You are here

Business

With LIBOR Dead, $400 Trillion In Assets Are Stuck In Limbo

With LIBOR Dead, $400 Trillion In Assets Are Stuck In Limbo

In an unexpected announcement, earlier this week the U.K.'s top regulator, the Financial Conduct Authority which is tasked with overseeing Libor, announced that the world's most important, and manipulated, benchmark rate will be phased out by 2021, catching countless FX, credit, derivative, and other traders by surprise because while much attention had been given to possible LIBOR alternatives across the globe (in a time when the credibility of the Libor was non-existent) this was the first time an end date had been suggested for the global benchmark, which as we explained

It's Your Money But You Can’t Have It: EU Proposes Account Freezes To Halt Bank Runs

It's Your Money But You Can’t Have It: EU Proposes Account Freezes To Halt Bank Runs

Authored by Mike Shedlock via MishTalk.com,

If there is a run on the bank, any bank in the EU, you better be among the first to get your money out.

Although it’s your money, the EU wants to Freeze Accounts to Prevent Runs at Failing Banks.

European Union states are considering measures which would allow them to temporarily stop people withdrawing money from their accounts to prevent bank runs, an EU document reviewed by Reuters revealed.

 

The Elites Are Jumping Ship As The Financial Collapse Draws Near

The Elites Are Jumping Ship As The Financial Collapse Draws Near

Authored by Mac Slavo via SHTFplan.com,

It’s easy to think of the political and financial elites who run our world as lofty and all powerful. They command dangerous governments that can wield devastating weapons, central banks that treat our economy like a rigged casino, media conglomerates that pacify the minds of the public, and unbelievably wealthy corporations that have concentrated wealth to an unprecedented degree.

Wynn Resorts Macau Casino Books $10M "Black Swan" Gambling Loss

Wynn Resorts Macau Casino Books $10M "Black Swan" Gambling Loss

Wynn Resorts, the casino and resort company controlled by billionaire mogul and former Trump political adviser Steve Wynn, booked a staggering gambling loss that one economist described as a “black swan” during the second quarter when one of its subcontractors in charger of keeping the casino stocked with high rollers lost money for a whole month.

Pages