News 

STANLEY DRUCKENMILLER: It’s time to give real capitalism a chance

“For years now a mix of financial repression and central bank intervention has made long-term interest rates largely determined by government fiat” writes Simon Black for businessinsider.com. Now, the irony of this is over the last 700 years inflation has averaged barely over 1% and interest rates have averaged just under 6%.But there’s a link to the full speech at the bottom: Can we try capitalism?. But, after he was elected, I was at least hopeful that it would represent an inflection point in the trend away from capitalism. Source: businessinsider.com…

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Markets News Regulators 

The ECB’s bond-buying program could have masked major risks

“She was talking about the effects of the ECB’s bond buying program as part of a broader warning that investors are no longer seeing risks” writes Wolf Street for businessinsider.com. When credit risk is not being priced at all – when it’s free – this most important gauge of the credit market is worthless.Credit risk wasn’t priced in at all.That’s when investors will begin to discover, as Erdoes put it so elegantly, that they have “a bunch of walking-zombie companies.”.  Source: businessinsider.com Share This:

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Fed chair Jerome Powell is whistling past 2 looming threats to the US economy

“Still, a possible yield curve inversion “might get them to pause a little earlier,” James Kahn, Yeshiva University economics professor, told Business Insider” writes Pedro Nicolaci Da for businessinsider.com. The yield of a bond partly reflects expectations for interest rates.That’s the interest rate level that neither stimulates growth or slows it down — something that changes over time and which Fed officials try hard to gauge. Source: businessinsider.com Share This:

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Wells Fargo in process of refunding customers for add-on products: WSJ

“Wells Fargo said in its latest quarterly filing that there was an ongoing review of “add-on” products across the company, adding it had started remediation efforts where it had identified impacted customers” reports businessinsider.com. Wells Fargo charged monthly fees for these products ranging from pet insurance to legal services that customers did not fully understand, the Journal reported, citing people familiar with the matter.FILE PHOTO: A Wells Fargo stagecoach is seen at the SIBOS banking and financial conference in Toronto Thomson Reuters (Reuters) – Wells Fargo & Co is in…

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Crypto News 

UK Will Lead in Crypto-Blockchain Space: Report

“BOE Governor Mark Carney criticized bitcoin and other digital currencies, saying bitcoin has failed as a viable currency and as a store of value” writes Nathan Reiff for investopedia.com. DAG Global CEO Sean Kiernan believes that the traditional financial world of the U.K. is primed to integrate with the digital currency space.He suggests that “the U.K. is a major global financial hub and in recent years has become a fintech leader as well.In order for the study above to come to pass, regulators’ opinions on digital currencies will likely have…

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U.S. lawmakers set to grill Trump’s consumer watchdog pick

“WASHINGTON (Reuters) – Fireworks are expected in U.S. Congress on Thursday when lawmakers question Kathy Kraninger, a senior government official and President Donald Trump’s pick to lead the consumer watchdog created after the 2007-2009 financial crisis” writes Midwest Communications Inc for 95kqds.com. But other conservatives have raised concerns that her lack of consumer finance experience will hurt her confirmation chances.Democrats have said she lacks relevant experience and even some Republicans have questioned her familiarity with the consumer finance issues she would be tasked with policing. Source: 95kqds.com Share This:

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Markets News 

EU’s Moscovici warns of hit to markets if trade tensions escalate

“BERLIN (Reuters) – A further escalation in trade policy tensions between the European Union and the United States would hit financial markets and hurt both sides, said European Commissioner for Economic and Financial Affairs Pierre Moscovici” writes Midwest Communications Inc for 95kqds.com. “An escalation – no matter from which side – would have serious consequences for the economy, including for the financial markets, which would hurt all sides,” Moscovici told the Augsburger Allgemeine newspaper in an interview.”That’s why we need a gateway to get out of this spiral that ultimately…

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U.S. regulatory panel gives Zions Bancorp green light to shed Fed oversight

“The systemically important financial institution (SIFI) designation is given by FSOC to companies whose failure can pose a threat to the global financial system” reports businessinsider.com. “The Council conducted a careful analysis of Zions’ business and found that there is not a significant risk that Zions could pose a threat to U.S. financial stability,” said Treasury Secretary Steven Mnuchin. Source: businessinsider.com Share This:

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Finlyte Wields Oracle Tech For Finance-as-a-Service Tool

“So if a client outgrows the need for outsourced accounting services, Finlyte will be able to easily transition the use of NetSuite to the client” reports pymnts.com. The companies Finlyte serves quickly outgrow entry-level accounting systems, manual processes and spreadsheets. This type of experienced partner, coupled with NetSuite’s rich functionality and scalability, will greatly benefit joint customers.”. By running NetSuite’s cloud-based ERP, Finlyte is able to improve “financial visibility and create cost efficiencies for its customers,” senior managers, investors, boards and other key stakeholders. Source: pymnts.com Share This:

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