asterisk2a + treasury   28

Booming gig economy costs £4bn in lost tax and benefit payouts, says TUC | Business | The Guardian
Study shows low-paid self-employment and zero-hours contracts costing exchequer £75m a week – a quarter of England’s weekly social care budget [...] Their relatively low earnings also make them more likely to need to rely on in-work benefits such as tax credits and housing benefit, the TUC said. [...] “The huge rise in insecure work isn’t just bad for workers. It’s punching a massive hole in the public finances too,” said TUC general secretary Frances O’Grady.
HMRC  Treasury  Whitehall  Westminster  Lobby  Consultant  zero  hour  contract  Self-Employment  gig  economy  welfare  state  Governance  Government  Precariat  working  poor  Poverty  part-time  minimum  wage  minimumwage  mindestlohn  Zeitarbeit  Leiharbeit  LHA  DWP  George  Osborne  Philip  Hammond  Iain  Duncan  Smith  housing  benefit  tax  credit  child  taxcredit  Austerity  secular  stagnation  crony  capitalism  bailout  corporatism  neoliberalism  exploitation  profit  maximisation 
february 2017 by asterisk2a
ABN Amro Warns There Is A 40% Chance Mario Draghi Expands ECB QE "As Soon As This Week" | Zero Hedge
The bottom line is that markets may fear that QT has much more to go." Deutsche was kind enough to provide a silver lining to this otherwise dreary forecast: "What could turn sentiment more positive? The first is other central banks coming in to fill the gap that the PBoC is leaving. China’s QT would need to be replaced by higher QE elsewhere, with the ECB and BoJ being the most notable candidates." [... or the shadowy actor Belgium - bit.ly/1LWtQQ9 &! bit.ly/1Ib2oNo - might have been a smoke mirror of the PBOC using "Euroclear", but the rabbit is out of the hat now! ] //&! bloom.bg/1JBiywV - Welcome to Quantitative Tightening as $12 Trillion Reserves Fall. The great global monetary tightening of 2015 is under way, but it’s not being led by the Federal Reserve.
QT  Quantitative  Tightening  Taper  QE  ECB  BOJ  Abenomics  Fed  2015  China  monetary  policy  monetary  stimulus  unconventional  monetary  policy  monetary  system  reserve  currency  petrodollar  PBOC  centralbanks  reserves  FX  reserves  Treasury  Market  treasuries  bond  bubble  reflate  reflation  distortion  economic  history  global  trade  global  growth  global  economy  OPEC  Russia 
september 2015 by asterisk2a
The "Great Accumulation" Is Over: The Biggest Risk Facing The World's Central Banks Has Arrived | Zero Hedge
PBoC’s rapid liquidation of USTs over the past two weeks has added fuel to the fire and effectively boxed the Fed in. On Tuesday, Deutsche Bank is out extending their "quantitative tightening" (QT) analysis with a look at whats ahead now that the so-called "Great Accumulation" is over.  "Following two decades of unremitting growth, we expect global central bank reserves to at best stabilize but more likely to continue to decline in coming years," [...] Less reserve accumulation should put secular upward pressure on both global fixed income yields & USD. [If the shadow actor in Belgium doesnt buy it up @rate everyone else is selling (divesting) ] [...] The current secular shift in reserve manager behaviour represents the equivalent to Quantitative Tightening, or QT. This force is likely to be a persistent headwind towards developed market central banks’ exit from unconventional policy in coming years, representing an additional source of uncertainty in the global economy. ...
bond  bubble  treasuries  Treasury  Market  liquidity  trap  liquidity  squeeze  China  FX  reserves  centralbanks  reserves  USD  Dollar  QE  ZIRP  NIRP  petrodollar  2015  Yuan  RMB  devaluation  global  trade  global  economy  global  imbalances  global  growth  faultlines  OPEC  Oil  price  Asia  emerging  PBOC  Russia  shale  gas  fracking  tarsand  Canada  USA  Taper  Fed  credit  bubble  reflate  reflation  GFC  recovery  monetary  system  financial  monetary  theory  monetary  policy  monetary  stimulus  unconventional  monetary  policy  Saudi  Arabia  UAE  Iran  commodity  prices  Quantitative  Tightening  QT  2016  New  Normal  uncertainty  BOE  IMF  SDR  reserve  currency 
september 2015 by asterisk2a
Why It Really All Comes Down To The Death Of The Petrodollar | Zero Hedge
