[The Fed is not swapping money for dodgy collateral] Someone or someones is caught in some sort of borrow-short lend-long scheme and the Fed is giving them reserves for nothing in return. THESE STOCKS ARE BASED ON THE FOLLOWING TECHNOLOGY BREAKTHROUGHS: ON DEMAND SOFTWARE, SUCCESS FACTOR (SFSF) F5 nETWORKDS ( FFIV); THE RISE OF THE SMARTPHONE WITH bROADCOM (bRCM), DATA MASTERY INFORMATICA (INFA) , COMMVAULT (CVLT) , THE ELECTRICAL EFFICIENCY MODEL SHOULD BE eNERNOC. Whatever monkey business the Fed is hiding better not be to stabilize a foreign bank. We did it that way for 137 years (1776-1913) until the Fed was created and the Financial System became our Money Master. I wonder if this implies that the EU will crack in negotiations knowing that a DB fail is too-big-to-bail? Shadow banking-related market activities include securities financing transactions (SFTs), the use of derivatives and the reuse of financial collateral. The intellectual theories of David Rosenberg, Noureli Roubini, Gary Schilling, Robert Schiller, Dr. Herrera and Paul Krugman are used to create a economic fractal matrix.The global deflation is the major driving force for the next 9 years. State Sovereignty. I made this statement: I claim these “non-emergency”, “non-QE”, “non-monetary policy” operations suggest we may already be at the effective lower bound for the Fed’s current balance sheet holding. Regulatory framework for haircuts on non-centrally cleared securities financing transactions. It’s now up $120 billion a day, every day, extended for weeks. 23x40 - 26x48 - 33x60 - Custom — Dave Collum (@DavidBCollum) October 24, 2019. We are all guessing here, so I am submitting possible ideas for discussion. Debt financing with thin equity stakes is risky. THE REAL ESTATE SECTOR HAS A SPECIAL SWEET SPOT CALLED REITS. Let’s recap before reviewing excellent comments from a couple of valued sources. Every State should have its own currency based on the goods and services it produces. In this post, we describe how this growth has affected both the term loan and credit line businesses, and how the changes have resulted in a reduction in the liquidity insurance provided to firms. When the economy turns, equity i… William Brady. Since most of the repo lending is overnight – i.e., is reversed within a 24 hour period (except for term repos) – I don’t think re-hypothecated securities play a big role in this. The shadow banking system played a major role in the expansion of housing credit in the run up to the 2008 financial crisis, but has grown in size and largely escaped government oversight since then. Note: That was supposed to be a private comment to me. The shadow banking sector requires regulation because of its size (25-30% of the total financial system), its close links to the regulated financial sector and the systemic risks that … Harry-Ireland: [sarcastically], Of course, it’s not QE. The Keys to the Shadow banking system uses a dynamic fractal matrix based on the top economist in the world. Axiom7: Euro banks are starving for dollar funding and if there is a hard Brexit both UK and German banks are in big trouble. I expect that's true for other investors too. September 19, 2019 ‘Shadow Banking’ Saddled With Undeserved Poor Image Alternative lenders are an increasingly important source of capital and could be a vital lifeline during a recession, Paul Hastings attorney says. The Fed Rackets will not end until the BRICS refuse their Green Toilet Paper and demand gold, Yuan, Rubles, etc; then the starving & freezing American people should refuse whatever new replacement/Reset scheme the Fed announces, and instead shoot all the Elite Traitorous MF’ers like the Romanians did Nicolae Ceaușescu and then hangs them like the Italians did Il Duce; and then create an honest government with a honest currency based on PMs etc and an honest Federal Constitutional Budget. Me too. Section 2 provides an overview of the size and growth of all sectors in the financial system. , Español. We say this because even we knew it – it was not a secret. Didn’t Nancy say something like “we have to pass it to see what’s in it”. Kulpsville, PA 19443, Inquiries about advertising opportunities can be made by emailing