ASIA:   The People’s Bank of China has reduced interest rates for medium-term lending and reverse repos, with a 15 basis point decrease for MLF (now 2.5%) and a 10 basis point decrease for reverse repos (now 1.8%). This move aims to counter the effects of the tax payment peak and maintain reasonable banking system […]

COMMENT: Marty, I hear Trump is to be arraigned, this time the first with a mugshot that will certainly go viral worldwide, on Aug. 25th. This is immediately after the BRICS summit on Aug, 22-24 with discussions of a new non-dollar trading currency. I can’t believe these lunatics are going to prove to the world […]

Britain’s four largest banks have reported that clients have withdrawn £78 billion, marking the steepest bank run since 2018. NatWest, Barclays, Lloyds, and HSBC all reported significant withdrawals in the 12 months leading up to June 2023. Worsening matters, the House of Commons Treasury Committee accused the four banks of “blatant profiteering” and “squeezing higher […]

Credit card balances in the US have surpassed $1 trillion for the first time, with balances up almost 20% from a year ago. The Federal Reserve Bank of New York reported that total credit card debt stood at $986 billion in the first quarter of 2023, unchanged from the record hit at the end of […]

Moody’s has cut the credit ratings of ten small and mid-sized banks. The agency cited higher funding costs, rising interest rates, and increased risked due to the failing commercial real estate sector. M&T Bank, BOK Financial, Webster Financial, Pinnacle Financial, Old National Bancorp, and Fulton Financial were among the banks that received downgraded ratings. But […]

ASIA:   The major Asian stock markets had a mixed day today: NIKKEI 225 decreased 172.96 points or -0.53% to 32,204.33 Shanghai decreased 16.13 points or -0.49% to 3,244.49 Hang Seng increased 61.86 points or 0.32% to 19,246.03 ASX 200 increased 26.90 points or 0.37% to 7,338.00 Kospi increased 31.14 points or 1.21% to 2,605.12 […]

ASIA: China raised its gold reserves for a ninth straight month in July as central bank purchases continue to underpin prices of the precious metal. Bullion held by the People’s Bank of China rose by 740,000 troy ounces, the central bank said on Monday. That’s equivalent to about 23 tons. Total stockpiles now sit at […]

  COMMENT: Thank you for your private blog on interest rates. We seem to have the dumbest people in government possible. How could they sell debt when China was the largest holder and then threaten them with war over Taiwan? A third-grader would see the illogical assumption in this position. If they cannot sell the […]

QUESTION: Marty, Will the Brics launching a gold backed currency be the catalist for bankrupting 3rd world economies? Or is it rising interest rates on their debt? Tks for all the light u share in a confusing economic landscape. Cbeers .baldy ANSWER: It is unlikely that we are looking at a BRICS single currency like the […]

Chapter 11 bankruptcies in the US rose by 68% during the first six months of 2023, according to Equip Bankruptcy. You may have survived the pandemic, but surviving Bidenomics is proving too much for many businesses. There were 1,766 filings during the first six months of 2022, compared to the 2,973 businesses that went under […]