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Monday, 7 March 2016
Fears Grow Over Global Banking Viability
he world’s credit boom is beginning to show dangerous signs of unraveling, ushering in a period of fresh turmoil for the over-indebted global economy, the Bank of International Settlements has warned.
Cheap money encourages risky behavior. It gives banks an incentive to give ‘no money down’ loans to homeless people with no employment history.
It creates bubbles (like the housing bubble from 10 years ago), and ultimately, financial panics (like the banking crisis from 8 years ago). Banks are supposed to be conservative, responsible managers of other people’s money.
This one statement provides the largest validation yet for POM readers that we are in fact on the correct course with this thesis. What isn’t clear in the statement is whether July is the deadline for the report to be presented, or when the broader use of the SDR should begin. Considering the time it takes to decide on changes and implement them, it would be my interpretation that it is only the report which is meant to be completed by July.
The details: shortly before midnight, a team of police arrived with two Turkish-made TOMA water cannon trucks. They advanced military style towards the waiting supporters, firing the freezing water directly at them. Using bolt-cutters to unlock the iron gate in front of the building, dozens of police then marched into the premises to seize the headquarters and formally place it under administration, pushing aside anyone who stood in their way, Cihan images showed.
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