What might not be as clear (on the surface anyway) is how recent events in developing economy FX markets following the devaluation of the yuan stem from a seismic shift we began discussing late last year - namely, the death of the petrodollar system which has served to underwrite decades of dollar dominance and was, until recently, a fixture of the post-war global economic order. In short, the world seems to have underestimated how structurally important collapsing crude prices are to global finance. For years, producers funnelled their dollar proceeds into USD assets providing a perpetual source of liquidity, boosting the financial strength of the reserve currency, leading to even higher asset prices and even more USD-denominated purchases, and so forth, in a virtuous loop. [...] For the first time in decades, exported petrodollar capital turned negative. [...] the world is now beginning to feel the impact of the petrodollar's quiet demise. // &! Follow-on! bit.ly/1IGh4O3
petrodollar  OPEC  centralbanks  reserves  USD  Dollar  2015  Oil  price  FX  reserves  China  Asia  emerging  market  global  trade  global  economy  global  imbalances  Yuan  RMB  devaluation  PBOC  Russia  shale  gas  fracking  tarsand  Canada  USA  Taper  Fed  credit  bubble  QE  ZIRP  NIRP  reflate  reflation  GFC  recovery  monetary  system  financial  market  monetary  theory  monetary  policy  monetary  stimulus  unconventional  monetary  policy  Saudi  Arabia  UAE  Iran  commodity  prices  liquidity  trap  liquidity  squeeze  treasuries  Treasury  bond  bubble  faultlines  IMF  SDR  reserve  currency 
september 2015 by asterisk2a
James Rickards - 2016 Economic Collapse - YouTube
17:00 - Russia dumping Treasuries. China dumping Treasuries. Belgium (who?) buying them up!? zerohedge reported on that. Why Belgium? Belgium is a front - smoke mirror, smoking gun! // 19:00 petrodollar. Iran. // Financial War Fare (& Cyber War Fare.) // Global Stealth Gold Run as insurance scheme as end of dollar as reserve currency scenario (hedge). Zerohedge has shown that worlds central banks have pulled continuously their gold from NY Fed // 28:00 Fed monetary policy puts dollar status in peril according to IMF. Central banks started long ago to diversify their reserve holdings and reduce dollars for other holdings. //// &! See end of the petrodollar and what it means (bad for all USD denominated assets) - bit.ly/1hBuuWo AND See QT 2015/2016 - China and everyone else selling Treasuries and USD FX reserves because they have to = quantitative tightening. treasury prices up (higher yield). --- bit.ly/1IGh4O3
treasuries  Treasury  Market  USA  Fed  bond  bubble  2015  China  Russia  secular  stagnation  deflationary  deflation  USD  globalization  globalisation  petrodollar  OPEC  QT  Quantitative  Tightening  emerging  book  Dollar  IMF  SDR  reserve  currency 
september 2015 by asterisk2a
▶ Dan Mitchell testifies on the debt ceiling in front of the Joint Economic Committee on C-SPAN 3 - YouTube
private sector is a tax base/revenue stream. as well as resources like land, oil, dams, fracking. gov has a conflict of interest in terms of regulation and taxation - long-term thinking diminished to zero plus influenced by lobby.
debtceiling  2013  Politics  fiscal  sovereignty  short-term  thinking  economic  history  fiscal  policy  Debt  Super  Cycle  fiscal  discipline  budget  deficit  fiscal  stimulus  sovereign  crisis  USA  default  barackobama  treasury  democracy  ceiling  presidency  fiscal  deficit 
september 2013 by asterisk2a
RDQ's Ryding Says U.S. Treasury Yields Are `Unhealthy' - YouTube
Operation Twist will have very little macro economic impact
Fed reflates economy, but does not help to heal
Low yields are fundamentally a sign that nobody wants to take risk.
-
ECB provides Dollar lending facility till year end. Yesterday Central Bank Intervention - help for Europes banks.
operationtwist  2011  QE3  economics  macroeconomics  microeconomics  greatrecession  recession  recovery  reflation  yield  debt  unhealthy  treasury  treasuries  deflation  Japan  USA  monetary  policy  europe  creditcrunch  lenderoflastresort 
september 2011 by asterisk2a
Fink Builds BlackRock Powerhouse Without Goldman Backlash - Bloomberg
BlackRock is the world’s biggest asset-management firm, a $3.45 trillion powerhouse that is Wall Street’s largest trading partner, set to pay investment banks $1 billion in fees this year. It manages $1.4 trillion for public pension funds in states including New York, New Jersey and California, and invests $240 billion for central banks and sovereign wealth funds such as the Abu Dhabi Investment Authority.

