Stream of Reading (Prepare to be Forwarded) – An Archive of What I'm Reading
Update 3: Bloomberg, citing Kathimerini, reports that Greek banks will remain closed until July 6. GREEK BANKS TO REMAIN CLOSED UNTIL JULY 6 : KATHIMERINI GREEK GOVERNMENT ISSUES CAPITAL CONTROLS, BANK HOLIDAY DECREE GREEK GOVT LIMITS CASH WITHDRAWALS TO EU60/DAY AS OF JUNE 28 GREEK CAPITAL CONTROLS INCLUDE LOCAL BRANCHES OF FOREIGN BANKS GREEK GOVT…
Despite all the ‘smartest men in the room’ proclaiming that Greece doesn’t matter, and Greek risks are “contained”, Japanese stocks are tumbling led by bank stocks. Topix Banks Index has plunged the most since Feb 2014 (and 2nd most since the Taper Tantrum in 2013). “Contained”… Japanese banks down 3.5% – the most in 18…
Just a few hours ago Greek PM Tsipras addressed his nation imploring then to “remain calm” and reassuring them that their “deposits were safe.” It appears the Greeks did not believe him. Many were wondering where the Greek bank lines were for the past several months. Turns out the local depositors were merely waiting until…
Greek banks are to remain closed and capital controls will be imposed, Prime Minister Alexis Tsipras says. Speaking after the European Central Bank (ECB) said it was not increasing emergency funding to Greek banks, Mr Tsipras said Greek deposits were safe. Greece is due to make a €1.6bn (£1.1bn) payment to the International Monetary Fund…
On her first campaign stop in Iowa in April, Hillary Clinton struck a decisively populist tone, declaring that “the deck is still stacked in favor of those at the top.” Later, she sharpened her rhetoric on income inequality by comparing the salaries of America’s richest hedge fund managers with kindergarten teachers. Clinton isn’t alone….
“We believe in a strong dollar policy.” It’s a phrase that’s been stated seemingly since the beginning of time. It was famously in vogue during the 1990s when many, including U.S. Treasury Secretary Robert Rubin, would recite the hope and fond wishes of this world-be-damned policy. Secretary John Snow also believed in a strong dollar even as it descended…
Yesterday, Iceland’s prime minister, Sigmundur Gunnlaugsson, announced a plan that will essentially close the books on his country’s approach to handling the financial crisis — an approach that deviated greatly from the preferences of global financial elites and succeeded quite well. Instead of embracing the orthodoxy of bank bailouts, austerity, and low inflation, Iceland did just…
As has been widely observed, we are living in a period of economic inequality that has not been seen since the first “gilded age” of the early 20th century. Not even the people who benefit from it think that it can last. The Swiss bank UBS is a world leader in managing the financial assets…
There is no state in the union where a full-time, minimum-wage worker can afford to rent a one-bedroom apartment for less than 30 percent of his paycheck (which is a standard measure of housing affordability). That’s the depressing takeaway from a new report by the National Low-Income Housing Coalition. The paper includes this map tallying…
Release Date: May 27, 2015 sDate For release at 12:00 p.m. EDT The Federal Reserve Board’s latest survey of the financial and economic conditions of American households released Wednesday finds that individuals’ overall perceptions of financial well-being improved modestly between 2013 and 2014 but their optimism about future financial prospects increased significantly. The 2014 Survey…