Welcome to the Global Financial Crisis of 2023 (Part Six)
Will this new financial crisis continue? We know that a banking crisis has already begun. Here’s the casualty list
Welcome to the Global Financial Crisis of 2023 (Part Five)
Welcome to the Global Financial Crisis of 2023 (Part Five)
Former House Financial Services Chair, Barnett ‘Barney’ Frank, who was co-author of the 2010 Dodd-Frank banking reform legislation, also served on the board of directors of the failed Signature Bank.
Welcome to the Global Financial Crisis of 2023 (Part Four)
Welcome to the Global Financial Crisis of 2023 (Part Four)
The new banking crisis is by no means limited to the California tech world.
Welcome to the Global Financial Crisis of 2023 (Part Three)
Welcome to the Global Financial Crisis of 2023 (Part Three)
One of the most fascinating aspects of the SVB collapse and the subsequent bank runs is how quickly global bank regulators abandoned carefully worked-out ‘bail-in’ rules and reverted to a weird hybrid of bail-in and old-fashioned bailouts. The putative result was short-run calm. The real result was total confusion among bank depositors and a further loss of confidence in the whole banking system.
Welcome to the Global Financial Crisis of 2023 (Part Two)
Welcome to the Global Financial Crisis of 2023 (Part Two)
The SVB fiasco threw a monkey wrench into the Fed’s carefully laid plans to raise interest rates to head off inflation. That alone threw markets into confusion and increased volatility. A global recession that was developing anyway is now a near certainty and will be worse than would otherwise have been the case. A global financial crisis is here.
Welcome to the Global Financial Crisis of 2023 (Part One)
Welcome to the Global Financial Crisis of 2023 (Part One)
Silicon Valley Bank (SVB) was an FDIC-insured commercial bank regulated by the State of California and the Federal Reserve System, based in Santa Clara, California. On Friday, 10 March 2023, the FDIC abruptly closed the bank, moved some deposits to a newly created bank controlled by regulators, wiped out large deposits, and began a process of selling bank assets and repaying creditors.
Will the US Default on Its Debt? – Part 3
Will the US Default on Its Debt? – Part 3
As if the debt ceiling debate were not complicated enough, Congress and the White House are also battling over the budget for fiscal 2024, which begins on 1 October 2023.
Will the US Default on Its Debt? — Part Two
Will the US Default on Its Debt? — Part Two
The debt ceiling is really a political football rather than a serious macroeconomic policy tool. In the end, Congress always approves the ceiling increases. In a way, the debt ceiling debate is all for show.
Will the US Default on Its Debt? — Part 1
Will the US Default on Its Debt? — Part 1
It has been a few years since we took a close look at Modern Monetary Theory (MMT). We first sounded the alarm in 2018 and warned readers again in 2021.
China Is Broken — Part Three
China Is Broken — Part Three
Editor’s Note: This is part of a recent series of articles from Jim Rickards. For parts one and two of this series, click here and here .
