Need money? Just take it directly from accounts in the country’s banks. Of course, thanks to Mr. Gono and his friends there isn’t a lot of money in Zimbabwe’s banks…
April 29th, 2009 | Bill Bonner | 0 comments | ContinuedAll Posts Tagged With: "banks"
Downfall of the American Consumer
Not surprisingly, consumers are in trouble…so are the banks than lent them money…and so are the countries where they live. Nine of these nations – an Eastern European bloc – got together and asked the European governing council for help. They said they needed $380 billion to get through this crisis. Angela Merkel, speaking for the French and Germans, said no.
March 5th, 2009 | Bill Bonner | 3 comments | Continued
Marking the Beginning of the End
Truer words have never been spoken, certainly not by this President. Wall Street listened up…and then despaired. The Dow closed down 300 points to 7,552. Its 52-week low is 7,392. You have to figure with GM asking for another US$16 billion from the American government, this could be the quarter of lower lows and lower highs.
February 18th, 2009 | Dan Denning | 15 comments | Continued
The Collapse of Complex Asset Values
In the name of “stimulus” and “recovery” and to supposedly correct the excesses of the market, none of the normal free market mechanisms to punish the excesses are being allowed to function. Instead of acknowledging that markets work in boom/bust cycles of progress, excess, and consolidation, today’s generation of policy leaders want to eliminate cycles to preserve their fictitious wealth and power!…
January 29th, 2009 | Dan Denning | 7 comments | Continued
Who’s Afraid of a Financial Meltdown?
Who’s afraid of a financial meltdown? Everyone. Except us. On the other hand, we’ve never seen a financial meltdown…and maybe once we have a look, we won’t like it…
October 20th, 2008 | Bill Bonner | 0 comments | Continued
U.S. Government Has Bought into 9 Major U.S. Banks
Yesterday, Paulson said he wanted to take over the banks “as soon as possible.” Today, Bloomberg says the U.S. government has already bought into 9 major U.S. banks…
October 15th, 2008 | Bill Bonner | 2 comments | Continued
Funny Business at the Banks
There’s something funny going on. But it’s not just at the banks. Friday was a good day on Wall Street. The Dow fell only 127 points. And gold fell $36…
October 13th, 2008 | Bill Bonner | 2 comments | Continued
The Glass-Steagall Act Kept Banks in Order Until 1990
In 1933, the United States passed the Glass-Steagall Act, which prohibited commercial banks from dealing in investments, and prohibited investment banks from doing commercial banking activities. This was a very sensible measure, and kept the banks in reasonable order until 1990. Unfortunately, in 1990, this Act was repealed – for reasons best known to the psychiatrists of the legislators…
September 25th, 2008 | William Rees-Mogg | 5 comments | Continued
Oil Was Down and the Banks Were Up
In a complete reversal of recent primary trends in the market, oil was down and the banks were up. Crude actually fell under $130 for the first time in six weeks.
July 18th, 2008 | Dan Denning | 0 comments | Continued
Banks Could Put an End to the American Dream
There’s a particular moment known to all Baby Boomers when Wile E. Coyote, in a rapture of over-reaching, has run past the edge of the mesa and, still licking his chops and rubbing his front paws in anticipation of fricasseed roadrunner, discovers that he is suspended in thin air by nothing more than momentum. Grin becomes chagrin. He turns a nauseating shade of green, and drops, whistling…
July 16th, 2008 | James Howard Kunstler | 9 comments | Continued
Aussie Banks Lift Rates
It’s a financial quagmire out there. Getting into a credit bubble is so much easier than getting out of it. What is your exit strategy? The story is moving fast. We can barely keep up with it. But we’ll try to break it down for you piece by piece, and tell you what it might mean for Australian banks and shares. First, what IS the story? Normally, the second largest bank failure in U.S. history would be your lead story…
July 14th, 2008 | Dan Denning | 3 comments | Continued
Have We Seen the Bottom of the Gold Correction?
The price of gold bounced up $16 yesterday, to close at $935. Have we seen the bottom of this correction? Is this the moment to buy? Is this the last opportunity we will have to buy gold under $1,000 in our lifetimes?
March 27th, 2008 | Bill Bonner | 2 comments | Continued
The Ghost of Gold at the Central Bank Banquet
Last weekend in Basel, Switzerland, central bankers from the G-10 group of rich nations met up for one of their regular hoe-downs. You can guess the main event in between canapés and champagne – academic chit-chat about interest rates, political pressure and banking supervision. The global financial crisis surely got plenty of air-time, too. After all, Ambac Financial – the giant “monoline” bond insurance group – last week issued and sold $1.5 billion in new shares and convertible bonds.
March 12th, 2008 | Adrian Ash | 0 comments | Continued
Two Reasons Why Central Bankers Had No Choice but to Reduce Interest Rates
Central bankers don’t normally reduce interest rates in the face of rising consumer prices. But our poor Bernanke-led bank consortium feels it has no choice. The cannons of deflation to the left of them… the artillery of inflation making louder noises to the right – they’ll attack on the left!
February 29th, 2008 | Bill Bonner | 1 comment | Continued