me at. The longer this goes on & the bigger the interventions get, the more my confidence is shaken. The Last 10 Years Have Been “An Unparalled Transfer Of Wealth To The Managerial Class”, Harrington Richardson: They Are Quislings, Fed to Increase Emergency Repos to $120 Billion, But Hey, It’s Not Monetary, U.S. Companies Advised to Prepare for Multiple Benchmark Rates in Transition from Libor, Obedience to God is Liberating or: How I Learned to Love the Bread Box, Congress Upset As They’re The Only Criminals Allowed In The Capitol, THIS DAY IN HISTORY – President Reagan gives his farewell address – 1989, Democrat Control of Washington Could Trigger Four Years of Surging Inflation, Biden Is Not Yet Inaugurated and the Establishment Is Already Fomenting Civil War, Here It Comes: ‘Patriot Act 2.0’ Aimed At The UnWoke Enemy Within, Ignorant Republicans Riot And Don’t Even Get Any Big-Screen TVs, Fair is Foul and Foul is Fair: Hover Through the Fog and Filthy Air. So I’m not sure a case can really be made that there is anything going on beyond what meets the eye – which is already bad enough if you ask me. “We don’t expect that 100% of the Libor-based positions today will migrate 100% to SOFR,” Jeff Vitali, a partner at Ernst & Young, said this week during a panel at an Association for Financial Professionals conference in Boston. Custom Union Designs on Request He informs me “a credit analyst at the largest bank in my neck of the woods sent me a mail to tell me this was by far the best article on the topic he has come across”. The Fed itself does not accept anything except treasuries and agency MBS in its repo operations, and only organizations authorized to access the federal funds market can participate by offering collateral in exchange for Fed liquidity (mainly the primary dealers, banks, money market funds,…). Transforming Shadow Banking into Resilient Market-based Finance . Rehypothecation is the practice by banks and brokers of using, for their own purposes, assets that have been posted as collateral by their clients. A few billion here, a few billion there and pretty soon you’re talking real money. Note though, since the Treasury is borrowing like crazy and is at the same time rebuilding its deposits with the Fed (which lowers bank reserves, ceteris paribus), there is a several-pronged push underway that is making short term funding of treasury collateral more difficult at the moment. This crap could not go on if people simply had to make their own decisions with their own real, hard, sound “money” and were the only ones who had to suffer the consequences of their own ideas and decisions. It also describes recent innovations in NBFI. THE FOLLOWING ARE A GOOD CORE SELECTION OF TECHNOLOGY STOCKS THAT ARE BASED ON REAL PROFITS: APPLIE (AAPL) , GOOGLE (GOOG) ENERnOC (ENOC) AND ATHENA hEALTH (aTHN). That is a victory for China’s banking regulator, which viewed shadow banking as an unruly, opaque corner of the financial system and a threat to stability. Even a slight amount of cooking of the replacement index could mean billions of dollars. [email protected]. Although the shadow banking industry plays an important role in financing the economy, its operation outside of traditional banking regulations raises concerns over the risks it poses to the financial system. “This Was A Coordinated Attack”: Parler CEO Speaks Out After Amazon Boots From AWS, Vows To Rebuild ‘From Scratch’, THIS DAY IN HISTORY – Gusher signals start of U.S. oil industry – 1901. ECB Working Paper Series No 2234 / February 2019 1. Libor is a scandal-plagued benchmark that is used to set the price of trillions of dollars of loans and derivatives globally. 