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That's the kind of warm fuzzies that helps people and businesses with uninsured deposits sleep well at night!
The local US Bank had new CD signs paying over 4%, more than US Treasuries. Their stock also tanked Friday. This is gonna be ugly.
The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are today announcing a coordinated action to enhance the provision of liquidity via the standing U.S. dollar liquidity swap line arrangements.
To improve the swap lines' effectiveness in providing U.S. dollar funding, the central banks currently offering U.S. dollar operations have agreed to increase the frequency of 7-day maturity operations from weekly to daily. These daily operations will commence on Monday, March 20, 2023, and will continue at least through the end of April.
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PacWest Bancorp is moving to shore up liquidity to protect itself after customers pulled 20% of their deposits since the start of the year.
The regional bank, whose shares have tumbled 58% this month, obtained $1.4 billion from a financing facility from Apollo Global Management-owned investment firm Atlas SP Partners and abandoned a separate push to raise capital because of market volatility, it said in a statement Wednesday.
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PacWest has already borrowed $3.7 billion from the Federal Home Loan Bank System, $10.5 billion from the Federal Reserve’s discount window, and $2.1 billion from the bank term funding program as of March 20. The bank cited those liquidity-enhancing measures in deciding not to proceed with the separate effort to raise money. ...
Meaning... they peered over the SVB cliff into the abyss....According to ZeroHedge, the FDIC has just - by edict - declared ALL bank accounts are insured in any amount.
Banana Republic time.
Also, party time for Woketard (slur for sexual deviate) bankers. We'll see more Risk Managers who spend all their time cross-dressing or preaching "equity" - while their banks collapse.
Money-printer go "brrrrrrr...."
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The meeting was to be closed to the public, the Treasury Department said in a statement. The Treasury didn't say what time the meeting would begin, and it wasn't immediately clear whether the council would issue a statement following the meeting. ...
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The FSOC's members include the heads of the Federal Reserve, the Federal Deposit Insurance Corp., and several other regulatory agencies. It has little legal authority but serves as a coordinating forum....
It'll be longer than that, imho.This summer, at latest.
Financial crashes like revolutions are impossible until they are inevitable. They typically proceed in stages. Since central banks began to increase interest rates in response to rising inflation, financial markets have been under pressure.
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While it is too early to say whether a full-fledged financial crisis is imminent, the trajectory is unpromising.
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Regulators again assured the public that the banking system is safe, as fresh data showed customers recently pulled nearly $100 billion in deposits.
Treasury Secretary Janet Yellen, Federal Reserve Chairman Jerome Powell and more than a dozen other officials convened a special closed meeting of the Financial Stability Oversight Council on Friday.
A readout from the session indicated that a New York Fed staff member briefed the group on "market developments."
"The Council discussed current conditions in the banking sector and noted that while some institutions have come under stress, the U.S. banking system remains sound and resilient," the statement said. "The Council also discussed ongoing efforts at member agencies to monitor financial developments."
There were no other details provided on the meeting.
The readout, released shortly after the market closed Friday, came around the same time as new Fed data showed that bank customers collectively pulled $98.4 billion from accounts for the week ended March 15.
That would have covered the period when the sudden failures of Silicon Valley Bank and Signature Bank rocked the industry.
Data show that the bulk of the money came from small banks. Large institutions saw deposits increase by $67 billion, while smaller banks saw outflows of $120 billion.
The withdrawals brought total deposits down to just over $17.5 trillion and represented about 0.6% of the total. Deposits have been on a steady decline over the past year or so, falling $582.4 billion since February 2022, according to the Fed data released Friday.
Money market mutual funds have seen assets rise over the past two weeks, up $203 billion to $3.27 trillion, according to Investment Company Institute data through March 22.
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Currency in circulation12 2,314,492
...aaannnd, when you go to buy something from someone and discover you are not allowed to buy it or cannot buy it because the seller has a clamp put on his digital money. <-- You must have 3rd Party** Approval from the Controller of the Currency to buy anything at any time anywhere.Actually, I don't see the "problem". You have digits for money and you want a piece of paper instead.
Don't the digits in your bank account represent money?
So if they erase your digits and print your money where is the loss/gain?
I don't want to pack around a couple thousands bucks, I'd rather use a piece of plastic.
JMSO,
BF
Unh, actually I was addressing peoples moving their money out of banks and into cash.when you go to buy something from someone and discover you are not allowed to buy it
Just wait til they start saying they're getting rid of paper because 'plastic' will save the forests...Actually, I don't see the "problem". You have digits for money and you want a piece of paper instead.
Don't the digits in your bank account represent money?
So if they erase your digits and print your money where is the loss/gain?
I don't want to pack around a couple thousands bucks, I'd rather use a piece of plastic.
JMSO,
BF
The International Monetary Fund warns that risks to financial stability have increased.
That's the view that IMF chief Kristalina Georgieva expressed in a speech delivered in Beijing on Sunday.
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I am seeing lots more media talk about holding physical gold.
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