@dcarr said:
You are clearly an apologist for the banking status quo.
I'm an apologist for industries that help America create jobs and remain competitive in the global economy. You want Chinese and Japanese banks dominating world finance ?
Check out what has happened to British and European banks the last 15 years. Totally wrecked.
The price of a particular bank stock is hardly the only consideration.
It's a good indication if they are reaping undeserving rewards like you keep whining about.
When a corporation goes bankrupt and creditors come calling, there are often "claw-back" procedures. The >purpose is to recover for the creditors money that the corporation diverted to other entities prior to the bankruptcy >filing.
That's RARELY the case with big companies since they are so heavily regulated. It happens with small privately held businesses or micro-cap businesses. You think Lehman or Bear Stearns were able to shift billions ? No, they couldn't.
Many banks have gone into receivership or have otherwise been bailed out. Have any of these banks ever taken >back dividends or bonuses that they paid out prior to their failure and used those funds to offset their losses >ionstead of taking a bailout) ?
Which banks have been "bailed out" after paying unearned bonuses or dividends ??? NONE !!! And you can't go back in time and take back employee pay.
I'm all for American industrial and business success. But I don't want any banks "dominating" anything.
Did regulators claw back bonuses and dividends that Lehman and Bear Stearns paid out prior to their failures ?
Big bonuses paid to executives should be subject to claw-backs.
Are you a compensated spokesperson ?
As Shakespeare would write: "Me thinks thou doth protest too much".
I'm all for American industrial and business success. But I don't want any banks "dominating" anything.
We have 4,000 banks in this country. Most countries have just a few dozen, tops. Nobody is "dominating" anything domestically but U.S. banks are the global finance leaders which is good for our country.
If you want to put U.S. banks out of business so Chinese and Japanese and European banks can have it all to themselves...just say so.
Did regulators claw back bonuses and dividends that Lehman and Bear Stearns paid out prior to their failures ?
Big bonuses paid to executives should be subject to claw-backs.
No, not unless there is fraud can you do that. I do think that most of the compensation should be in RSUs or long-term incentive compensation with 5-year vesting since problems usually take a long time to appear.
Jamie Dimon just sold stock in JPM for the first time in 17 years. He has over 8 MM shares of the stock and sold about 1 MM shares. He's certainly been a long-term holder and JPM is the best bank in the world.
Are you a compensated spokesperson ? > As Shakespeare would write: "Me thinks thou doth protest too much".
No, but I hate disinformation or errors like Socialists and Marxists make all the time -- you know, the folks you dislike -- which is why I am correcting you. Bad information is unhealthy for a democracy.
I'm all for American industrial and business success. But I don't want any banks "dominating" anything.
We have 4,000 banks in this country. Most countries have just a few dozen, tops. Nobody is "dominating" anything domestically but U.S. banks are the global finance leaders which is good for our country.
If you want to put U.S. banks out of business so Chinese and Japanese and European banks can have it all to themselves...just say so.
Did regulators claw back bonuses and dividends that Lehman and Bear Stearns paid out prior to their failures ?
Big bonuses paid to executives should be subject to claw-backs.
No, not unless there is fraud can you do that. I do think that most of the compensation should be in RSUs or long-term incentive compensation with 5-year vesting since problems usually take a long time to appear.
Jamie Dimon just sold stock in JPM for the first time in 17 years. He has over 8 MM shares of the stock and sold about 1 MM shares. He's certainly been a long-term holder and JPM is the best bank in the world.
Are you a compensated spokesperson ? > As Shakespeare would write: "Me thinks thou doth protest too much".
No, but I hate disinformation or errors like Socialists and Marxists make all the time -- you know, the folks you dislike -- which is why I am correcting you. Bad information is unhealthy for a democracy.
.
Banks also engage in disinformation campaigns (such as claiming that fewer bank regulations to comply with is always better).
Bank stocks may be down, rightfully so - but top managements are doin’ just fine thank you very much.
Holding 10 year treasuries that are deep underwater while the regulators allow their books to reflect 100% maturity values illustrates clearly the level of corruption that exists in banking and in the regulatory system. There’s no other reasonable explanation.
Bailouts/bail-ins beyond all recognition are on the horizon after the credit & liquidity collapse is complete and can’t be covered up any longer - even with massive war and social engineering spending by big government.
Bailouts & bail-ins are absolutely a socialization of losses - nothing less than that - while top managements still collect their perks & compensation, no big deal. Nobody gets fired - if the banks and their stock prices are doing so poorly - why not? Why no consequences?
Only an apologist for the corrupt banking system would deny the games they play.
Continuing to throw in comments about union corruption is only a distraction from the real issue of the malfeasance in banking and their manipulation via Congress.
Jamie Dimon sees what’s coming. He should, since he’s in on the scam. He obviously has an alternative in mind for his assets other than JPM stock.
Q: Are You Printing Money? Bernanke: Not Literally
@dcarr said:
Banks also engage in disinformation campaigns (such as claiming that fewer bank regulations to comply with is >always better).