“There’s no bank, no sovereign wealth fund, no insurance company that’s as large as BlackRock,” says Ralph Schlosstein, a co-founder who left in 2007 and is now CEO of Evercore Partners Inc., a New York-based investment bank. “BlackRock today is one of, if not the, most influential financial institutions in the world.”
finance  risk  USA  wallstreet  BlackRock  dimension  size  hedgefunds  mutualfunds  treasury  timgeithner 
december 2010 by asterisk2a
Flawed Mortgage Papers May Pose Economic Risk, Panel Says - NYTimes.com
Tim Massad, acting assistant Treasury secretary for financial stability, clarified his agency’s position. “We weren’t saying these problems aren’t serious,” he said. “They are extremely serious, they are clearly widespread, they do pose dangers and they need to be fixed. But based on the evidence today, we didn’t see a systemic risk to financial stability.”

But the meat of the report comes in its analysis of the threats that false loan documentation may pose to banks’ balance sheets and to financial stability in the broader economy. These perils are related to the possibility that banks will have to buy back loans from investors if they were based on false documentation, or if the proper records required when setting up mortgage securities trusts were not kept, the report said.
mortage  foreclosure  fraud  2010  treasury  timgeithner  government  H.R.3808 
november 2010 by asterisk2a
Dealbook - Paulson Likes What He Sees in Overhaul - NYTimes.com
In the end, though, Mr. Paulson said that regulation on its own would not be enough to prevent another crisis. No, that will come down to people.

“As I’ve thought about it, this is very people-driven,” he said. “A lot of this is about the people who have the responsibility for the regulation when there isn’t a crisis and the people who have the responsibility during a crisis. Unless you believe that the big financial institutions were intentionally trying to blow themselves up, they were unable to spot a number of the issues.”

He continued: “I think it is asking a lot for regulators to be perfect — because they won’t be. But what you h
henrypaulson  financial  regulation  reform  crisis  creditcrunch  depression  greatrecession  usa  regulators  timgeithner  larrysummers  paulvolcker  VolckerRule  2010  2011  presidency  barackobama  Fed  treasury  fdic 
july 2010 by asterisk2a
The Greatest Shell Game Ever Continues As The Whole World Is Now Insolvent; Updated Thoughts From Chris Martenson On The Upcoming US Funding Crisis | zero hedge
# Record-breaking Treasury auctions continue to go off without a hitch, thanks to massive foreign participation.
# However, the amounts reported to be bought in the auction results do not match the Custody Account or TIC report amounts.
# The Fed is allegedly all done buying MBS and Treasury paper. This cuts off an important source of liquidity for the Treasury, commodity, and stock markets.
# How will these markets respond to a liquidity drought?

Part of the explanation behind this unwavering support for the dollar and US deficit spending by other central banks lays in the fact that other Western and Eastern governments are equally insolvent. It's possible that they feel they really have no choice but to play along, because the alternative would be to inflict a vicious and deeply unpopular austerity program on their own country, while everybody else is partying on thin-air money. Who's going to be the first to do that? Nobody, that's who.
MBS  Fed  treasury  treasuries  usa  debt  stockmarket  rally  2009  2010  deficit 
april 2010 by asterisk2a
Obama's Big Sellout : Rolling Stone
Then he got elected.

