$1,843 Gold. Here we go!
fivecents
Posts: 11,207 ✭✭✭✭✭
Looks like a wild ride today.
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fivecents
Posts: 11,207 ✭✭✭✭✭
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The $2.5 trillion U.S. money market funds industry -- which supplies short-term dollar funding to banks -- has retreated from the euro zone in recent months, concerned that the continent's debt crisis is spiraling out of control.
That and the drying up of interbank lending has led to a trebling of dollar funding costs for euro zone banks in the last month. One bank was forced to borrow dollars at the European Central Bank on Wednesday.
In a dramatic shift, the U.S. branches of foreign banks became net borrowers of dollars from their overseas affiliates for the first time in a decade, Federal Reserve data released last week showed.
The Fed's New York branch -- which oversees U.S. units from many European banks -- is now asking for more information about whether the banks have reliable access to the funds needed to operate in the United States, the Wall Street Journal said.
New York Fed officials "are very concerned" about European banks facing funding difficulties in the United States, a senior executive at a major European bank who has participated in the talks told the Wall Street Journal.
<< <i>The only good news is that November 2012 is coming...but my goodness that seems like a long wait before anything positive can happen out there. >>
Depressing isn't it?
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<< <i>Winter is coming. >>
What affect will that have on the POG?