Except they don't say that. They want common-sense regulation.
If some banks act irresponsibly, they will go out of business and the costs of the cleanup will be borne by the survivors so responsible banks (usually the big ones) do not want reckless regulation or lack thereof.
You really appear to just make up your "facts" on banking and finance.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
@dcarr said:
Banks also engage in disinformation campaigns (such as claiming that fewer bank regulations to comply with is >always better).
Except they don't say that. They want common-sense regulation.
If some banks act irresponsibly, they will go out of business and the costs of the cleanup will be borne by the survivors so responsible banks (usually the big ones) do not want reckless regulation or lack thereof.
You really appear to just make up your "facts" on banking and finance.
Just yesterday big bank CEO's were asking Congress and the Federal Reserve not to implement regulations for higher reserve requirements and lower fees for consumers:
@derryb said:
Great commentary from a US educated Swiss lawyer living in Russia. Note that BRICS now has 11 nation members that:
make up 46% of the world population
produce 36.9% of world GDP
produce 45% of the world's oil
produce 36.9% of the world's NG supply
mine 25% of the world's gold supply
The move against the petrodollar is growing and your news sources are not telling you. BRICS will change the world slowly
How big are their money markets ? Their bond markets ?
Can you get your money out of the country ? Legendary investor Mark Mobius needed weeks or months to get money out of mainland China. This was a few million dollars. What about moving tens of BILLIONS overnight ?
YOUR news sources are not well-informed about what a reserve currency is or needs. As someone who has invested billions overnight, I do.
A Swiss lawyer living in Russia doesn't know financial markets. Tell me about a bond manager with $100 billion and where they custodian THEIR client assets.
@dcarr said:
Just yesterday big bank CEO's were asking Congress and the Federal Reserve not to implement regulations for higher reserve requirements and lower fees for consumers:
Wrong. You clearly spent 30 seconds researching this, Dcarr.
The capital requirements are by globalists in Basel who want to hamstring U.S. banks. European banks can't compete but the rules won't hit them. Chinese banks are big enough to be hit but they will get free Yuan from the government.
The Basel Capital Rules are a tax on American banks and consumers. How would YOU Like it, Dcarr, if your manufactured coins or tokens or whatever you make were subject to a 200% tax with the proceeds being used to help your competitors and for oversight ?
You appear to be nothing but an apologist for your banking friends and the financial "industry".
The lead cheerleader yesterday was Sherrod Brown of Ohio. He attacked the banks without any facts.
He is also the SAME GUY who gave the Teamsters CSPF $36,000,000,000 with no payback to the taxpayers. Why don't you ask your friend if he's an apologist for his union friends in the AFL-CIO and Teamsters ?
You can't answer this question because it shows you are not informed on the issues.
@derryb said:
Great commentary from a US educated Swiss lawyer living in Russia. Note that BRICS now has 11 nation members that:
make up 46% of the world population
produce 36.9% of world GDP
produce 45% of the world's oil
produce 36.9% of the world's NG supply
mine 25% of the world's gold supply
The move against the petrodollar is growing and your news sources are not telling you. BRICS will change the world slowly
A Swiss lawyer living in Russia doesn't know financial markets. Tell me about a bond manager with $100 billion and where they custodian THEIR client assets.
The thread is about BRICS's affect on the petrodollar. A bond manager with $100 billion in client's assets appears to know nothing about BRICS's attack on the petrodollar. Me? I'm in petrorealestate and petroPMs. I only hold enough dollars to pay the bills. Good luck with the $100 billion (petrodollars), but I do believe in the long run BRICS will cause your clients (and you) much regret.
Some see the train coming and others get caught on the tracks.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
@dcarr said:
Just yesterday big bank CEO's were asking Congress and the Federal Reserve not to implement regulations for higher reserve requirements and lower fees for consumers:
Wrong. You clearly spent 30 seconds researching this, Dcarr.
The capital requirements are by globalists in Basel who want to hamstring U.S. banks. European banks can't compete but the rules won't hit them. Chinese banks are big enough to be hit but they will get free Yuan from the government.
The Basel Capital Rules are a tax on American banks and consumers. How would YOU Like it, Dcarr, if your manufactured coins or tokens or whatever you make were subject to a 200% tax with the proceeds being used to help your competitors and for oversight ?
You appear to be nothing but an apologist for your banking friends and the financial "industry".
The lead cheerleader yesterday was Sherrod Brown of Ohio. He attacked the banks without any facts.
He is also the SAME GUY who gave the Teamsters CSPF $36,000,000,000 with no payback to the taxpayers. Why don't you ask your friend if he's an apologist for his union friends in the AFL-CIO and Teamsters ?
You can't answer this question because it shows you are not informed on the issues.
.
Sharrod Brown is not a friend of mine. I'm not surprised that he or any other politician would be an apologist for the Teamsters. But that is not what we are discussing here and you are using this as a diversion.
.
The Federal Reserve lowered bank reserve requirements to 0% during "Covid".
.
