Wilder’s News on Europe
Rebecca Wilder has shifted to publishing her insightful articles on Europe back to her Newsneconomics platform, but will continue to publish on US topics and US/Europe connections on Angry Bear.
I think that the shift is smart…the audience for Angry Bear is focused more on the US and as the election cycle is already quite heated probably will remain so. The material on Europe tends to get lost.
The Financial Times, for instance, picks up her material rather quickly through the Newsneconomics name. Therefore, for now Rebecca has chosen to write for Angry Bear and to keep us abreast of the Eurozone through Newsneconomics.
Such an arrangement allows for a different audience to communicate with each other in comments, many who are economists and readers who live in the Eurozone and whose primary interest is in their own news.
But Eurozone news remains quite pertinent to Angry Bear readers, hence I will post excerpts and a link to her posts through Angry Bear.
Ireland’s Bank run by Rebecca Wilder
I knew that the Irish deposit base was shrinking – I just didn’t realize the severity of the situation. In sum, €21.4 bn in household and non-financial business deposits have been drawn down since their respective peaks.
Irish businesses in aggregate have been in a silent bank run since 2007, households since 2010. So how big is €21.4 bn? Roughly 14% of Irish GDP.
The Swedish solution of nationalizing failed banks (TBTF) and getting them out of “in between” the people and the central bank is long over due!!
Over at Big Picture, an interview with a “rater” other day said Euro zone banks need from 70 to 90% haircut on equity due to “not marked to market” assets side of the balance sheets.
And the US banksters’ CDS in Euro banks exposure is unknown, meaning likely huge.
That with similar balance sheet distrortions remaining in the US banks………….
Time to “get ‘er done” with the banksters the other terrists.
Thanks for keeping European news within easy reach: since reading her post of the bank run in Ireland I have yet to hear of it on television news. I’ve never understood why American citizens do not express more interest in European news; Europeans certainly want to hear ours on a regular basis.