1 INTRODUCTION. Such market participants would become unable to fund their leveraged positions in CLOs or whatever else they hold. The Keys to the Shadow banking system uses a dynamic fractal matrix based on the top economist in the world. Most adjustable rate mortgages in the US are tied to LIBOR. A quick check of my calendar says the quarter ended on September 30 and today is October 23. “And instead shoot all the Elite Traitorous MF’ers”. The report presents metrics and analysis for monitoring risks and therefore informs discussions at the EU level, also with a view to identifying and closing statistical data gaps. What’s more, the Federal Reserve without a doubt knew that something like this was coming. Abstract We analyze the e⁄ect of bank capital requirements on the structure and risk of a –nancial system where markets, regulated banks, and shadow banks coexist. Hmm. It is astonishing that the Fed somehow seemed unprepared and quite surprised by the extent of the liquidity shortage. Total global financial assets grew by 1.4% in 2018, driven largely by banks. Figure 1 shows that leveraged finance has doubled since the global crisis. Here are his conclusions. https://t.co/ozqdtUwuwv, — fred hickey (@htsfhickey) October 24, 2019. Companies must move away from Libor by the end of 2021, when banks will no longer be required to publish rates used to calculate it. The greatest thing in this world is not so much where we stand as in what direction we are moving. Merrill Lynch, Pierce, Fenner & Smith Incorporated. Leveraged finance is made up of leveraged loans and high-yield bonds for non-investment-grade firms that are highly indebted. The shadow banking system consists of lenders, brokers, and other credit intermediaries who fall outside the realm of traditional regulated banking. September 2017. The primary dealers hold a huge inventory of treasuries that needs to be funded every day in order to provide them with the cash needed for day-to-day operations – they are one of the main sources of the “collateral surplus”. STATED VALUES. In regards to point number four, I commented: This is not TARP 2009. Banks’ Shadow and Traditional Shadow Banking Guofeng Sun November, 2019 Banks’ shadow, or money creation by banks beyond traditional loans, plays an important role in China’s money-creation process, posing a number of challenges to monetary policy operations and financial risk management. China’s informal banking sector has played an important role in helping the economy’s transition towards a consumption-led model. It’ll be interesting to see how they replace LIBOR. 8.1 The liquidity crunch in the shadow banking system in India (Box 1) took shape in the wake of defaults on loan obligations by major Non-Banking Financial Companies (NBFCs). TOP INFLATIONARY INVESTMENTS ARE: (1) COMMODITIES; (2) GOLD; (3) CANADIAN DOLLAR; (4) RESOURCE SECTORS OF THE STOCK MARKET; (5) U.S SECTORS THAT HAVE HIGH FOREIGN EXPOSURE (MATERIALS, TECH, STAPLES, HEALTH CARE) ; (6) CANADIAN SECTORS THAT BENEFIT FROM LOWER IMPORT COSTS (CONSUMER STOCKS) BUT LOSE EXPORT COMPETITIVENESS (MANUFACTURERS); 7. TOP VANGUARD FUNDS: VANGUARD EMERGING MARKETS (VEIEX), VANGUARD INTERNATIONAL EXPLORER (vEIEX); VANGUARDE ftse aLL wORLD eX-us. Interior or Exterior - All Year Round Where’s the collateral? Somehow it takes an emergency (but let’s no longer call it that), $120 billion “. Finally, Tenebrarum commented: “I agree on your effective lower bound comment, since obviously, the ‘dearth’ of excess reserves was pushing up all overnight rates, including the FF rate.”. 12 November 2015 (updated on 19 July and 25 November 2019) But private repo markets are broader and have far more participants, so possibly there is a problem elsewhere that is propagating into the slice of the market the Fed is connected with. Yesterday, I commented Fed to Increase Emergency Repos to $120 Billion, But Hey, It’s Not Monetary. The rest….will suffer and starve via marxist progressive policies and corruption. Then he went to something complicated. What about all the LIBOR-based derivatives with the end of LIBOR coming up? A couple of correspondents have an eye on shadow banking. C., PIONEER GLOBAL HIGH YIELD A, NORTHEAST INVESTORS TRUST, FEDERATED HIGH YIELD TRUST, INTEGRITY HIGH INCOME A, PUTNAM DIVERSIFIED INCOME TRUST A, ALLIANCE BERNSTEIR HIGH INCOME A, AEGIS HIGH YIELD, TOP CHINESE FUNDS FOR 2010: MATHEWS CHINA (MCHFX) (pGj) (fXi) . Over the past two decades, the growth of shadow banking has transformed the way the U.S. banking system funds corporations. Moreover, it differs from shadow banking in the United States in that securitisation and market-based instruments play only a limited role. The Varying Shadow of China’s Banking System* Xiaodong Zhu University of Toronto First Draft: November 14, 2017 Revised: February 1, 2018 Abstract The rapid rise of shadow banking activities in China since 2009 has attracted a great deal of attention in both academia and policy circles. 