Martin Wolf writing in the Financial Times has warned that there will be another "huge" financial crisis given the nature of the modern fractional reserve banking and financial system.
Wolf asks whether there will a “another huge financial crisis” and then answers his question by saying that there will be and warns that banks “are designed to fall. So fall they surely will.”
Following Mario Draghi's seemingly constant mention of The ECB's credibility during yesterday's press conference, none other than ECB member (and Austrian national bank chief) Ewald Nowotny exclaimed rather oddly that "The ECB is the most independent central bank in the world." This was apparently more than former Greek FinMin Yanis Varoufakis could handle as he unleashed a scathing op-ed to explain why, in fact, The ECB is the least independent central bank exclaiming that "the pretense of independence serves as a fig leaf for interventions th
We rang the alarm bell when on Sunday night, one of our "favorite" companies and Asia's largest, junk-rated commodity trader, Noble Group, unexpectedly announced two jarring developments: the removal of its long-term, ex-Goldman CEO, Yusuf Alireza, as well as the sale of its top performing asset, Noble Americas Energy Solutions.
When we first presented the so-called "Nightmarish Merry Go Round", dubbed so by Bank of America because of the reflexive, recursive bond - and trap - that has formed between the Fed and markets...