What's taken place in the year since Obama won the presidency has turned out to be one of the most dramatic political about-faces in our history. Elected in the midst of a crushing economic crisis brought on by a decade of orgiastic deregulation and unchecked greed, Obama had a clear mandate to rein in Wall Street and remake the entire structure of the American economy. What he did instead was ship even his most marginally progressive campaign advisers off to various bureaucratic Siberias, while packing the key economic positions in his White House with the very people who caused the crisis in the first place. This new team of bubble-fattened ex-bankers and laissez-faire intellectuals then proceeded to sell us all out, instituting a massive, trickle-up bailout and systematically gutting regulatory reform from the inside.
BobRubin  bailout  corruption  barackobama  presidency  government  usa  politics  economy  JosephStiglitz  AIG  bonuses  citigroup  campaign  TARP  history  lobby  wallstreet  lobbyist  Lobbying  larrysummers  timgeithner  goldmansachs  RahmEmanuel  barofsky  CDS  derivatives  regulation  reform  barneyfrank  LTCM  SEC  CFTC  ConsumerFinanceProtectionAgency  CFPA  coruption  FDIC  treasury 
february 2010 by asterisk2a
Doubts at Fed Over A.I.G.’s $30 Billion Payout - NYTimes.com
Lawyers for the Fed argued in the documents that it did not have the legal authority to guarantee A.I.G.’s obligations. The New York Fed’s chief counsel is expected to reiterate this point in Congressional testimony on Wednesday.

Of all the government rescues undertaken during the credit crisis of 2008, none has stirred more outrage and raised more questions than the bailout of A.I.G., a global insurer that has received $180 billion in taxpayer commitments since its collapse 16 months ago. More fireworks are expected Wednesday as lawmakers hear testimony about the insurer’s rescue from the two men most closely associated with it: Timothy F. Geithner, the Treasury secretary and former president of the New York Fed; and Henry M. Paulson Jr., the former secretary of the Treasury.
fed  treasury  benbernanke  timgeithner  henrypaulson  AIG  bailout  MBS 
january 2010 by asterisk2a
Why Aren’t Banks Lending? They Are Being Rational | The Big Picture
Lending money is a risky business; there is the possibility of loss. Under-capitalized banks cannot take that chance. By not lending, their capital base goes up. IT is the rational thing to do from their perspective.
Rather than engage in traditional money lending, these banks have decided to simply borrow from the Fed at 0%, and make risk free loans to the Treasury at 3%.
.
--- BATTLE FOR THE WORLD ECONOMY --- KEYNESIAN ECONOMICS vs LIBERAL ECONOMICS
... 1 point for keynes to stop the downturn
... 1 point to austrians bc banks dont lend
.... 1 point to austrians because govnt debt is on the verge of failure
.... -1 for keynes bc it gave to wrong impression

to be continued 2010.

Why? They need to rebuild their capital levels after 30 years of declining safeguards and capital ratios.

This is yet another unintended consequence of bailing reckless bankers from their folly. Theior oplace in the economy is so distorted, as to become nearly economically meaningless . . .
bank  lending  2009  2010  recovery  recession  rational  irrational  creditline  creditcrunch  psychology  credit  usa  humor  fed  incentive  treasuries  capital  ratio  treasury  freemarkets  distortion  battle-for-the-world-economy  battle-of-ideas  distorted  economic  economy  debt  government  battle  keynes  Keynesianism  liberal  bailout  consequences  2011  2012  depression 
december 2009 by asterisk2a
The Reckoning - Citigroup Saw No Red Flags Even as It Made Bolder Bets - Series - NYTimes.com
The bank’s downfall was years in the making and involved many in its hierarchy, particularly Mr. Prince and Robert E. Rubin, an influential director and senior adviser.

Citigroup insiders and analysts say that Mr. Prince and Mr. Rubin played pivotal roles in the bank’s current woes, by drafting and blessing a strategy that involved taking greater trading risks to expand its business and reap higher profits. Mr. Prince and Mr. Rubin both declined to comment for this article.

-- with hindsight -- these people were the architects of this crisis.
Summers and Greenspan and Rubin were part of the Clinton administration, and Bush partly too.
citigroup  MBS  robertrubin  fed  treasury  billclinton  administration  history  housing  bubble  architect  bailout  CDO  housemarket  barackobama  larrysummers  timgeithner  alangreenspan 
december 2009 by asterisk2a
Long-Dated Treasurys Down Before FOMC Decision, Supply Details - WSJ.com
They basically bought two-year notes while simultaneously selling 10-year and 30-year Treasurys.

"Some people are speculating the refunding announcement will indicate that the Treasury will increase the maturity of its debt issuance," said James Caron, head of interest-rate strategy at Morgan Stanley in New York. That means the government is likely to boost the size of long-dated Treasury auctions as a way to lengthen the average maturity of its debt supply, thus improving debt management while making it easier to roll over matured bonds.
debt  monetization  treasury  USA  bonds  government  management 
november 2009 by asterisk2a

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