bank

Submitted by Bill Blain of Mint Partners

“Always the hurricane’s blowing, always the population growing, and the money owing..”

Who will be the next Fed Head?

Dear Mr Butler:

In your article of 2 October, entitled Thoughtful Disagreement, you say, “someone will come up with the thoughtful disagreement that makes the body of my premise invalid or the price of silver will validate the premise by exploding.” I will take you up on your request.

You state your case in this paragraph:

In a repeat of what she said almost exactly one year ago, when Senator Elizabeth Warren told then-Wells Fargo CEO Stumpf "You should resign, you should be criminally investigated" - not long before Stumpf indeed resigned, moments ago the kangaroo court was back in session and Warren doubled down her attack on Stumpf's replacement, Wells CEO Tim Sloan, blasting that he should be fired as he was part of a culture that pushed the bank to create millions of fake accounts for customers without their knowledge.

Authored by Chris Whalen via The Institutional Risk Analyst,

“The great wheel of circulation is altogether different from the goods which are circulated by means of it. The revenue of the society consists altogether in those goods, and not in the wheel which circulates them”

 

Adam Smith, 1811

In a sign that China's ongoing attempts to delever (and decelerate) the economy may have gone a bit too far, on Saturday morning China’s central bank announced a targeted reserve requirement ratio (RRR) cut, its first since February 2016 and which will go into effect in 2018, in an attempt to boost lending to struggling smaller firms and energize China's lacklustre private sector, Xinhua reported.