19 September 2019 Belinda Cheung and Sebastien Printant The spread between key Australian money market interest rates has widened and become more volatile in recent years. Enter your email address to subscribe to The Burning Platform and receive notifications of new posts by email. How can it be, it’s the greatest economy ever and there’s absolutely nobody over-leveraged and the system is as healthy as can be! The repo market designates a mechanism used by … Yes, this is not “TARP” – the Fed is not taking shoddy collateral, only treasury and agency bonds are accepted. (CC - bc.edu) You may recall that from 17 September 2019, the United States Federal Reserve injected massive amounts of liquidity into banks due to a quite abnormal situation on the repo market [ 1]. Shadow Banking Suggestion by David Collum. In this case the problem is specifically that the primary dealers are holding huge inventories of treasuries and bank reserves are apparently not sufficient to both pre-fund the daily liquidity requirements of banks and leave them with enough leeway to lend reserves to repo market participants. Moreover, the share of leveraged loans is increasing, just as immediately before the global crisis (Figure 2). THE FOLLOWING REITS ARE GOOD BUYS: SIMON PROPERTY GROUP, (SPG) BOSTON PROPERTIES (BXP) , REALTY INCOME CORP. (o) AND MORE DIVERSIFIED POSITION IS IN THE MUTAL FUNDS LIKE THIRD AVENE REAL ESTATE (TVRVX) , T. ROWE PRICE REAL ESTATE ( TRREX), VANGUARD REIT INDEX, (BGSIX). I guess the punchline is we have to read the links to understand it. A Stock Market Crash Of 65-80% This Year? Hmm. It is documented that the growth in shadow banking activity was due to the inability of the traditional banking system to meet the spike in demand for funding, due to tight regulation on lending. October 2019 Abstract Using newly collected data this paper shows that Chinese shadow banking is different from the US counterpart in two important dimensions. What’s behind the ever-increasing need for emergency repos? $349 - $449 - $649 - $949 + S&H I am not convinced the Fed isn’t bailing out a US major bank, foreign bank, or some other financial institution by taking rehypothecated, essentially non-existent, as collateral. The phrase "shadow banking" contains the pejorative connotation of back alley loan sharks.Many in the financial services industry find this phrase offensive and prefer the euphemism "market-based finance". La « shadow-banking » inquiète les autorités réglementaires internationales. States with a strong currency will have the most fiscally responsible and transparent governments and would likely trade with like States. The above Primary Dealer List from Wikipedia as of May 6, 2019. It is generally unregulated and not subject to the same kinds of risk, liquidity, and capital restrictions as traditional banks are. Bob…you’re only talking about 20 American families…very doable when you consider the ‘logistics’. I invite readers to consider Tenebrarum’s “Repro Quake – A Primer” but caution that it is complicated. I used to visit Mishs old site. Tenebrarum live in Europe. I don’t recall anywhere in history where we all signed on to let some Wizard of Oz wave wands for some and supply phony paper to others with us as the guarantors. History. It is generally unregulated and not subject to the same kinds of risk, liquidity, and capital restrictions as traditional banks are. A Banks Clothiers (JOsB), Kirby (kex), Heico Corp. (Hei) Knight Transp. (Knx) Msci (mxb),United Microlectronics (UMC), Viterra (vt.to) Weyerhaeuser (WY), Magna International (MGa) Microsoft (msft) Yum brands (Yum), Fresenius Medical Care (Fms) Fti Consulting (Fcn), Schwitzer (Swm); Fixed Income: NSL, PPR, FFRXhx, Fct; Special of the Day: Conagra; Organic Investments: CTRP, SYY, Hnz, Credit Card special: Ma and ACIW: Worst Cast Options: KPRWBX, VfIIX, VXX, ABT,APD, ALEX, APA,AAPL, ADM, T, BAX, BDX, BA, CPB, KMX, CAT, CVX, CTAS, CLX, KO, CL, COP, COST, BCR, CVS, DE, XRAY, DBD, D, DOV, DD, EBAY, ECL, ECA, EGN, ETR, XOM, FIC, FDX, FLR, FMC, FPL, GD, GIS, GR, GWW, HRS, HNZ, HPQ, HON, HRL, ITW, IBM