Monthly Archives: July 2016

Bancopalypse 2.0 Is Bigger

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“Meanwhile in Italy, nearly the entire Italian banking system is rapidly sliding into insolvency.  Italian banks are sitting on over 360 billion euros in bad loans right now and are in desperate need of a massive bailout.  IMF calculations show that Italian banks’ capital levels are among the lowest in the world, just ahead of Bangladesh.  Spanish banks have been scrambling to raise billions in capital to cover persistent losses that still haven’t healed from the last crisis.  In Greece, over 35% of all loans in the banking system are classified as ‘non-performing.  The ratio of non-performing loans has actually been increasing for several years since the country’s supposed bailout.”

http://www.valuewalk.com/2016/07/deutsche-bank-scare/

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Deutsche Bank’s Chief Economist Calls For €150 Billion Bank Bailout

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“David Folkerts-Landau, the chief economist of Deutsche Bank, has called for a multi-billion dollar bailout for European banks.  Speaking to Germany’s Welt am Sonntag, the economist said European institutions should get fresh capital for a recapitalization following a similar bailout in the US. What he didn’t say is that the US bailout took place nearly a decade ago, in the meantime Europe’s financial sector was supposed to be fixed courtesy of ‘prudent’ fiscal and monetary policy. It wasn’t.  As Landau says the US helped its banks with $475 billion dollars, and such a program is now needed in Europe, especially for Italian banks.”

http://www.zerohedge.com/news/2016-07-10/deutsche-banks-chief-economist-calls-%E2%82%AC150-billion-bailout-european-banks

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Deutsche Bank May Be Top Contributor to Systemic Risk, IMF Says

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“Concern over Frankfurt-based Deutsche Bank’s financial strength has weighed on the company’s stock and make it the worst-valued global lender.  ‘The relative importance of Deutsche Bank underscores the importance of risk management, intense supervision of G-SIBs and the close monitoring of their cross-border exposures, as well as rapidly completing capacity to implement the new resolution regime,’ the IMF said in the report.  Deutsche Bank currently exceeds its capital requirements and is shrinking its balance sheet to comply with regulations as they become stricter.”

http://www.bloomberg.com/news/articles/2016-06-30/deutsche-bank-may-be-top-contributor-to-systemic-risk-imf-says

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“Information Sharing Is Strength Act” to Expand Patriot Act Killed

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“The ‘Anti-terrorism Information Sharing is Strength Act,’ HR 5606, would have amended the USA Patriot Act to allow financial institutions to share information with law enforcement agencies and one another regarding suspected ‘activities that may involve terrorist acts, money laundering activities, or a specified unlawful activity.’  Previously, such sharing was allowed regarding only ‘terrorist acts or money laundering activities.’  Libertarian Congressman Justin Amash (R-Mich.) led the opposition, saying the legislation expanded the Patriot Act to let the government ‘demand info on any American [without] due process.'”

http://www.commondreams.org/news/2016/07/12/us-house-squashes-yet-another-attempt-expand-patriot-act-powers

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Negative rates leading to ‘day of reckoning’ fear on Wall Street

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“The reason anyone would buy negative-yielding debt is actually pretty simple: Because they have to.  They are central bankers looking to help promote economic growth. They are insurance companies, pension funds and money managers who have to match liabilities with assets. They are not, by and large, retail investors who are so afraid of risk that they’re willing to pay for the privilege of lending money to a government.  Together, those buyers have helped build a nearly $12 trillion funnel of negative-yielding sovereign debt — unprecedented in world history. But what awaits on the other side is adding to the worries of investing professionals.”

http://www.cnbc.com/2016/07/11/negative-rates-leading-to-day-of-reckoning-fear-on-wall-street.html

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Race to the Bottom: Injuring the Real Economy with Paper “Wealth”

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“The ECB and the Bank of England have purchased so much government debt that they have recently reached even further down the credit ladder, with the ECB buying corporate bonds, and the Bank of England announcing purchases of ‘Tier C’ assets, which include assets ‘backed by credit cards; student loans; and consumer debt.’ Unfortunately, this isn’t backing at all. When will it end?  It will end as credit defaults rise, bank bailouts become necessary, covenant lite debt proves to be, indeed, lite on covenants, and financial assets pushed to zero long-term yields prove, indeed, to yield zero returns over the long-term.”

http://www.hussmanfunds.com/wmc/wmc160711.htm

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Disabled cancer patient slammed to the ground by TSA, then jailed

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“A disabled teenage cancer patient was injured during a violent arrest by security agents at Memphis international airport, her family has alleged in a lawsuit filed against the Transport Security Administration.   Hannah Cohen, 18, at the time of her arrest on 30 June 2015, and her mother had been on their way home to Chattanooga from St Jude’s hospital in Memphis, where Hannah underwent her final treatment for a brain tumor.  Hannah and her mother, Shirley, told the Guardian that the pair had made the trip hundreds of times, and knew the airport security routine well.”

https://www.theguardian.com/us-news/2016/jul/02/disabled-cancer-patient-tsa-lawsuit-memphis-airport

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U.S. House kills ban on government backdoors in tech products

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“The US House of Representatives voted Thursday to block an amendment that would have prevented the government from stepping in to force weakened encryption and security backdoors. Although Politico reports the provision received increasing support in the House over the past two years, that support has weakened in the wake of the Sunday’s mass shooting in Orlando.  After Sunday’s tragedy, the measure’s opponents pointed to suspected Islamic State sympathizer Omar Mateen’s attack on a gay nightclub to justify giving law enforcement increased spying powers and easier access to private data.”

https://www.engadget.com/2016/06/16/house-votes-down-privacy-measure-blocking-backdoors/

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Warrantless data searches narrowly miss Senate approval

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“A Senate amendment that would have allowed the FBI to search a suspect’s phone and online records without a court order came very close to becoming a reality today. The legislation, introduced by Senators John McCain (R-AZ) and Richard Burr (R-NC) in the wake of the recent mass shooting in Orlando, missed the necessary 60 votes it needed to pass by just two votes. The amendment in question would have allowed the FBI to use ‘National Security Letters’ to demand that your internet or cellphone provider turn over certain account information including login history, call records and IP address.”

https://www.engadget.com/2016/06/22/warrantless-data-searches-narrowly-miss-senate-approval/

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Taiwanese gov. blows up fishermen with supersonic missile

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“Taiwan’s navy mistakenly launched a supersonic anti-ship missile from a naval base, killing one person and injuring three, officials say.  A patrol boat was undergoing a drill inspection in Kaohsiung when the Hsiung Feng III missile was fired, Taiwan’s Central News Agency (CNA) reported.   It launched in the direction of mainland China, and hit a fishing boat off the Penghu islands, CNA added.  A Taiwanese official said the launch was not ‘politically motivated’.  It came as China celebrates the 95th anniversary of the formation of the Chinese Communist Party.  China considers Taiwan a breakaway province, to be reunited with the mainland, by force if necessary.”

http://www.bbc.com/news/world-asia-36680899

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