Alt/Indie News

“Green Banks” Will Drown in the Red

"A state solvency report released by the Mercatus Center has each of these five states ranked in the bottom third of the country, with their solvency described as either 'low' or 'poor.' This all raises the question of whether these governments are able to find sound investment opportunities in the first place. Recently, though, there have been calls to extend the struggling green banking system to the federal level. Mark Muro and Reed Hundt at the Brookings Institute assert that demand for green banking institutions and the types of companies they finance is so strong that the existing state-based green banks cannot muster enough capital to meet demand." Continue reading →

Continue Reading“Green Banks” Will Drown in the Red

The Ex-Im Bank Is Dead (For Now)

"After 81 years of funneling taxpayer dollars to favored companies, projects, and geopolitical outcomes under the guise of advancing some vague conception of the 'U.S. economic interest,' the Export-Import Bank of the United States will end its financing operations at midnight tonight. Proponents of the Bank have been regrouping and strategizing to move legislation to reauthorize the Bank at the soonest possible chance. In fact the White House is hosting a conference call for the purpose of advancing that outcome. The battle may be over but the war continues." Continue reading →

Continue ReadingThe Ex-Im Bank Is Dead (For Now)

Bank of Canada Admits Recession, The Solution: More Bubbles

"What made the Canadian recession easy to spot was the Canadian yield curve inverted out to three years following a surprise rate cut by the Bank of Canada on January 21. It remains to be seen if the US follows. The US contracted in the first quarter, but the second quarter rebound was a bit stronger than I expected. I awarded Canada the 'Blue Ribbon' for the first yield curve inversion of any major country following the great financial crisis. I smell an 'Operation Twist' type move by the Canadian central bank to rectify this horrific 'recession-signaling' condition. If so, the sweet spot for banks and hedge funds to front-run the trade appears to be 5Y or 7Y notes. Some banks may already be in on it." Continue reading →

Continue ReadingBank of Canada Admits Recession, The Solution: More Bubbles

IRS Agents Rob Convenience Store

"In June 2014, the government seized Ken Quran's entire bank account—more than $150,000. This was money that Ken worked for years to earn, and that he was counting on for his retirement. Ken had no prior warning before the government seized the account. The government told him they were taking the money because he withdrew cash from the bank in amounts under $10,000." Continue reading →

Continue ReadingIRS Agents Rob Convenience Store

Hidden Time Bombs Behind Greece Bailout

"Just these top four derivatives players — B of A, Goldman, Citi and JPMorgan — control nearly $203.5 trillion, or 92% of all derivatives held in the U.S. banking system. And the largest 25 U.S. banks control 99.8%. All told, the thousands of other regional, mid-sized and small banks in this country control a meager one-fifth of one percent of the derivatives. This is an oligopoly unlike any other in the financial world — one that ties the fate of the U.S. economy to these firms’ stability far beyond anything ever witnessed in prior centuries. In contrast, Lehman Brothers was actually smaller by comparison — with 'only' $7.1 trillion in derivatives." Continue reading →

Continue ReadingHidden Time Bombs Behind Greece Bailout

Federal Reserve Spies on France

"New documents from WikiLeaks show the National Security Agency spies on French companies as well as its government. That's not especially surprising. What is surprising is seeing the Federal Reserve Board on the list of 'supported elements' for whom the NSA spied. We've always known the Fed had its nose in every economic nook and cranny. Now, thanks to WikiLeaks, we have proof. You can view the secret document online. What you will see is a standing topic list, dating back to 2002, on which the NSA collects information for further analysis. NSA's 'customer' list includes not only the Fed but also the Commerce Department, Treasury Department and U.S. Trade Representative." Continue reading →

Continue ReadingFederal Reserve Spies on France

The Bank Branch: An Endangered Species?

"At Citigroup (C), we just learned that 15% have been eliminated in the past year. That leaves only 779 in North America. At Bank of America (BAC), 234 have gone the way of the dodo in the past several months. At JPMorgan Chase (JPM), 300 are being shuttered as we speak. I’m talking about one of the 21st century’s biggest endangered species: the bank branch. And chances are, you’re helping eliminate them almost every single day. When was the last time you deposited a check with an actual bank teller? Or even at an ATM? I can’t remember personally, and for a very simple reason. I bank with Chase, and the company’s smartphone app lets me do it right from my iPhone 6!" Continue reading →

Continue ReadingThe Bank Branch: An Endangered Species?

Paypal Shuts Down in Greece; Bitcoin Still Operates

"Capital controls imposed by the Greek government mean that Greek citizens can only withdraw 60 euros (effectively 50 euros after ATMs have run out of 20 euro notes) and online payment service, PayPal, has been left crippled, as a result. PayPal relies on the traditional banking sector and credit card industry for all its transactions to flow. Fact is, there is an old-style bank that underpins nearly every finance tech start-up that purports to threaten and disrupt the old guard. Examples are peer-to-peer lending platforms such as Prosper and Lending Club. Neither company holds the loans they award on their own balance sheets, but, instead, acquire the funds from WebBank, Salt Lake City, Utah." Continue reading →

Continue ReadingPaypal Shuts Down in Greece; Bitcoin Still Operates

Shadowy federal agency snooping in your wallet

"Created under the sweeping Dodd-Frank Act of 2010, the agency sets regulatory guidance for an array of financial products. The bureau is funded through a direct percentage of Federal Reserve income, not by Congress – and that means there’s no congressional oversight. A recent report found that the CFPB has accomplished the monitoring of more than 85 percent of all credit card records from U.S. consumers. The agency’s goal is to reach 95 percent of the domestic credit card marketplace. The bureau presided over the U.S. Department of Justice’s Operation Choke Point, a campaign to choke off the credit lines of targeted businesses." Continue reading →

Continue ReadingShadowy federal agency snooping in your wallet

Ending the Ownership of Money

"The overriding effect that the elimination of cash will have on people will be that they will lose their freedom of monetary movement. They will be subject to government and banking surveillance of every transaction and, increasingly, will be subject to legislation that limits currency movement. Once this point is reached, governments will be free to move to a stage in which they declare that money is not the possession of the individual or company. It’s the possession of the government and the government 'allows' the public to use its currency in order to conduct commerce. As such, individuals and companies had best 'behave,' or they might find the privilege taken away and the money confiscated." Continue reading →

Continue ReadingEnding the Ownership of Money