Federal Reserve wrote:
"Effective for the reserve maintenance period beginning March 26, 2020, the 10 percent required reserve ratio against net transaction deposits above the low reserve tranche level was reduced to 0 percent, the 3 percent required reserve ratio against net transaction deposits in the low reserve tranche was reduced to 0 percent. The action reduced required reserves by an estimated $200 billion."
.
Now the Federal Reserve wants to raise the reserve requirements to some amount comparable to pre-Covid. But the banks are resisting that.
You state that the reserve requirements are from Basel Globalists. So what you are saying is that the Federal Reserve is controlled by "globalists" (mostly European). That would be one more reason to fully nationalize the Federal Reserve, so that it would answer to the American Public first, and not to "Basel Globalists" as you say.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
@derryb said:
The thread is about BRICS's affect on the petrodollar. A bond manager with $100 billion in client's assets appears to >know nothing about BRICS's attack on the petrodollar. Me? I'm in petrorealestate and petroPMs. I only hold enough >dollars to pay the bills. Good luck with the $100 billion (petrodollars), but I do believe in the long run BRICS will >cause your clients (and you) much regret.
They're equity plays, only. They lack money markets, bond markets, and private property rights. Who in their right mind is sending billion$$$ for a few days into Russian Rubles or Brazilian Reals ?
I know what is happening. You guys read doom-and-gloom nonsenense by people who make occasional sense and run off with what they are saying about stuff they aren't qualified to talk about. "This guy predicted gold stocks in the 1970's, listen to him about cholesteroal medication in the 1980's" and stuff like that. I've seen this movie before with the Gold Bugs for decades.
BTW, there is no "petrodollar." It's a fiction, a coin termed in the 1970's. No relevance today.
Some see the train coming and others get caught on the tracks.
@dcarr said:
Now the Federal Reserve wants to raise the reserve requirements to some amount comparable to pre-Covid. But >the banks are resisting that.
You state that the reserve requirements are from Basel Globalists. So what you are saying is that the Federal >Reserve is controlled by "globalists" (mostly European). That would be one more reason to fully nationalize the >Federal Reserve, so that it would answer to the American Public first, and not to "Basel Globalists" as you say.
The Fed has not taken a position on Basel III since the comment period just ended 10 days ago. But Powell has not been a fan of the higher capital requirements because it will just lead to lending being done by alternative asset managers in the U.S. -- whereas Chinese banks get "free" capital from the government and the European banks don't have competition domestically.
The Fed's reserve requirements were based on technical factors relating to the repo market and the need to peg the Fed Funds at 0-0.25% during Covid. Nothing to do with Basel III then or now.
I worked for several European banks. They have been DECIMATED size-wise by the U.S. and Chinese banks, similar to the Japanese banks 30+ years ago. As an example, Deutsche Bank (DB) used to be the size of JPM and BAC. Now, it would be about the 45th largest bank in the U.S. by market-cap, a mid-sized regional bank like M&T Bank.
You know, when you do some research before believing what someone wrote on the Internet you often find out your 1st read wasn't the RIGHT read. Do your DD. You might learn that what some people say is self-serving and avoids talking about stuff they don't want you to know about.
@derryb said:
Will BRICS damage the dollar? You bet.
The term was coined for cheap labor resource plays. They are not close to being even major financial players like the G-5 or G-7. NONE of them will be ready to join that company for another 20-30 years....maybe decades more.
Brazil is run by a Socialist who believes he can take your money if he has a good reason, like helping the poor. He and his cronies looted the state oil company with $50 billion stolen. You want to give him your $$$, Derry ?
Russia is run by a kleptocracy. They steal your money, but you don't express diapproval or protest because they kill you before you can object. You get pushed out a building or you "accidentally" ingest a radioactive material. They call it "food poisoning." You want to give them your $$$, Derry ?
India has great promise growth-wise, but has since the 1970's. They've struck out 2 or 3 times before. Their bond markets are non-existent and they just cancelled their large denomination currencies, causing chaos for their Indian constitutents. They shafted their own citizens, you think they'll treat your $$$ right, Derry ?
China ? Ask Taiwan, Hong Kong, or Mark Mobius about them. But you have to give them credit for being above board telling the truth about Covid-19. I KNEW it came from bats or other weird mammals I never heard of.
South Africa ? They're seizing people's farms because they don't like their skin color. You want to send them your $$$ ?
@dcarr said:
Now the Federal Reserve wants to raise the reserve requirements to some amount comparable to pre-Covid. But >the banks are resisting that.
You state that the reserve requirements are from Basel Globalists. So what you are saying is that the Federal >Reserve is controlled by "globalists" (mostly European). That would be one more reason to fully nationalize the >Federal Reserve, so that it would answer to the American Public first, and not to "Basel Globalists" as you say.
The Fed has not taken a position on Base III since the comment period just ended 10 days ago. But Powell has not been a fan of the higher capital requirements because it will just lead to lending being done by alternative asset managers in the U.S. -- whereas Chinese banks get "free" capital from the government and the European banks don't have competition domestically.
