Keep an Eye on the Yen

Global financial crises have a tendency to spring upon the world unsuspected, especially if the foreign exchange markets are involved, since they tie all global markets together (equities, bonds, commodities, derivatives). That’s why it is necessary to keep one eye fixed for the moment on the yen.

The yen was trading around Yen 100/$ […]

What do you call….?

It’s always been: “What do you call 100 lawyers at the bottom of the sea?” “A good start.”

What do you call 39 dead bankers?

[…]

US Federal Reserve Initiates Investigation of New York Federal Reserve

Value Walk, By Mark Melin, November 21

After press reports reveal more than a cozy relationship, but sharing of confidential documents, investigation called for on eve of Senate testimony on the issue

After a withering expose in The New York Times that showed bank regulators at the New York Federal Reserve sharing confidential information with […]

Senate Report: Banks Had Unfair Commodity-Market Advantages

Report Notes Deals Between Goldman, Deutsche and Others Drove Up Aluminum Prices

The Wall Street Journal, by Christian Berthelsen & Ryan Tracy, November 19

Washington — A U.S. Senate report on commodity-market activities at big Wall Street banks accuses the firms of being so powerful they were able to influence prices, gain trading advantages and […]

Making Fools of the Fed

Just about everything the Federal Reserve Bank does speaks of dignity. Dignified premises, dignified public relations, dignified people running and staffing the institution. The same applies to all the other major central banks, like the Bank of England, the Banque de France, the Deutsche Bundesbank, the European Central Bank, and the Bank of Japan. You […]

Foreign exchange fines: banks handed £2bn in penalties for market rigging

Regulators in US and UK mete out record fines after finding a ‘free for all culture’ on currency trading floors at RBS, HSBC, Citibank, JP Morgan and UBS

The Guardian, By Jill Treanor, November 12

The corruption of the world’s biggest currency dealers was laid bare on Wednesday when regulators imposed £2bn of fines on […]

The $9 Billion Witness: Meet JPMorgan Chase’s Worst Nightmare

Rolling Stone!, By Matt Taibbi!, November 6

She tried to stay quiet, she really did. But after eight years of keeping a heavy secret, the day came when Alayne Fleischmann couldn’t take it anymore.

“It was like watching an old lady get mugged on the street,” she says. “I thought, ‘I can’t sit by […]

Just When You Thought QE Had Ended

New Japanese head guy, wants to rearm and provoke China.  A real genius!

(originally posted Oct 31) This week the Federal Reserve put an end to their fourth round of Quantitative Easing, having exploded their balance sheet from $800 billion at the start of QE, to over $3 trillion today. Everyone thought that the financial markets would now have to live without the monetary dope that has been […]

The world economy is flying with only one engine

The pilots of the global financial system must navigate menacing storm clouds, and fights are breaking out among the passengers, writes Nouriel Roubini

The Guardian, By Nouriel Roubini, November 2

The global economy is like a jetliner that needs all of its engines operational to take off and steer clear of clouds and storms. Unfortunately, […]

The Zombie System: How Capitalism Has Gone Off the Rails

Six years after the Lehman disaster, the industrialized world is suffering from Japan Syndrome. Growth is minimal, another crash may be brewing and the gulf between rich and poor continues to widen. Can the global economy reinvent itself?

Der Spiegel, By Michael Sauga, October 23

A new buzzword is circulating in the world’s convention centers […]

Dmitri Orlov: How to start a war and lose an empire

I somewhat infrequently read Dmitri Orlov. He’s Russian born, but moved to the US as a child, was educated here and wrote a book called Reinventing Collapse which I found illuminating. He recently penned a piece about our indelicate handling of the rest of the world, taken from his Russian perspective. I don’t necessarily share […]

The audacity to ‘fart in the elevator’ and the lingering anger over the AIG bailout

The government gave AIG $180bn. The company’s former CEO is suing, claiming it robbed him of the value of his shares.

The Guardian, By Chris Arnade, October 9

The senior managing director – a top-ranking banker – walked onto the crowded elevator, focus fixed on her Blackberry, pressed the elevator button and farted loudly. As […]

Fired financial regulator releases secret tapes of Goldman Sachs meetings

Carmen Segarra, 41, said she began recording meetings because she couldn’t believe how the regulators bowed and scraped to the behemoth investment bank. The tapes were released to ProPublica and This American Life.

New York Daily News, By Ginger Adams Otis, September 27

A fired financial regulator whose job was to oversee Goldman Sachs for […]

The United Kingdom Nearly Died for Margaret Thatcher’s Sins

The Scots got sick and tired of Thatcherite policies imposed from London.

The American Prospect, By Robert Kuttner, September 23

Why on earth did the Scots, largely quiescent as part of Great Britain for three centuries, suddenly become the mouse that roared?

It wasn’t because they became besotted watching re-runs of Braveheart or Rob Roy, […]

Obama Despair

It seems like so very long ago, many of us here at The Agonist gave up on Barack Obama. It was long ago – six years now – which is a long time considering the progress the United States could have made had Obama been the leader he promised to be. My disillusionment was almost […]

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