to an increase in lending for buyers of riskier…
News from around the web: 2009-08-28
"We Spent $13 Trillion And These Banks Are STILL IN THE CRAPPER!" Since the government gave banks relief on mark-to-market accounting and the "stress tests" helped engineer a big round of capital-raising last spring,…
The FDIC to draw on its line of credit at Treasury soon
The FDIC has just released a press statement outlining the second quarter results for the fund and the financial institutions it regulates. What was particularly notable in the statement was the decrease in funds available to deal…
Unemployment claims falling faster than in half of past recessions
The U.S. Department of Labor released the Unemployment Insurance Weekly Claims Report showing that initial jobless claims decreased 10,000 in the latest week to 570,000 from an upwardly revised 580,000 the week prior. The 4-week moving…