The Fed's reserve requirements were based on technical factors relating to the repo market and the need to peg the Fed Funds at 0-0.25% during Covid. Nothing to do with Basel III then or now.
I worked for several European banks. They have been DECIMATED size-wise by the U.S. and Chinese banks, similar to the Japanese banks 30+ years ago. As an example, Deutsche Bank (DB) used to be the size of JPM and BAC. Now, it would be about the 45th largest bank in the U.S. by market-cap, a mid-sized regional bank like M&T Bank.
You know, when you do some research before believing what someone wrote on the Internet you often find out your 1st read wasn't the RIGHT read. Do your DD. You might learn that what some people say is self-serving and avoids talking about stuff they don't want you to know about.
.
The Federal Reserve wants to increase reserve requirements for banks.
The banks are lobbying Congress to go against those higher reserve requirements.
That is not speculation or a single-read. The recent Congressional hearings were widely reported.
BTW, there is no "petrodollar." It's a fiction, a coin termed in the 1970's. No relevance today.
Much less of a petrodollar today. Oil producing nations, led by BRICS, no longer fear the wrath of the US military when deciding what to take as payment for their oil. Least we forget, oil is what made the dollar a "reserve currency."
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Gee, what was the purpose of banks having reserve requirements in the first place? Accountability? Fiscal restraint? Wow, that's a novel idea.
UAE is no longer taking dollars for oil. BRICS may not have a bond market that can compete, but they can surely determine amongst themselves what they will accept for strategic materials, including oil, lithium, cobalt, manganese, etc. The price of everything will be affected.
Paper vs. Real Physical Commodities? Good luck with your paper fantasies.
Q: Are You Printing Money? Bernanke: Not Literally
@dcarr said:
The Federal Reserve wants to increase reserve requirements for banks.
The banks are lobbying Congress to go against those higher reserve requirements.
That is not speculation or a single-read. The recent Congressional hearings were widely reported.
Widely reported, but not widely read, apparently, at least by folks on this forum. Powell said he does not agree with the Basel III 25% capital boost.
You guys need to stop cutting-and-pasting stuff from ZeroHedge. While I like their politics and they have some good insight from time-to-time, their Doom-And-Gloom stuff and worrying about the dollar is baloney. Their overall track record is HORRIBLE in terms of market forecasting.
@derryb said:
Much less of a petrodollar today. Oil producing nations, led by BRICS, no longer fear the wrath of the US military >when deciding what to take as payment for their oil. Least we forget, oil is what made the dollar a "reserve >currency."
Where do you get this nonsense, Derry ? If you want to be treated seriously, stop making stuff up. "Oil makes a reserve currency" -- did you major in Art History in college ?
@jmski52 said:
Gee, what was the purpose of banks having reserve requirements in the first place? Accountability? Fiscal >restraint? Wow, that's a novel idea.
They have plenty of capital. The proposals are designed to cripple U.S. banks because we are the global financial leaders. Read a stock chart or a balance sheet sometime -- you might learn something.
UAE is no longer taking dollars for oil. BRICS may not have a bond market that can compete, but they can surely >determine amongst themselves what they will accept for strategic materials, including oil, lithium, cobalt, >manganese, etc. The price of everything will be affected.
Paper vs. Real Physical Commodities? Good luck with your paper fantasies.
You regurgitate nonsense from ZeroHedge without asking what they will do with non-U.S. dollars ?
They will convert them after selling what little oil they do sell in foreign currencies.
Talk is cheap. Manage money sometime and then have to live with what you post or think. It's alot different. Anybody can say anything. Try and prove you are right by making someone or yourself $$$ by following the "advice" or financial happenings you read at click sheets.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
@dcarr said:
The Federal Reserve wants to increase reserve requirements for banks.
The banks are lobbying Congress to go against those higher reserve requirements.
That is not speculation or a single-read. The recent Congressional hearings were widely reported.
Widely reported, but not widely read, apparently, at least by folks on this forum. Powell said he does not agree with the Basel III 25% capital boost.
You guys need to stop cutting-and-pasting stuff from ZeroHedge. While I like their politics and they have some good insight from time-to-time, their Doom-And-Gloom stuff and worrying about the dollar is baloney. Their overall track record is HORRIBLE in terms of market forecasting.
@dcarr said:
The Federal Reserve wants to increase reserve requirements for banks.
The banks are lobbying Congress to go against those higher reserve requirements.
That is not speculation or a single-read. The recent Congressional hearings were widely reported.
Widely reported, but not widely read, apparently, at least by folks on this forum. Powell said he does not agree with the Basel III 25% capital boost.
You guys need to stop cutting-and-pasting stuff from ZeroHedge. While I like their politics and they have some good insight from time-to-time, their Doom-And-Gloom stuff and worrying about the dollar is baloney. Their overall track record is HORRIBLE in terms of market forecasting.
.
I have never quoted anything from "ZeroHedge". If you think I have, then you are imagining it (wrongly).
