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Sharing Risks To Counter Germany’s Plans Seeing Target2 Collaterilazation With Gold Reserves

Marcello Minenna, a division head at the Italian securities regulator, emailed his plan to "Cure the Eurozone". Despite being quite soft (there will not be permanent transfers between Member States), the recent proposals of the European Commission to deepen integration in the economic and monetary union could meet the opposition of Germany as soon as […]


An Italian Regulator’s Risk-Sharing Plan To “Cure The Eurozone”

Authored by Mike Shedlock via www.themaven.net/mishtalk, Marcello Minenna, a division head at the Italian securities regulator, emailed his plan to "Cure the Eurozone".  Marcello Minenna, the head of Quantitative Analysis and Financial Innovation at Consob, the Italian securities regulator, pinged me recently with his plan to save the Eurozone. The plan requires debt guarantees with […]


114 Italian Banks (Roughly 23%) Have NPLs Exceeding Tangible Assets

Authored by Mike Shedlock via www.themaven.net/mishtalk, 114 Italian banks have non-performing loans that exceed tangible capital. Ratios above 100% are signs of severe stress… The headline image is from the from ilsole24ore.com. The article is dated March 25, 2017. The translated headline reads "Here are the 114 Italian banks at risk for suffering" The image […]


Italy Target2 Imbalance Hits Record €432.5 Billion As Dwindling Trust In Banks Plunges

Authored by Mike Shedlock via www.themaven.net/mishtalk, Contrary to ECB propaganda, Target2 imbalances are a direct result an unsustainable balance of payment system. The imbalances represent both capital flight and debts that can never be paid back. If you think Italy can pay German and other creditors a record €432.5 Billion, you are in Fantasyland. The […]


Deutsche Bank: “The Fed’s ‘Transparency’ Killed Long-Term Investing”

Two weeks ago, one of our favorite derivatives strategists, BofA Barnaby Martin wrote something we have said for years: “QE has been the most effective way for CBs to ‘sell vol’”, arguing that accommodative monetary policies across the globe amid QE have “clearly supported a strong rebound in fixed income markets.” This should not be […]


Euro Tumbles, Bunds Spike On Report ECB “Growing Worried” About Strong Currency

It’s time to start worrying about currency wars again. Moments ago, with the EURUSD trading just shy of 1.19 and having risen above the “red line in the sand for corporate profits” 1.20 mark earlier in the week, the ECB again used its favorite trial balloon news service, Reuters, to suggest that not only is […]


Key Events In The Coming Week: All Eyes On The (Jackson) Hole

Absent any major geopolitical shocks, it is set to be a quiet summer week ahead with focus on the Jackson Hole conference. On the data front the key releases will be US durable goods and Eurozone PMIs, as well as Japan inflation & UK and Norway GDP. In Emerging Markets, there are monetary policy meetings […]