The Shanghai Gold fix and the imminent banking crisis
The Shanghai Gold Fix (Apr 19th) … the banking crisis … boiling …
The Federal Reserve Board of Governors just held an “expedited special meeting” on Monday in closed-door session.
The White House made an immediate announcement that the president was going to meet with Fed Chair Janet Yellen right after Monday’s special meeting and that Vice President Biden would be joining them.
Immediately after Monday’s special meeting, the Federal Reserve also posted an announcement of another expedited closed-door meeting for Tuesday for the specific purpose of “bank supervision.”
A G-20 meeting of finance ministers and central-bank heads starts in Washington, D.C., on Tuesday, too, and continues through Wednesday.
Then on Thursday the World Bank and the International Monetary Fund meet in Washington.
The Federal Reserve Bank of Atlanta just revised US GDP growth for the first quarter to the precious of recession at 0.1%.
US banks are expected this coming week to report their worst quarter financially since the start of the Great Recession.
The press stated that the German government will sue the European Central Bank if it launches a more aggressive and populist form of quantitative easing, often called “helicopter money.”
SCHAEUBLE SAYS ECB CAUSING ‘EXTRAORDINARY PROBLEMS’: REUTERS
SCHAEUBLE: FISCAL, MONETARY POLICY LARGELY EXHAUSTED GLOBALLY
The European Union’s new “bail-in” procedures for failing banks were employed for the first time with Austrian bank Heta Asset Resolution AG.
Italy’s minister of finance called an emergency meeting of Italian bankers to engage “last resort” measures for dealing with 360-billion euros of bad loans in banks that have only 50 billion in capital.
Jamie Dimon, the CEO of JPMorgan Chase has just issued a very ominous warning to America and the world of ‘economic tragedy’ upon the horizon. The fact that a major CEO of a financial institution is telling us that economic tragedy is imminent is something that we need to take heed of….”if we get lulled into a false sense of security, it’s going to be too late.” (remember JP Morgan is the prime manipulator of markets …)
Japan is in the “debt spiral end game”…