The Federal Reserve wants to raise capital requirements to some level above zero (but less than Basel III). The banks are lobbying Congress to prevent any increase in reserve requirements. They want it to stay at 0% .
No, I have been in the business 36 years and never had a judgement, court action, or even complaint filed against me or my firm/department. Blemish-free record.
Passed every certification and licensing exam on 1st try.
@dcarr said:
I have never quoted anything from "ZeroHedge". If you think I have, then you are imagining it (wrongly).
The Federal Reserve wants to raise capital requirements to some level above zero (but less than Basel III). The >banks are lobbying Congress to prevent any increase in reserve requirements. They want it to stay at 0% .
I said WHOEVER is copying ZeroHedge. I mean, they have Petrodollar articles right on their front page.
Capital requirements are not going to zero. They want no change from the current levels because Tier 1 and Regulatory Leverage Capital ratios are fine.
Any bank that didn't go down from Covid and 15% unemployment and then from 0 to 5% Fed Funds is fine.
@jmski52 said:
For those who get most of their economic info from the Fed website:
UAE is no longer using the petrodollar, and Zerohedge isn't the only source reporting it. You too, can learn to do an internet search.
The UAE pegs their currency to the US Dollar. And you (and those who propagate such nonsense) believe they are no longer accepting US dollars. LoL The level of ignorance by so many on this forum regarding economics, monetary policy and inter-market relationships is beyond reproach.
Just a bunch of small minded, weak individuals whose lack of knowledge and understanding has evolved into fear and contempt. If this the USA, then maybe we are all doomed.
Explain how the UAE pegs their currency to the dollar if they aren't taking them for oil. Looks to me like they've just un-pegged it from the dollar and pegged it to oil.
At least, try to stay current.
Q: Are You Printing Money? Bernanke: Not Literally
They can buy/sell oil in Reals, Rubles, Rupees, RMB's, Rands, Riyals, Euros, Pesos, Yen, Zimbabwe 100 trillion notes, gutter metal, Dogecoins or whatever. Who gives a rats ...? Makes no difference to me or anybody in the real world. BOOMIN! THKS!
P.S. Exit yinz bunkers. The sun is your friend. RGDS!
@jmski52 said:
Explain how the UAE pegs their currency to the dollar if they aren't taking them for oil. Looks to me like they've just > un-pegged it from the dollar and pegged it to oil.
At least, try to stay current.
I am current. Their SWF (Sovereign Wealth Fund) is $1 trillion dollars and most of it is in dollars.
The oil trades will be convered mostly to dollars regardless of how the sales are conducted.
@blitzdude said:
They can buy/sell oil in Reals, Rubles, Rupees, RMB's, Rands, Riyals, Euros, Pesos, Yen, Zimbabwe 100 trillion notes, > gutter metal, Dogecoins or whatever. Who gives a rats ...? Makes no difference to me or anybody in the real world. > BOOMIN! THKS!
90% of all financial transactions have the dollar as at least one of the 2 transaction ends.
90% of all financial transactions have the dollar as at least one of the 2 transaction ends.
That sounds like "peak dollar" with nowhere to go but down.
Of course, mathematically it can't go up much more. But it won't lose lots of share, either. The other currencies are subject to capital controls and have horrible liquidity.
Nobody is putting billions into a Roach Motel where they can only enter and can't get out.
Nobody is putting billions into a Roach Motel where they can only enter and can't get out.
Wanna bet?
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
@derryb said:
Much less of a petrodollar today. Oil producing nations, led by BRICS, no longer fear the wrath of the US military >when deciding what to take as payment for their oil. Least we forget, oil is what made the dollar a "reserve >currency."
Where do you get this nonsense, Derry ? If you want to be treated seriously, stop making stuff up. "Oil makes a reserve currency" -- did you major in Art History in college ?
@GoldFinger1969 said:
Nobody is putting billions into a Roach Motel where they can only enter and can't get out.
Wanna bet?
I don't have to. I can see the evidence in daily, monthly, and quarterly transactions for the currencies, bond markets, etc.
The dollar trades about $7 trillion a day. The Brazilian Real trades about $60 billion a day.
Now...do you think Fidelity or a SWF or a wealthy billionaire are going to move $20 BB into the real in 1 day ? Can a 500-pound woman fit into a Size 7 dress ?
@TwoSides2aCoin said:
Economics and finance.
I respect that. Those disciplines are enough to cause more than dislexia.
In fact, they should be required disciplines in high school and college. Can't manage one's finances or vote properly without understanding them.
Yup...the kid who dropped out or was pushed along in high school gets the same number of votes as one who applied self discipline to create a better standard of life for themselves, their family and society. America!!!
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
At the university I went to, the Business School and the Engineering School were next to each other.
The Business School was the refuge for the students who couldn't cut it in the Engineering School.
@dcarr said:
At the university I went to, the Business School and the Engineering School were next to each other.
The Business School was the refuge for the students who couldn't cut it in the Engineering School.
I doubt any engineering school dropouts are going to try and cut it in the hard-ass world of finance and investment management. They may try another field.
