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Image | FNM and FRE will cost you a bundle
FNM and FRE will cost you a bundle
by Chris Martenson
The
main reason that FNM and FRE are “too big to fail” is that they are
both far too deep in the derivatives game for anybody to have a
reasonable assurance of what would happen if they did fail. And nobody
wants to find out, because the fear is that such a scenario could
literally wipe out the entire banking system.
FNM and FRE will cost you a bundle
 by Chris Martenson
The
main reason that FNM and FRE are “too big to fail” is that they are
both far too deep in the derivatives game for anybody to have a
reasonable assurance of what would happen if they did fail. And nobody
wants to find out, because the fear is that such a scenario could
literally wipe out the entire banking system.
Image | Banking crisis ready to rumble
Banking crisis ready to rumble
by Chris Martenson
I see total bank losses as feeding
off of each other, leading to a total recapitalization need in the
neighborhood of $1 trillion. Couple this to a probable $800 billion in
Fannie and Freddie losses, and we’re talking about an amount that is in
the vicinity of the entire yearly income of the US government. Who will
lend all that money, and under what terms?
Banking crisis ready to rumble
 by Chris Martenson
I see total bank losses as feeding
off of each other, leading to a total recapitalization need in the
neighborhood of $1 trillion. Couple this to a probable $800 billion in
Fannie and Freddie losses, and we’re talking about an amount that is in
the vicinity of the entire yearly income of the US government. Who will
lend all that money, and under what terms?
Image | Bernanke speaks
Bernanke speaks
by Chris Martenson
First, I
think it’s entirely too cute that the world’s central banks, which
desperately needed the dollar to go up and commodities to fall so that
they could continue to flood the world with additional liquidity, got
exactly that. Markets are rarely so accommodating, and I suspect
official intervention to rally the dollar.
Bernanke speaks
 by Chris Martenson
First, I
think it’s entirely too cute that the world’s central banks, which
desperately needed the dollar to go up and commodities to fall so that
they could continue to flood the world with additional liquidity, got
exactly that. Markets are rarely so accommodating, and I suspect
official intervention to rally the dollar.
Image | Bad debt
Bad debt
by Chris Martenson

WSJ



– Will the U.S. Treasury repudiate its obligations
to its creditors, be they citizens or investors around the world? Most
observers would answer "no" without hesitation. But Congress, with the
complicity of the White House and the Fed, has arguably embarked on a
stealth repudiation.



Bad debt
 by Chris Martenson

WSJ



– Will the U.S. Treasury repudiate its obligations
to its creditors, be they citizens or investors around the world? Most
observers would answer "no" without hesitation. But Congress, with the
complicity of the White House and the Fed, has arguably embarked on a
stealth repudiation.



Image | China warns the U.S.
China warns the U.S.
by Chris Martenson
China is
sending clear signals that it will consider a breach of obligations by
the US on its debt to be, well, catastrophic. "For us, or for them?"
one wonders. At any rate, the $376 billion in agency debt held by the
Chinese could buy a big swath of U.S. corporate assets.
China warns the U.S.
 by Chris Martenson
China is
sending clear signals that it will consider a breach of obligations by
the US on its debt to be, well, catastrophic. "For us, or for them?"
one wonders. At any rate, the $376 billion in agency debt held by the
Chinese could buy a big swath of U.S. corporate assets.
Image | U.S. Mint suspends gold coin sales
U.S. Mint suspends gold coin sales
by Chris Martenson
As gold took its
tumble in the paper markets, demand for physical gold climbed sharply
by those seeking to take advantage of the lower prices. In response to
that demand, the U.S. Mint suspended sales. What an odd thing for a
manufacturer to do.
U.S. Mint suspends gold coin sales
 by Chris Martenson
As gold took its
tumble in the paper markets, demand for physical gold climbed sharply
by those seeking to take advantage of the lower prices. In response to
that demand, the U.S. Mint suspended sales. What an odd thing for a
manufacturer to do.
Image | FDIC becomes landlord to thousands
FDIC becomes landlord to thousands
by Chris Martenson

Oh, this is
nice. Now the FDIC is getting into the mortgage business. This is a
serious departure from their past activities, skill sets, and possibly
charter. To date, we have the Federal Reserve accepting bad mortgages
in exchange for cash and Treasuries; the FHLB sporting a $1.5 trillion
mortgage portfolio, where it was barely half that a few years ago; and
Fannie and Freddie, with absolutely frightening growth in their own
guaranteed and retained mortgage portfolios. In short,
every possible government program is already neck-deep in this mess and
steadily getting in deeper.

FDIC becomes landlord to thousands
 by Chris Martenson

Oh, this is
nice. Now the FDIC is getting into the mortgage business. This is a
serious departure from their past activities, skill sets, and possibly
charter. To date, we have the Federal Reserve accepting bad mortgages
in exchange for cash and Treasuries; the FHLB sporting a $1.5 trillion
mortgage portfolio, where it was barely half that a few years ago; and
Fannie and Freddie, with absolutely frightening growth in their own
guaranteed and retained mortgage portfolios. In short,
every possible government program is already neck-deep in this mess and
steadily getting in deeper.

Image | Poland signs a missile deal
Poland signs a missile deal
by Chris Martenson
Sometimes
geopolitical events warrant a comment or two. This is one of those
times. With things still quite unsettled in the Russia-Georgia
conflict, it would seem like a good time to take a deep breath and let
some subtle diplomacy do its work. Unfortunately, this approach is well
outside the of the skill set of the U.S. executive branch.
Poland signs a missile deal
 by Chris Martenson
Sometimes
geopolitical events warrant a comment or two. This is one of those
times. With things still quite unsettled in the Russia-Georgia
conflict, it would seem like a good time to take a deep breath and let
some subtle diplomacy do its work. Unfortunately, this approach is well
outside the of the skill set of the U.S. executive branch.
Image | National City Bank in trouble
National City Bank in trouble
by Chris Martenson
The current
crisis is a credit crisis. Period. I don’t really care if the stock
market is trying to signal a bottom, or help keep confidence up; the
real problem is that we have a debt-based money system in which the
engines of debt have stalled out.
National City Bank in trouble
 by Chris Martenson
The current
crisis is a credit crisis. Period. I don’t really care if the stock
market is trying to signal a bottom, or help keep confidence up; the
real problem is that we have a debt-based money system in which the
engines of debt have stalled out.
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