What happens when you attempt a cold shutdown of one of the biggest debt spirals that the world has ever seen? Well, we are about to find out.
As the debt crisis unfolds overseas, prepare yourself for a similar fate hitting U.S. shores
Class war in Europe
Europe’s financial crisis is rapidly metastasizing into a political one, and the coherence of the European Union is more doubtful than at any previous time in recent memory. That’s the meaning of last week’s European summit, in which 26 leaders ei
Egypt's new interim prime minister broke into tears in front of journalists on Sunday as he spoke about the state of the country's economy, saying it was “worse than anyone imagines.”
Heads of state in Europe are congratulating each other for agreeing to a deal that will force fiscal discipline on European Union countries and impose sanctions on those that stray from the budget diktats of EU regulators.
We warned on Friday that the strength in equities was divergent from any of the higher beta risk-on trades and today has seen this divergence grow even larger as European credit markets are selling off considerably even as stocks maintain some sembla
"A freezing of interbank markets in major funding currencies, as during the recent crisis, may require the ability to supply official liquidity in major currencies in an elastic manner," the BIS wrote in its regular quarterly report."
A European summit deal to strengthen budget discipline in the euro zone failed to restore financial market confidence on Monday, forcing the European Central Bank to step in again gingerly. The euro fell, stocks slid and borrowing costs for Italy
Weekend rumours that Swedbank was facing legal and liquidity problems in Estonia and Sweden sent thousands of Latvians to bank machines on Sunday, with some lines reaching as many as 50 people.
We mentioned earlier how Italian yields were higher on the day -- thus setting the tone for everything being negative -- and it's gotten worse.
The newest round of European Banking Authority tests of bank capital came out this week, and one thing is clear: everyone's deleveraging, and fast.
Thousands of Latvians lined up at bank counters and ATMs in an attempt to withdraw their savings from Swedbank, the country's largest banking institution. VIDEO
With concerns about liquidity and solvency in the European banking system, there is lending and possibly even selling of gold by banks to raise much needed cash. This may be creating short term weakness in gold bit is bullish for gold in the long ter
The cabinet agreed to transfer the assets from four of Portugal’s biggest banks to the state balance sheet. (BECAUSE THEY CAN)
The Swiss government is preparing for a collapse of the euro, according to Swiss Finance Minister Eveline Widmer-Schlumpf.
The Eurozone met and little was apparently accomplished! A casual market watcher on Friday (i.e. stock markets) in the U.S. and around the world, would have, in the absence of any below-the-surface analysis, have most likely said that based on the
You read a lot about the enormous transnational casino called "derivatives" on FreedomsPhoenix, but did you know that the banks invented a special "Chapter 15" bankruptcy process in 2005 that is only for "international financial institutions",
Grupo Gowex (GOW), a Spanish provider of Wi-Fi wireless services, is moving funds to Germany because it expects Spain to exit the euro. German machinery maker GEA Group AG is setting maximum amounts held at any one bank.
Richard Nixon took the USA off the gold standard in 1973. Bill Clinton got rid of Glass Steagull in 1999, which took down the separation between the activities of Investment Banks (non-secured) and activities of Commercial Banks (FDIC Secured - tax p
Capitalism is supposed to be a system of profit and loss, but in recent years, central bankers and central planners seem to have forgotten the part about losses. The strategy cannot work over the long term. Economic law, eventually, prevails.
The EU summit "deal" is noise; we knew going in there would be no "grand bargain" and there isn't. Britain said "stuff it" (rightly so) along with a few others; those who went along did so pretty much at gunpoint.
Confused why Tim Geithner has seemingly booked a weekly round trip ticket to Brussels to give the Eurocrats their weekly pep talk (much to his endless humiliation as Europe Tells Geithner To Take His Advice And Shove It reminds us)?
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On the eve of the long-awaited London conference of the G-20 nations, we are rapidly descending into the chaos of a Second World Economic Depression of catastrophic proportions.
It's almost morning
LONDON, Dec 07, 2011 (BUSINESS WIRE) -- The Depository Trust & Clearing Corporation (DTCC) today announced the launch of its global, over-the-counter (OTC) interest rates derivatives trade repository. (Here - We - Go)
Economic powerhouse Germany played down hopes Wednesday that a crucial debt summit will save the euro as French President Nicolas Sarkozy warned the risk of a eurozone "explosion" was very real.