Submitted by David Stockman via Contra Corner blog, Blogger Ben’s work is already done. In his very first substantive post as a civilian he gave away all the secrets of the monetary temple. The Bernank actually refuted the case for modern central banking in one blog. In fact, he did it in one paragraph. This one.
Everyone who has followed this website since 2009 will know that we firmly believe that the "magic plumbing" of the modern financial system is not what is seen on the surface, in terms of declared "on the books" assets and liabilities, but what happens beneath it - in the shadow banking system, a place where trillions in liabilities are created and destroyed via the repo market, to provide short-term funding for all sorts of financial intermediaries, frequently with zero actual exposure in bank Ks and Qs due to regulatory loopholes that allow the "netting" of hundreds of billions of offsett
By Christopher Balding:While most commentators have chosen to focus on the nefarious sounding "shadow banking" industry, the real problem is that banks are illiquid after having moved so much of this off balance sheet.
MUMBAI: Reserve Bank today allowed state co-operative banks (StCBs) and district central co-operative banks (DCCBs) to offer internet banking with "view only" facility. At present, urban cooperative banks (UCBs) that meet certain criteria are permitted to provide internet banking with transactional facility to their customers with prior approval of the RBI. Besides, internet banking with "view only" facility is allowed to be given by all UCBs complying with certain conditions, without RBI's approval.
The question on my mind today is "When will the Spanish banking system collapse?" Spain's exposure to Portuguese debt is one of many reasons a collapse in inevitable.
The Spanish banking system passed a so-called "stress test" in 2012, but sovereign government bonds are are not included in the evaluation.
We saw how well that worked with Greece (over and over again), and with Cyprus as well. It was Cypriot exposure to Greek bonds that collapsed the Cypriot banking system.
Open Road Media is banking its future on digital publishing — and it's starting with old books first. The company is digitizing "back list" books — titles written long before e-books, or e-rights, even existed — and selling old classics with aggressive multi-platform marketing campaigns.» E-Mail This » Add to Del.icio.us