Banks Prepare For Heavy Losses Several Banks Record Loan Loss Provision, Economic Recovery Reverses
Banks are preparing for heavy losses from bad loans in fact several large banks have set aside record loan loss provisions and are now warning of a potential W-shaped recovery instead of a V-shape. Wells Fargo seems to be the weakest link as their heavy exposure to commercial real estate could begin to weigh on the bank's balance sheet, they also revealed in the earnings report they have a lot of non-performing loans mainly oil and gas companies and retail customers. Earnings season is here and it shows us some very troubling things now and even worse in the future as even JP Morgan is warning this is not a regular recession and we will be seeing recessionary forces moving into the picture soon enough. Looking at the total loans that have been falling into delinquency it's likely the banks will increase the provisions for losses much higher as many seem very unprepared and have also begun to cut their dividends. The crazy thing is they have been trying to convince everyone that the economy is doing great and about to roar to life in the 2nd half but the truth is they all know it's turning sour and no one wants to acknowledge it because they're trying to keep the stock market bubble pumped up as long as possible. We also take a look at economic activity in several states which has not just stalled but has begun to reverse in many sectors beginning in late June. The Feds economic activity indicator also shows any recovery that they say has happened is very weak and could hardly be referred to as recovery. Foot traffic has dropped for dining and malls as well as travel. These sectors have been relentlessly chased by retail investors thinking they are on the edge of something big but they are not being honest as it's clear the banks are preparing for a very serious economic event to begin setting in around the time the stimulus wears off. All of the big banks that have reported their earnings have acknowledged their economic predictions have deteriorated sharply as the economy begins to take on water. ... https://www.youtube.com/watch?v=gDnE0AN9QfY
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a plan to boost IRS funding by more than 10%, or $80 billion over the next decade to vastly increase the agency's auditing staff and replace outdated technology. A person familiar with the plans said the $700 billion projection does reflect that the IRS will need several years to ramp up and that the highest revenue-raising years will be toward the end of the 10-year timeframe. Current predictions are that some of the biggest gains will come in the following decade, raising as much as $1.7 trillion to $1.8 trillion during that period, the person said. We have been warning about the movements of the IRS and there are some who praise the idea of a bolstered IRS. This is shocking to me as it's hard to figure out why anyone would like the IRS. There is also the fact that they are considering the $80 billion in taxpayer money an investment and Janet Yellen is praising the IRS.
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https://www.youtube.com/watch?v=I3fzcpb74BU
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soaring power prices - no “overnight” fix for soaring power prices, says energy minister | 9 news. soaring energy prices drive up heating costs.
energy minister chris bowen has announced steps are being taken to tackle the escalating power prices with an 11-point action plan now in place but concluded there is “no silver bullet” or “magic answers” to the country’s energy crisis.
as power prices rise we're often told to shop around to get the best deal. the european union could struggle to advance its green agenda as gas prices soar across the bloc according to experts who warn against slowing down investment into the sector...
soaring prices expose eu's energy dependence • france 24 english. fears that russia could severely limit energy supplies to germany over the winter have sent gas prices soaring...
“soaring energy prices have hit economies across europe and if madrid’s actions are imitated elsewhere as governments prioritize cheap energy over the green transition the eu’s credibility in advancing global climate action could take a hit ” henning gloystein director of energy at the consultancy firm eurasia group said in a note friday...
markets are tanking and energy prices soaring in the wake of russia's invasion of ukraine as oil surged to more than $100 a barrel and gas prices in europe jumped more than 30% in the hours after russia launched its attack.
europe faces energy crisis as power shortages lead to soaring prices | dw news.
polish prime minister mateusz morawiecki for instance said earlier this month that “polish power prices are tied to the eu’s climate policies ” according to politico...
energy giant bp has reported its biggest quarterly profit for 14 years after oil and gas prices soared...
energy prices soar after russia's invasion of ukraine. what is behind soaring energy prices and what happens next?
soaring energy prices could be a huge political and health issue for europe this winter: croft.
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https://www.youtube.com/watch?v=IcVsGlPVQu0
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recently millions were left without power and this has created significant disruptions to economic activity. We found a particular weakness in card spending in TX, LA, OK, MS, AR and TN. Combined card spending in these six states ran at a -25% yoy pace for the 7-days ending Feb 20th. Subtracting these states from the total, card spending increased 1.3% YoY over the same period, which was likely still held down by poor weather conditions. Bank of America and JP Morgan both had some concerning insights on their card spending reports.
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https://www.youtube.com/watch?v=disvU5JcHvI
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Hyperinflation has been hitting the Bolivar for years but has reached a new insanity, the response is even crazier as Venezuela has a novel idea, cut 6 digits off of the end of each note (for accounting purposes) in fact, a single 1 million bolívar note would not currently be enough to buy a single cup of coffee, as a million bolivars is worth just over $0.32 US. The vast majority of working-class people still need cash for daily transactions, including for public transit or local grocery and goods stores.
And now the next iteration of an attempted "solution" to the ongoing crisis is a fresh currency redenomination, which will mark no less than the third one in 13 years.
"Venezuela is preparing once again to eliminate zeros from the national currency, in order to simplify daily transactions that hardly fit on a calculator or that require swiping the card several times to complete a purchase."
Starting in August the central bank will cut six zeros from the bolivar, thus a single dollar would cost 3.2 bolivars instead of the current whopping 3,219,000.
Finder has just published the results of a recent survey attempting to gauge the financial stability of the average American.
More than 2K adults to were interviewed to try and ascertain how long they could survive without income. It turns out that approximately 72.4MM employed Americans - 28.4% of the population - believe they wouldn't be able to last for more than a month without a payday.
Another 24% said they expected to be able to live comfortably between two months and six months. That means an estimated 133.6MM working Americans (52.3% of the population) can live off their savings for six months or less before going broke.
On the other end of the spectrum, roughly 8.7MM employed Americans (or 3.4% of the population) say they don't need to rely on a rainy day fund since they have employment insurance which will compensate them should they lose their job.
Amusingly, men appear to be less effective savers than women. Some 32.4MM women (26.7% of American women) say their savings would stretch at most a month, compared to 40MM men (29.9% of American men) who admit to the same. Of those people, 9.7MM women (8% of American women) s
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https://www.youtube.com/watch?v=GENEVk8l-UM
Epic Platinum Shortage Set To Push Platinum Into A New Super Cycle As Demand Surges 17%.
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https://www.youtube.com/watch?v=o0XgfU5q3ik
A couple weeks ago we were warning about the coming great rotation, well actually, we brought up how JP Morgan was warning about the great rotation as they called it. During the past 6 months the fundamentals that have driven certain stocks have been based on people staying home, so Tech. Well now that the prospect of returning to some form of normal arises we suddenly are faced with a perilous dilemma, everyone has been invested in tech and for the most part, they have believed the story that fundamentals support these lofty stock valuations to suddenly find out every changed their minds. The bank brought up that for the past 6 months everything has been Tech up and Banks down but they expect that trend has reached the end of the line. The great rotation in the US stock market is everything moving which could prove to cause sharp drops for many stocks as momentum dries up in an already illiquid market
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https://www.youtube.com/watch?v=TLcGAWU-i30
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stock market crash cpi - stock market crash on cpi + inflation out of control?
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https://www.youtube.com/watch?v=KvRaBnGaJvE