Totally different environments: one is laid back, the other you are judged and scored every day.
@GoldFinger1969 said:
I doubt any engineering school dropouts are going to try and cut it in the hard-ass world of finance and investment management. They may try another field.
Totally different environments: one is laid back, the other you are judged and scored every day.
You would be wrong. I knew quite a few people that switched from the engineering school to the business school to study finance and other business activities.
Comments
I'm all for American industrial and business success. But I don't want any banks "dominating" anything.
Did regulators claw back bonuses and dividends that Lehman and Bear Stearns paid out prior to their failures ?
Big bonuses paid to executives should be subject to claw-backs.
Are you a compensated spokesperson ?
As Shakespeare would write: "Me thinks thou doth protest too much".
@dcarr said:
We have 4,000 banks in this country. Most countries have just a few dozen, tops. Nobody is "dominating" anything domestically but U.S. banks are the global finance leaders which is good for our country.
If you want to put U.S. banks out of business so Chinese and Japanese and European banks can have it all to themselves...just say so.
No, not unless there is fraud can you do that. I do think that most of the compensation should be in RSUs or long-term incentive compensation with 5-year vesting since problems usually take a long time to appear.
Jamie Dimon just sold stock in JPM for the first time in 17 years. He has over 8 MM shares of the stock and sold about 1 MM shares. He's certainly been a long-term holder and JPM is the best bank in the world.
No, but I hate disinformation or errors like Socialists and Marxists make all the time -- you know, the folks you dislike
-- which is why I am correcting you. Bad information is unhealthy for a democracy. 
.
Banks also engage in disinformation campaigns (such as claiming that fewer bank regulations to comply with is always better).
.
Bank stocks may be down, rightfully so - but top managements are doin’ just fine thank you very much.
Holding 10 year treasuries that are deep underwater while the regulators allow their books to reflect 100% maturity values illustrates clearly the level of corruption that exists in banking and in the regulatory system. There’s no other reasonable explanation.
Bailouts/bail-ins beyond all recognition are on the horizon after the credit & liquidity collapse is complete and can’t be covered up any longer - even with massive war and social engineering spending by big government.
Bailouts & bail-ins are absolutely a socialization of losses - nothing less than that - while top managements still collect their perks & compensation, no big deal. Nobody gets fired - if the banks and their stock prices are doing so poorly - why not? Why no consequences?
Only an apologist for the corrupt banking system would deny the games they play.
Continuing to throw in comments about union corruption is only a distraction from the real issue of the malfeasance in banking and their manipulation via Congress.
Jamie Dimon sees what’s coming. He should, since he’s in on the scam. He obviously has an alternative in mind for his assets other than JPM stock.
I knew it would happen.
Except they don't say that. They want common-sense regulation.
If some banks act irresponsibly, they will go out of business and the costs of the cleanup will be borne by the survivors so responsible banks (usually the big ones) do not want reckless regulation or lack thereof.
You really appear to just make up your "facts" on banking and finance.
Great commentary from a US educated Swiss lawyer living in Russia. Note that BRICS now has 11 nation members that:
The move against the petrodollar is growing and your news sources are not telling you.
BRICS will change the world slowly
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Just yesterday big bank CEO's were asking Congress and the Federal Reserve not to implement regulations for higher reserve requirements and lower fees for consumers:
https://usnews.com/news/business/articles/2023-12-06/big-bank-ceos-warn-that-new-regulations-may-severely-impact-economy
You appear to be nothing but an apologist for your banking friends and the financial "industry".
How big are their money markets ? Their bond markets ?
Can you get your money out of the country ? Legendary investor Mark Mobius needed weeks or months to get money out of mainland China. This was a few million dollars. What about moving tens of BILLIONS overnight ?
YOUR news sources are not well-informed about what a reserve currency is or needs. As someone who has invested billions overnight, I do.
A Swiss lawyer living in Russia doesn't know financial markets. Tell me about a bond manager with $100 billion and where they custodian THEIR client assets.
Wrong. You clearly spent 30 seconds researching this, Dcarr.
The capital requirements are by globalists in Basel who want to hamstring U.S. banks. European banks can't compete but the rules won't hit them. Chinese banks are big enough to be hit but they will get free Yuan from the government.
The Basel Capital Rules are a tax on American banks and consumers. How would YOU Like it, Dcarr, if your manufactured coins or tokens or whatever you make were subject to a 200% tax with the proceeds being used to help your competitors and for oversight ?
The lead cheerleader yesterday was Sherrod Brown of Ohio. He attacked the banks without any facts.
He is also the SAME GUY who gave the Teamsters CSPF $36,000,000,000 with no payback to the taxpayers. Why don't you ask your friend if he's an apologist for his union friends in the AFL-CIO and Teamsters ?
You can't answer this question because it shows you are not informed on the issues.
The thread is about BRICS's affect on the petrodollar. A bond manager with $100 billion in client's assets appears to know nothing about BRICS's attack on the petrodollar. Me? I'm in petrorealestate and petroPMs. I only hold enough dollars to pay the bills. Good luck with the $100 billion (petrodollars), but I do believe in the long run BRICS will cause your clients (and you) much regret.