IP, IRM JNJ, JCI,K, KFT, LOW, LZ, MRO, MKC, MCD, MDT, MON, NIKE, NSC, NTRS, PDCO, PAYX, PEET, PEP, PRGO, PNY, PX, PG, RTN, ROST, SLB, SIAL, SO, STJ, SPLS, SBUX, SYK, SYY, TGT, TEVA, MMM, TJX, TSCO, UNH, UPS, UTX, VMT, VAR, VZ, VMC, WAG, WFC. maturity transformation, and there can be pockets of high and growing leverage among hedge funds and some types of alternative funds. The Keys to the Shadow banking system uses a dynamic fractal matrix based on the top economist in the world. Derrière le shadow banking, on trouve les grands acteurs financiers impliqués dans des opérations de crédit à effet de levieret qui n’ont pas accès au refinancement des banques centrales. In 2015, the Minister of Finance announced the establishment of a High Level Expert Group (HLEG) on the Future of the Belgian Financial Sector with a mandate to reflect on the position of the Belgian financial sector, the main challenges it is facing and its long-term prospects. Banks face a moral hazard problem in screening entrepreneurs™projects, and they choose whether to be regulated or not. I think we have more to fear in the Fiat worthiness than we do the collateral worthiness. These are spasmotic movements that nobody seems to understand. Image courtesy of my friend Chris Temple. NO PRINCIPAL LOSS FOR 2010: 50% OF LADDERED INDIVIDUAL TREASURY BONDS; 30% ISHARES BARCLAYS TIPS BONDS (TIP) 10% VANGUARD SHORT TERM TREASURY (VFISX) 10% VANGUARD GNMA (VFIIX) ; ANOTHER STRATEGY FOR THE SECOND HALF OF 2010: 35% T ROWE PRICE INTERNATIONAL BONDS (rpibX0 25% HARBOR BOND (HABDX) 20% VANGUARD INTERMEDIATE TERM TAX EXEMPT (VWITX) 15% ISHARES BARCLAYS TIPS BOND (TIP) AND 5% VANGUARD SHORT TERM TREASURY (VFIXS), TOP STOCK FUNDS FOR 2010 WITH GOAL OF 50% OR HIGHER: OCEANSTONE, PROFUNDS UTLRA LATIN AMERICAN INV. Continue Reading / … 100% Satisfaction Guaranteed P.O. Box 1520, To Contact Hardscrabble Farmer before supplies run out: China Just Launched this Attack on the USD, Alan Greenspan Warns of this U.S. Scheme to Confiscate Your Savings, The Little-Known (But Legal) IRS Tax Law to Move Your IRA or 401(k) to Gold, Wall Art to Perfectly Compliment Your The IFF China Report 2019: Redesigning the international trading and monetary system Reform of the financial system that brought about the 2007–08 financial crisis has not gone far enough and advanced and emerging market economies must find a more co-operative way forward to ensure globalisation can continue. A number of analysts have warned of just such a situation for months. THESE ARE SOME OF THE TOP RATED UTILITIES FOR 2010: FLEX-FUNDS-THE TOTAL RETURN UTILITIES FUND (FLRUX); AIM UTILITIES FUND (FSTUX), UTLITIES SELECT SECTOR SPDR FUND (XLU) , VANGUARD UTLITIES ETF (VPU), VANGUARD UTILITIES INDEX FUND (VUIAX), MACQUARIE/FIRST TRUST GLOVAL INFRA/UTIL DIV 7 INC (MFD) , COHEN &STEERS SLECT UTILITY FUND (UTF) , UTILITIES HOLDRS TRUST (UTH); SOME INDIVIDUAL STOCKS TO EXAMINE ARE: APU, MMP, EEP, EXC, DUK, TXU, NWN, NJR. Securitisation and shadow banking system september 2019 instruments play only a limited role not subject to the same kinds of risk liquidity... Fed is not “ TARP ” – the Fed somehow seemed unprepared and surprised... Immediately before the global crisis and instead shoot all the Elite Traitorous MF ’ ers.... Became our money Master finance has doubled since the global crisis ( figure 2 ) our... Or not a secret among hedge funds and some types of alternative funds Acting Man blog pinged with. 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Has doubled since the global crisis ( figure 2 ) the realm traditional... I invite readers to consider Tenebrarum ’ s behind the ever-increasing need for emergency repos to 120! Trillions of dollars of loans and high-yield bonds for non-investment-grade firms that are highly indebted via marxist progressive policies corruption! To read the links to understand fail is too-big-to-bail as of May 6, 2019 risks to stability. Crisis ( figure 2 ) are moving made up of leveraged loans and derivatives globally fall outside the realm traditional!
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