Financial regulators came under scrutiny over what congressional members see as misplaced priorities ahead of the collapse of Silicon Valley Bank (SVB). In a hearing on Wednesday, House Financial Services Committee chair Patrick McHenry (R-N.C.) chastised Federal Reserve vice chair for supervision Michael Barr for making time “to start a review of climate risks in…
Financial Regulators Too Focused on ‘Climate Risks’ While Ignoring Silicon Valley Bank, Lawmakers Say
March 30, 2023
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Is America Still a Capitalist Society? The Case for Letting the Market Speak
March 29, 2023
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banking crisisBusiness & MarketsBusiness ColumnistscapitalismDodd Frankeconomyfinancial crisisfree marketgovernment bailoutMarketsOpinionU.S. economyUSUS NewsViewpoints
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Commentary In theory, America is a capitalistic society. One beautiful part about capitalism is that everyone gets to participate. If you create value, you get rewarded for it. If you invent something new and create a lot of value, you get rewarded handsomely for your effort. However, the flip side of living in a capitalistic…
Systemic Risk in European Banks
Commentary Negative interest rates and quantitative easing have wrecked the economic system. Negative interest rates destroy the profitable portion of a bank’s asset base, and no amount of cost-cutting or efficiency initiatives can compensate for this loss. Furthermore, persistent quantitative easing has transformed the investment side of the balance sheet into a ticking bomb. Deutsche…
The Famous ‘g–r’ Matters in Banking Crisis
Commentary The market experienced a complete change of landscape in March from a very bullish outlook of no recession to a severe crisis within two to three weeks. While a particular bank run is often unpredictable, the backdrop that causes it is not. Two weeks ago, I argued that this time was not a specific…
The Bank Meltdown Has Just Begun
March 27, 2023
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Commentary Elite overseers of the U.S. banking system spent the better part of the week assuring us that all is well with it. You just have to trust them. They know. And we all know how much we can trust our overlords to tell us the truth, right? Such a wonderful track record of at…
The Fed’s Dilemma: Fight Inflation or Save Failing Banks
March 25, 2023
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bank failuresbanking crisisBusiness & MarketsCredit SuisseDeutsche Bankeconomic policieseconomyinflationMarketsmonetary policypersonal financestocksSVB Collapsethe fedUS
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The Federal Reserve has painted itself into a corner with its fight against inflation, and some experts say it now has no coherent plan for how to get out of it. Having kept interest rates near zero for more than a decade and expanded its balance sheet to $9 trillion to stimulate the economy, the…
Fed’s Bullard Calls for Higher Rates as Balance Sheet Jumps $100 Billion, Depositors Pull Funds From Banks
March 24, 2023
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The Federal Reserve must keep raising interest rates in its inflation fight as the U.S. banking turmoil will subside, says St. Louis Fed Bank President James Bullard. Speaking to the Greater St. Louis Inc. community organization on Friday, Bullard explained that the central bank must lift the benchmark fed funds rate (FFR) higher than previously…
Biden Says Deposits Are Safe, US Banks in ‘Pretty Good Shape’
OTTAWA, Canada—President Joe Biden on Friday praised his administration’s management of the recent banking crisis, saying that the banks are in good shape but that it will take some time for markets to settle down. “I think we’ve done a pretty … good job. People’s savings are secure,” Biden said during a press conference in…
Janet Yellen Calls Emergency Meeting of Financial Stability Council Amid Bank Turmoil
Treasury Secretary Janet Yellen called an emergency meeting with top U.S. financial regulators. Yellen will chair the closed-door Financial Stability Oversight Council (FSOC) meeting on Friday, the Treasury Department said in a statement. The Treasury did not provide any additional details regarding the closed meeting. The FSOC meets regularly to discuss national financial stability and…
Can the CBDC Be Stopped?
March 24, 2023
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Commentary In the year 1900, following two decades of debate about the future of American money, L. Frank Baum wrote “The Wonderful Wizard of Oz,” which served as the template for the greatest of all American movies. The story is about much more than it seems. Beneath the surface, it is an attack on ruling-class…
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