The bank with the most exposure to derivatives is not JP Morgan, as we thought, but Deutschebank

By wanting to respect each country’s whims and maintaining the fiction of « national » central banks despite the creation of a unique currency, the euro promoters have created an explosive internal systemic risk.

Cyprus did serve as a general rehearsal for the experimentation of a plan that will be reproduced elsewhere. The European Commission is preparing a proposition to include deposits over 100,000 euros in bank bailouts

Christine Lagarde, head of the IMF, saluted the restructuration of Japan’s monetary policy, which constitutes a welcome support to world growth

In Cyprus, confusion is growing, and there is talk of a 60% tax on bank accounts exceding 100,000 euros! Actually, no one knows, and we have to wait

So Cyprus has been bailed out, for the time being, but we must ask the question : Isn’t the new plan worse than the first one? Given, of course, that both plans are nothing short of theft of private and company savings by incompetent political leaders, it’s like comparing pestilence with malaria.

Risks are increasing everywhere and the situation is becoming more and more confusing. We need to get back to the fundamentals : ideally we need to get out of paper currencies and into gold, get out of the banking system to avoid all confiscation, and get out of the Eurozone toward a country that...

A great amount of money is being created by the central banks (FED, BCE, BoJ) but, for now, we’re not seeing a strong inflation

The european banking system remains entirely dependant on the ECB for its daily operations, and this is not good news

Only one thing can explain the backwardation in gold : loss of confidence. Potential buyers of futures reckon there is a significant risk that the contract might not be fulfilled

Away from the cameras, without invoking a « last chance summit », Ireland just benefited from a restructuration

Many large international banks, like Crédit Agricole, Commerzbank and UBS are announcing important losses for the last quarter of 2012

The Securities and Exchange Commission (SEC) has forbidden Egan Jones to publish its rating notes on States for 18 months (SEC’s announcement), a stupefying decision

Japan just crossed another hurdle in its escape ahead by monetization of its debt in what can be called a show of strength by the new Prime Minister, Shinto Abe, against Japan’s central bank.

There is very significant news that has barely made the headlines : Last week, the Fed has paid $89 Billion in benefits to the U.S. Treasury. It is 18% more than last year’s payment and it wipes out the $79 Billion 2010 record

Incredibly, banks’ wishes have come true in the very first week of 2013 ! Should we rejoice ? Well, not really, because one of the main dispositions of Basel III, where prudential norms of the world banking sector are being discussed, has been emptied of its substance. The crisis of 2008 has sho...

The answer to our actual crisis goes through a return to « sound » money. Not necessarily a gold standard, which would be too brutal, but at least we should let gold circulate as real money alongside the fiat currencies

The Fed has decided, last week, to extend its quantitative easing (QE) policy. The US central bank is back with pure monetary creation

We won’t be cruel by reminding you that François Hollande, recently, and his predecessor Nicolas Sarkozy, last spring, had declared the Eurozone crisis « over »... All the different bailout plans are only fragile undertakings, and the smallest shock can bring them down, as we know and are witness...

he bank’s board of directors just published a document asking the shareholders (the governments of France, Belgium and Luxembourg) to subscribe to an increase in capital of 5.5Billion euros