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Big Banks, Serious Trouble

by John Rubino on October 9, 2015 · 19 comments

It turns out that the world of ZIRP/NIRP isn’t the banking paradise that some thought it would be. See Why The Big Banks Want Higher Interest Rates. Whether the problem is with low interest rates themselves or the fact that rates still aren’t low enough to ignite a new credit boom is not clear. What […]


Money center banks — which over the past few decades have grown into the biggest financial entities the world has ever seen — appear to have hit a wall, and are now shedding tens of thousands of workers. Three recent examples: Barclays plans to cut more than 30,000 jobs (CNBC) – Barclays plans to cut […]


Is Citigroup the Dumbest Bank Ever?

by John Rubino on September 17, 2014 · 19 comments

Back in 2006, when the housing bubble was entering its truly (and obviously) manic phase, mega-bank Citigroup was being pressured by Wall Street to grow faster. And rather than pushing back against what were clearly ill-timed demands from desperately-short-sighted analysts, Citigroup CEO Chuck Prince uttered some words — and adopted a strategy — that live […]


Excerpted From The Money Bubble: What To Do Before It Pops by James Turk and John Rubino: In a very real sense, it is fractional reserve banking and not money itself that is the root of so many of today’s evils. Whenever fractional reserves are permitted, the banking system – including the one that exists […]


From Chapter 15 of The Money Bubble, by James Turk and John Rubino: Banking didn’t start out as a reckless, parasitical plaything of a moneyed and politically-connected aristocracy. In the beginning, in fact, bankers weren’t even bankers. They were jewelers and goldsmiths who had to maintain their inventory with vaults, guards etc., and offered storage […]


What Would Happen if Goldman Sachs Disappeared?

by John Rubino on October 24, 2011 · 32 comments

As Europe grinds out yet another doomed banking system rescue plan, it might be helpful to examine the underlying assumption, which is that we need these big banks. Do we really? If Goldman Sachs, JP Morgan Chase, Deutsche Bank, Crédit Lyonnais and five or six of their peers ceased to exist tonight, what would happen? […]


Euro Crisis, Part II

by John Rubino on August 12, 2010 · 17 comments

Remember the euro-zone crisis? Front page news for weeks, and then…nothing. Could they have found the secret formula for eliminating an overwhelming debt load without hyperinflation or depression? Nah. They were just taking a break, and now they’re back. Greece’s economy is contracting and Spain’s regional governments are being shut out of the debt markets. […]


That’s a Lot of Empty Space

by John Rubino on June 30, 2010 · 30 comments

The local video store is closing, and the other day I wandered in to pay our remaining late fees (eight bucks for a single video that spent a week under the couch). I was the only customer, so the guy at the desk had time to tell me about his store’s demise. Turns out that […]


Europe Delays the Inevitable

by John Rubino on May 10, 2010 · 18 comments

While working on a post about what a waste the European bailout of Greece will turn out to be, I found this from Hussman Funds’ John Hussman, who comes at it from an interesting angle: Greek Debt and Backward Induction On Sunday, the IMF approved its 30 billion portion of the 110 billion euro bailout […]


Technology Ends Offshore Tax Evasion

by John Rubino on March 15, 2010 · 11 comments

Not so long ago, one of first things a newly-rich person would do was move some money into a numbered Swiss account or Cayman trust, where it would be safe from spouse, creditors, and tax collectors. Maybe not the most ethical way to behave, but what the hell, you’re rich and you can get away […]


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