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The Bank of Korea is aiming for a “cashless society” by 2020. The bank’s officials plan to provide South Koreans with cards instead of coins, since consumers are increasingly becoming comfortable with cashless payments due to the prevalence of mobile wallets, smartphones and mobile banking. Koreans now carry less cash as it gives way to credit cards and fintech payments. Now if a consumer were to purchase a 9,500 won item and pays cash using a 10,000 won banknote, the shopper would be credited 500 won to his or her prepaid card instead of getting a 500 won coin in change.

Coming at the same time as an inflationary report which showed Core CPI rising at 2.30%, or the highest rate since October 2008, and one which will put further pressure on the Fed to hike rates as shelter inflation is now simply too big to sweep under the rug, we also got February's housing starts and permits, which while painting a mixed picture of the US housing market suggested further strength in the US housing sector in the past month.

Following last month's inflation 'jolt' to the marketplace, Core CPI increased 2.3% YoY in Feb - the biggest jump since October 2008 (led by the biggest monthly surge in apparel prices since 2009). Bond & Stock markets are dropping in the news as it corners The Fed further into a hawkish stance, despite the recessionary warning signals screaming from the manufacturing (and increasingly Services) sector.

The Core CPI print has not been higher since October 2008...

CPI Breakdown...

Back in January, Deutsche Bank reported what were variously described as “horrible,” “grim” results.

The net loss for 2015 came in at roughly $7 billion, the first annual loss since the crisis. The abysmal year was capped off by €2.1 billion of red ink in Q4 of which some €1.2 billion was attributable to litigation.

The CEO of the bank that almost bankrupted Ireland has been granted bail under strict conditions including the surrender of his passport and having to report to police twice a day. David Drumm, former chief executive of the Irish Anglo Bank was extradited from the U.S. and brought before Dublin District Court to face charges stemming from the bank’s role in the 2008 financial crisis. Activist Post reports: Drumm faces 33 charges in Ireland, which echoes Iceland’s unprecedented move to hold its bankers criminally accountable for their role in that country’s economic meltdown.