Isnt "going concern" the issue? I gather there is a moment at which bank management face auditors and positively affirm that their bank is a going concern. On what basis would you agree any time in 2023 that SVB was a viable business rather than a disaster waiting to happen? twitter.com/PaulieCeee/sta…
RT @fteconomics: IMF poised to announce $15.6bn lending programme for Ukraine on.ft.com/3TkqhJu
Bankruptcy occurs gradually then suddenly, Ernest Hemingway wrote. Credit Suisse appeared to be losing its reputation in the same way. ft.com/content/bfb631… https://t.co/INJjod2VOq
South Africa’s Towns are Owed $17 Billion by their citizens and local businesses. Cant pay bills to ESKOM etc. Fiscal state disintegrating from bottom up bloomberg.com/news/articles/… https://t.co/7xNWatWKRA
Russia’s seaborne crude flows rebounded last week, with India now making inroads into the country’s Pacific exports having taken the bulk of cargoes shipped from western ports after a bloomberg.com/news/articles/… embargo. https://t.co/9hjcAOkcv3
KPMG signed its audit opinion on SVB on February 24, exactly two weeks before the bank was seized by regulators in the wake of a bank run. The audit opinion on Signature is dated March 1, 11 days before it was seized. ft.com/content/1f2116…
RT @TheNationalNews: Supporters of former Pakistan prime minister Imran Khan clash with police outside his residence thenationalnews.com/world/2023/03/…
@CrispianOlver @Columbia Amazing to be in conversation with Crispian. The work that @ClimateZA is doing is extraordinary!
RT @dsquareddigest: @zeithistoriker @graceblakeley @BuddyYakov Exactly in JK Galbraith's line of thinking. If American policymakers did wha…
RT @Brad_Setser: But it is also I think clear that a lot of longer-term "safe" bonds (Treasuries and Agencies) issued between 2015 and 2021…
RT @Brad_Setser: As @jeuasommenulle and others have illustrated, SVB built up a huge hold to maturity bond portfolio — over $90b of bonds…
"The weekend US officials hatched a plan to stave off a banking crisis" ft.com/content/56a8df… Obs it wouldnt help right now, but in due course, dont some of these folks need to consider their positions? I mean wth????? https://t.co/a53ujJCHXe
Chartbook: Chartbook #201 Venture dominance? The meaning of the SBV interventions. adamtooze.substack.com/p/chartbook-20…
Chartbook: The thing we aren't calling a bailout, other banks & how German and Japanese debt seem like a safe haven plus modeling Pearl Harbor adamtooze.substack.com/p/the-thing-we…
RT @MrMatthewTodd: We’re in a nightmare. There’s almost no one in mainstream public life really explaining what is about to happen to us al…
RT @SparshAgarwall: "For many like me, who were moulded by @CPR_India's walls that whispered to us about our intellectual responsibilitie…
RT @M_C_Klein: "We aren't using taxpayer money to do a bailout, we are just using the ESF and also having the Fed pretend that banks haven'…
Chartbook: Chinese manufacturing dominance, the slave-trade & the industrial revolution, Yuan Shikai remembered & anti-fascist footballers adamtooze.substack.com/p/chinese-manu…
Chartbook: Top links 174 Chinese manufacturing dominance, the slave-trade & the industrial revolution, Yuan Shikai remembered & anti-fascist footballers adamtooze.substack.com/p/top-links-17…
So this was screamingly obvious to anyone who had individual data on top 20 banks and regulators, fed, treasury stood by and no one had a word with folks in Silicon Valley to explain the disaster coming towards them??? Incomprehensible! twitter.com/andreassteno/s…
RT @AndreasSteno: SVB is/was not like the others because a prudent bank hedges interest rate risks. SVB did not. Chart from JPAM / Michae…
RT @ahistoryinart: John Lavery's picture from 1929 depicts Mrs Osler, a Canadian socialite, reclining on a sofa in her villa at Cap d’Antib…
RT @danieljhartley: Immanuel Wallerstein (right) and Fernand Braudel (left) at the inauguration of the Fernand Braudel Center in Binghamton…
RT @TheLuisPanini: Last night I attended the LA premiere of Orson Welles’ newly restored in 4K The Trial (1962) & at the end I could barely…
So US regulators watched a bank with 97% runnable deposits, that is key to Silicon Valley ecosystem, run up a $100bn one way bet on interest rates in 2021 and markets didnt react? Oh, what? You say, markets DID react! So regulators watched .. WTH!!!!! adamtooze.substack.com/p/chartbook-20… https://t.co/1XXyJkt4s9
RT @youngonesfan: #TheYoungOnes nailed it back then #BBCBias https://t.co/hCdkeSKJg0
RT @MorganRicks1: Legally, FDIC can't use public money to protect uninsured deposits – this would violate its least-cost resolution obligat…
RT @Fehlermaker: @adam_tooze Chris Clark and 1848 reminds me of his fantastic singing voice. Here he is at an LRB event. The song is around…
You are the sense maker … trading as an existential calling. twitter.com/denisekshull/s…
So … America had a big bank at the heart of a crucial high-vis sector, that had 97% runnable, uninsured deposits that by end 2021 built a giant one-way, unhedged bet on interest rates staying at 0 and NO-ONE sounded the alarm! Chartbook Newsletter #200 adamtooze.substack.com/p/chartbook-20… https://t.co/DXZTr0hUXk
For the last 12 months we've been asking, what will bend and what will break as the Fed hikes. With SVB's failure we have now have an answer. Chartbook Newsletter #200 on the venture capital bank failure precipitated by huge bond losses. adamtooze.substack.com/p/chartbook-20… https://t.co/2R9MjlIH7v
Exports of Italian wine to Russia surged in 2022! twitter.com/wineecon/statu…
RT @policytensor: I had to see with my own eyes. In terms of value-added at market rates, China ($4.9tn) is now as big a mfg power as US ($…
RT @CJFDillow: 100% this. The BBC does a lot of great work let down by its news & current affairs bilge. But it it is cutting that work (eg…
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