Some see the train coming and others get caught on the tracks.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
.
Sharrod Brown is not a friend of mine. I'm not surprised that he or any other politician would be an apologist for the Teamsters. But that is not what we are discussing here and you are using this as a diversion.
.
The Federal Reserve lowered bank reserve requirements to 0% during "Covid".
.
.
Now the Federal Reserve wants to raise the reserve requirements to some amount comparable to pre-Covid. But the banks are resisting that.
You state that the reserve requirements are from Basel Globalists. So what you are saying is that the Federal Reserve is controlled by "globalists" (mostly European). That would be one more reason to fully nationalize the Federal Reserve, so that it would answer to the American Public first, and not to "Basel Globalists" as you say.
.
more QE on the way
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Will BRICS replace the Dollar?
Absolutely Not. Conspiracy Theorists need not apply. RRGDS!
The whole worlds off its rocker, buy Gold™.
Will BRICS damage the dollar? You bet.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
They're equity plays, only. They lack money markets, bond markets, and private property rights. Who in their right mind is sending billion$$$ for a few days into Russian Rubles or Brazilian Reals ?
I know what is happening. You guys read doom-and-gloom nonsenense by people who make occasional sense and run off with what they are saying about stuff they aren't qualified to talk about. "This guy predicted gold stocks in the 1970's, listen to him about cholesteroal medication in the 1980's" and stuff like that.
I've seen this movie before with the Gold Bugs for decades.
BTW, there is no "petrodollar." It's a fiction, a coin termed in the 1970's. No relevance today.
The train isn't coming, it's a little bird.
The Fed has not taken a position on Basel III since the comment period just ended 10 days ago. But Powell has not been a fan of the higher capital requirements because it will just lead to lending being done by alternative asset managers in the U.S. -- whereas Chinese banks get "free" capital from the government and the European banks don't have competition domestically.
https://www.federalreserve.gov/newsevents/pressreleases/powell-statement-20230727.htm
The Fed's reserve requirements were based on technical factors relating to the repo market and the need to peg the Fed Funds at 0-0.25% during Covid. Nothing to do with Basel III then or now.
I worked for several European banks. They have been DECIMATED size-wise by the U.S. and Chinese banks, similar to the Japanese banks 30+ years ago. As an example, Deutsche Bank (DB) used to be the size of JPM and BAC. Now, it would be about the 45th largest bank in the U.S. by market-cap, a mid-sized regional bank like M&T Bank.
You know, when you do some research before believing what someone wrote on the Internet you often find out your 1st read wasn't the RIGHT read. Do your DD. You might learn that what some people say is self-serving and avoids talking about stuff they don't want you to know about.
The term was coined for cheap labor resource plays. They are not close to being even major financial players like the G-5 or G-7. NONE of them will be ready to join that company for another 20-30 years....maybe decades more.
Brazil is run by a Socialist who believes he can take your money if he has a good reason, like helping the poor. He and his cronies looted the state oil company with $50 billion stolen. You want to give him your $$$, Derry ?
Russia is run by a kleptocracy. They steal your money, but you don't express diapproval or protest because they kill you before you can object. You get pushed out a building or you "accidentally" ingest a radioactive material. They call it "food poisoning." You want to give them your $$$, Derry ?
India has great promise growth-wise, but has since the 1970's. They've struck out 2 or 3 times before. Their bond markets are non-existent and they just cancelled their large denomination currencies, causing chaos for their Indian constitutents. They shafted their own citizens, you think they'll treat your $$$ right, Derry ?
China ? Ask Taiwan, Hong Kong, or Mark Mobius about them. But you have to give them credit for being above board telling the truth about Covid-19. I KNEW it came from bats or other weird mammals I never heard of.
South Africa ? They're seizing people's farms because they don't like their skin color. You want to send them your $$$ ?
BRICS.......
.
The Federal Reserve wants to increase reserve requirements for banks.
The banks are lobbying Congress to go against those higher reserve requirements.
That is not speculation or a single-read. The recent Congressional hearings were widely reported.
.
>
Much less of a petrodollar today. Oil producing nations, led by BRICS, no longer fear the wrath of the US military when deciding what to take as payment for their oil. Least we forget, oil is what made the dollar a "reserve currency."
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Gee, what was the purpose of banks having reserve requirements in the first place? Accountability? Fiscal restraint? Wow, that's a novel idea.
UAE is no longer taking dollars for oil. BRICS may not have a bond market that can compete, but they can surely determine amongst themselves what they will accept for strategic materials, including oil, lithium, cobalt, manganese, etc. The price of everything will be affected.
Paper vs. Real Physical Commodities? Good luck with your paper fantasies.
I knew it would happen.
Widely reported, but not widely read, apparently, at least by folks on this forum.
Powell said he does not agree with the Basel III 25% capital boost.
