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Copying Japan: the Big Banks Confess
Written by Jeff Nielson (CLICK FOR ORIGINAL)
Back in early February, Zero Hedge laid out what was the biggest crisis facing Canada's banks: a chronic under reserving to potential (and soon, realized) oil and gas loan losses.
Submitted by Dave Forrest of Pierce Points
The First Gold Buying In 3 Weeks Happening For This Critical Consumer
Major news in the gold market over the weekend. With the world’s largest gold-consuming nation reaching an agreement to resume metal sales for the first time in nearly three weeks.
That’s in India. A critical gold consumer globally, where buying had been idled since the beginning of March by a nation-wide strike by the jewelry sector.
Submitted by Alasdair Macleod via GoldMoney.com,
Last week, the ECB extended its monetary madness, pushing deposit rates further into negative figures.
It is extending quantitative easing from sovereign debt into non-financial investment grade bonds, while increasing the pace of acquisition to €80bn per month. The ECB also promised to pay the banks to take credit from it in "targeted longer-term refinancing operations".
On the heels of China’s move to devalue the yuan on August 11, the market’s attention abruptly shifted to something we’d been discussing for quite some time. Namely, China’s rapidly depleting FX reserves.