Commentary March 28 hearings on bank regulation exposed the shortfall of federal regulation. The hearings came in the wake of the Silicon Valley Bank (SVB) failure and the stresses on other banks, like Signature and Republic. To put it frankly, the hearings exposed our regulators appear to be virtually useless. Among things we learned last week:…
America’s Banking Regulators Have Failed
April 2, 2023
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Brazil-China Yuan Trade Deal Not a Game Changer
Commentary According to a statement by the Brazilian government, Brazil and China reached an agreement on March 29 to conduct trade in their own currencies rather than the U.S. dollar. No details have been released on how this will work or if it applies to all trade between the two countries. All that has been made…
Recession Odds Jump as the Fed Crushes Consumers
Commentary Recession odds have climbed considerably since Jerome Powell’s testimony before Congress and the latest FOMC meeting. However, the recent failures of Silicon Valley Bank (SVB) and Credit Suisse (CS), as higher rates impact regional bank liquidity, also added to the risks. This isn’t the first time we have warned the aggressive rate hiking campaign…
The Wealthy Are Getting Their Cash Out of China
March 31, 2023
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Commentary For three years during COVID-19, money flowed into China while almost none flowed out. Now, the trend is reversing. Between 2014 and 2019, China experienced net capital outflows—meaning more money flowed out of the country than in. But beginning in 2020, with COVID travel restrictions and ratcheting control exerted by Chinese leader Xi Jinping,…
The Federal Reserve Has Only Limited Tools for Monetary Policy
March 31, 2023
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Commentary Recent turmoil in the banking sector has focused attention on the role of central banks, both in economies and in bank supervision and control. This will discuss central banks, like the U.S. Federal Reserve, and some of the tools they use to implement their policies, which can be opaque to the average person. First,…
Foreign Companies in China Face Increasing Obstacles
March 30, 2023
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Commentary Twelve years ago, China was one of the fastest-rising economies. Beijing welcomed foreigners, and foreign employees were excited to be working there. Now, the country is losing its appeal. Growth is plateauing. COVID-19 recovery is slowing the economy. And a lot of the foreigners and companies that left because of the lockdowns are not…
Is America Still a Capitalist Society? The Case for Letting the Market Speak
March 29, 2023
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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…
China: A Trap for Hostage Capitalists
March 29, 2023
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Commentary Xi Jinping wants the world to believe that after Beijing’s draconian COVID lockdowns, China is back open for business. Chinese officials said as much at the annual Davos event in Switzerland, and Xi is repeating the soundbite for its analog in Beijing, the China Development Forum. The forum is the first in three years…
TikTok Matches Definition of Foreign Agent
March 28, 2023
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Commentary Under the Foreign Agents Registration Act of 1938 (FARA), TikTok matches the definition of a foreign agent and should be banned. U.S. lawmakers are considering banning TikTok to protect American data from being shared with the Chinese Communist Party (CCP). China’s National Intelligence Law obliges all Chinese companies, no matter where they are located, to…
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…
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