Mike Norman Economics

Bond Economics What We Learned: Something Is Seriously Wrong With Silicon ValleyBrian RomanchukNotes on the CrisisEvery Complex Banking Issue All At Once: The Failure of Silicon Valley Bank in One Brief Summary and Five Quick ImplicationsNathan TankusThe Big PictureAll the Things We Do Not Know About SVBBarry L. Ritholtz is co-founder, chairman, and chief investment officer of Ritholtz Wealth Management LLC.ECNS (Chinese official English news service)Experts: U.S. bank collapse result of...

In an exclusive interview with The Cradle, Russia's top macroeconomics strategist criticizes Moscow's slow pace of financial reform and warns there will be no new global currency without Beijing.The CradleSergey Glazyev: ‘The road to financial multipolarity will be long and rocky’Pepe EscobarSee alsoGlobal SouthHere comes ChinaGodfree Robberts

MAGA/GOP does not want to participate in any leftist bailout:Not really needed so far as Treasury has some ESF slush fund to use without needing an appropriation… but these funds are limited…McCarthy not saying anything so far…

Bubbe Janet might be on the mat:BREAKING: JANET YELLEN COMPLAINS ABOUT NON-STOP MIGRAINETreasury Secretary examined by doctors following massive headache attack lasting days."It pretty much incapacitated her," said an unnamed source at Treasury, "Others had to step up and fill the void." pic.twitter.com/3TkiZ2doKb— iSource News (@isource_news) March 13, 2023 This is same as Hank Paulson hiding in the lavatory with the dry heaves in 2008…. All this stress about the munnie system takes a...

The entire system is screwed up and designed to destabilize or transfer wealth to the top!

The U.S. Treasury, Federal Reserve, and Federal Deposit Insurance Corp banded together to create the Bank Term Funding Program (BTFP — the bureaucrats are going for the laughs with the acronyms at this point), which gives 1-year financing to eligible banks against Treasury/mortgage-backed security collateral at par. They also announced that uninsured depositors at two failed banks (the known failure Silicon Valley Bank, as well as the newly-shuttered Signature bank) will be made whole.At the...

 Monetarists….  😂😂😂😂😂😂😂Jerome Powell testified in front of the banking committee this week.COMMITTEE: “Do you see any systemic risk in the banking system because of the rapid rise of interest rates?”POWELL: “No”🥴— Genevieve Roch-Decter, CFA (@GRDecter) March 12, 2023

Pretty good breakdown: If youre a big firm you’re going to have to get all your USD to a 100% govt money market fund and establish your own credit union staffed by your own people for the firm to use for payroll and current accounts payable/receivable... US banking system completely unusable with these Art degree monetarist morons trying to operate it…

Last Friday (March 10, 2023), the US Bureau of Labor Statistics (BLS) released their latest labour market data – Employment Situation Summary – February 2023 – which revealed a slight dip in the number of net payroll jobs created and a slight increase in the unemployment rate. It is too early to say whether this marks a turning point in the US labour market after several months of interest rate increases. We will know more about that next month. January’s result was very strong, so a slight...

With the FDIC auction underway, the Silicon Valley Bank Crisis may either be over or raging uncontrollably when you read this. I lean towards the scenario of excitement winding down, but at the same time, I know literally nothing about the quality of SVB’s asset book. Rather than speculate, I just want to point out what I see as key: credit market conditions (including wholesale funding) are the only thing the Fed really cares about. Even if one worries about other large regional banks,...