You guys need to stop cutting-and-pasting stuff from ZeroHedge. While I like their politics and they have some good insight from time-to-time, their Doom-And-Gloom stuff and worrying about the dollar is baloney. Their overall track record is HORRIBLE in terms of market forecasting.
Where do you get this nonsense, Derry ? If you want to be treated seriously, stop making stuff up. "Oil makes a reserve currency" -- did you major in Art History in college ?
They have plenty of capital. The proposals are designed to cripple U.S. banks because we are the global financial leaders. Read a stock chart or a balance sheet sometime -- you might learn something.
You regurgitate nonsense from ZeroHedge without asking what they will do with non-U.S. dollars ?
They will convert them after selling what little oil they do sell in foreign currencies.
Talk is cheap. Manage money sometime and then have to live with what you post or think. It's alot different. Anybody can say anything. Try and prove you are right by making someone or yourself $$$ by following the "advice" or financial happenings you read at click sheets.
Bernie, is that you?
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
SANDERS ? I've been called lots of things, but never a Socialist !!
madoff?
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
.
I have never quoted anything from "ZeroHedge". If you think I have, then you are imagining it (wrongly).
The Federal Reserve wants to raise capital requirements to some level above zero (but less than Basel III). The banks are lobbying Congress to prevent any increase in reserve requirements. They want it to stay at 0% .
.
No, I have been in the business 36 years and never had a judgement, court action, or even complaint filed against me or my firm/department. Blemish-free record.
Passed every certification and licensing exam on 1st try.
I said WHOEVER is copying ZeroHedge. I mean, they have Petrodollar articles right on their front page.
Capital requirements are not going to zero. They want no change from the current levels because Tier 1 and Regulatory Leverage Capital ratios are fine.
Any bank that didn't go down from Covid and 15% unemployment and then from 0 to 5% Fed Funds is fine.
For those who get most of their economic info from the Fed website:
UAE is no longer using the petrodollar, and Zerohedge isn't the only source reporting it. You too, can learn to do an internet search.
I knew it would happen.
The UAE pegs their currency to the US Dollar. And you (and those who propagate such nonsense) believe they are no longer accepting US dollars. LoL The level of ignorance by so many on this forum regarding economics, monetary policy and inter-market relationships is beyond reproach.
Just a bunch of small minded, weak individuals whose lack of knowledge and understanding has evolved into fear and contempt. If this the USA, then maybe we are all doomed.
Merry Christmas!!!
Knowledge is the enemy of fear
Explain how the UAE pegs their currency to the dollar if they aren't taking them for oil. Looks to me like they've just un-pegged it from the dollar and pegged it to oil.
At least, try to stay current.
I knew it would happen.
They can buy/sell oil in Reals, Rubles, Rupees, RMB's, Rands, Riyals, Euros, Pesos, Yen, Zimbabwe 100 trillion notes, gutter metal, Dogecoins or whatever. Who gives a rats ...? Makes no difference to me or anybody in the real world. BOOMIN! THKS!
P.S. Exit yinz bunkers. The sun is your friend. RGDS!
The whole worlds off its rocker, buy Gold™.
I am current. Their SWF (Sovereign Wealth Fund) is $1 trillion dollars and most of it is in dollars.
The oil trades will be convered mostly to dollars regardless of how the sales are conducted.
90% of all financial transactions have the dollar as at least one of the 2 transaction ends.
.
That sounds like "peak dollar" with nowhere to go but down.
.
Of course, mathematically it can't go up much more. But it won't lose lots of share, either. The other currencies are subject to capital controls and have horrible liquidity.
Nobody is putting billions into a Roach Motel where they can only enter and can't get out.
Wanna bet?
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
I'm out of my bunker daily. We are free to carry.
Wow.
Did you major in dislexia ?
I don't have to. I can see the evidence in daily, monthly, and quarterly transactions for the currencies, bond markets, etc.
The dollar trades about $7 trillion a day. The Brazilian Real trades about $60 billion a day.
Now...do you think Fidelity or a SWF or a wealthy billionaire are going to move $20 BB into the real in 1 day ? Can a 500-pound woman fit into a Size 7 dress ?
Economics and finance.
I respect that. Those disciplines are enough to cause more than dislexia.
In fact, they should be required disciplines in high school and college. Can't manage one's finances or vote properly without understanding them.
Yup...the kid who dropped out or was pushed along in high school gets the same number of votes as one who applied self discipline to create a better standard of life for themselves, their family and society. America!!!
Knowledge is the enemy of fear
Two More Threats To Dollar Supremacy
Do ships "unsink?"
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
At the university I went to, the Business School and the Engineering School were next to each other.
The Business School was the refuge for the students who couldn't cut it in the Engineering School.
How was your liberal arts school?
Knowledge is the enemy of fear
I doubt any engineering school dropouts are going to try and cut it in the hard-ass world of finance and investment management. They may try another field.
Totally different environments: one is laid back, the other you are judged and scored every day.
You would be wrong. I knew quite a few people that switched from the engineering school to the business school to study finance and other business activities.