2nd US Bank failure!

mmm....shiney! said:
Last time I looked the MMT crew were not the ones in charge. All I see is the ghost of Friedman calling the shots.
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Oh it just wasnt done right i know. Now that things arent going so good. Same argument they always have with socialism!
Its like polishing a turd.
 
https://www.smh.com.au/business/ban...ks-are-already-insolvent-20230503-p5d54a.html


The twin crashes in US commercial real estate and the US bond market have collided with $US9 trillion ($13.5 trillion) uninsured deposits in the American banking system. Such deposits can vanish in an afternoon in the cyber age.

The second- and third-biggest bank failures in US historyhave followed in quick succession. The US Treasury and the Federal Reserve would like us to believe that they are “idiosyncratic”. That is a dangerous evasion.

Almost half of America’s 4800 banks have already burnt through their capital buffers and are running on negative equity. They may not have to mark all losses to market under US accounting rules, but that does not make them solvent. Somebody will take those losses.
 
mmm....shiney! said:
It's got nothing at all to do with not doing it right or not. There are no monetary or fiscal policy decisions being made based upon MMT. Central bankers reject it as a theory and politicians don't understand it. If you are looking for someone to blame, as I said before, you should start with Milton Friedman.
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Our pollies talk mmt all the time like they know a thing about money haha. Maybe milton can help them with growing a brain cell at least.
Its finally burning and great to see. Keep inflating! I love mmt or whatever they want to call it!
 
The Banking Collapse Of 2023 Is Now Officially Bigger Than The Banking Collapse Of 2008

Yes, you read the headline correctly.

Collectively, the three big banks that have collapsed in 2023 had more assets than all 25 banks that collapsed in 2008 did.

When the fuck are they going to call this the Global Financial Crisis of 2023, That's what I want to know!
 
FDIC has already spent 28% of its total reserves haha.
Congrats to the national inflationists! Going as planned! Keep it up you winners!

They will win this like the last group of wars we were in haha.
 
Modern Monetary Theory (MMT) is an economic theory that suggests that the government could simply create more money without consequence as it's the issuer of the currency, according to the Federal Reserve Bank of Richmond.Jul 22, 2022

Its all the same and mmt is alive and well in America.
You could say we are living the dream and if your a rich banker there is no other better opportunities anywhere.
 
It's like Subprime... it moves slowly, but gets worse and worse, like a train wreck.

"Trading in the shares of two more regional US lenders was temporarily suspended on Thursday amid a widening crisis for the country’s mid-sized banks.

Regulators stepped in to halt trading in the Los Angeles-based PacWest and Arizona’s Western Alliance following dramatic drops in their share prices."

https://www.theguardian.com/busines...t-plummet-amid-fears-of-new-us-banking-crisis
 
Wanking Collapse Death Watch - 8 more Regional Banks are in imminent danger

Pac West Bank
Home Street Bank
Citizens Financial
Western Alliance
Metropolitan Bank
First Horizon
Key Bank
Harbor One

We will own nothing (but CBDC) and we will be very unhappy
 
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A leading banking group has called for regulators to step in and halt a wave of short selling in the stocks of US regional lenders, a trend it suggested was driven by social-media speculation.

In a letter to the Securities and Exchange Commission (SEC), the American Bankers Association (ABA) urged the market watchdog to do more to stop harmful short bets that were disconnected from the banks' financial realities.

https://markets.businessinsider.com...-republic-american-banking-association-2023-5

 
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