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On 22 March, Turkey’s financial markets seized up and its currency’s value slid after the weekend firing of central bank governor Naci Agbal. The lira, Turkey’s currency, lost 11 percent of its value for the week and the Borsa Istanbul 100 stock index fell 9.6 percent. Of the $16 billion in currency swaps that came...

For the ninth consecutive year, Japan’s legislature has passed a record-high budget, this time calling for ¥106.61 trillion to expand the social safety net to care for the world’s oldest population, handle increased national defense costs, and pay bills related to the COVID pandemic. Defense spending climbed to ¥5.34 trillion, its seventh consecutive record, as...

In Portugal and Denmark, where commercial interest rates have dipped below zero, some people with mortgages collect monthly payments from their lenders. Negative mortgage interest rates made their debut in 2014 when the European Central Bank cut benchmark rates to -0.25 percent to spark the Eurozone’s lagging economy. The arrangement was intended to be brief...

Although the global economy has slightly recovered from the COVID War that resulted in massive lockdowns, broad areas and populations are being left behind, the International Monetary Fund (IMF) has again warned. “We are seeing overall improvement in the global economy, but with many countries and people…left behind,” IMF spokesman Gerry Rice said in a...

As we noted in the U.S. Markets Overview, one of the reasons for the fall in today’s Dow was growing concern over what we term the “Archegos Capital Management calamity,” which illustrates how rigged the equity markets are and how Wall Street is completely disconnected with Main Street.   Credit Suisse and Nomura are among the...