The Two Trillion Dollar Meltdown
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This recovery in 2021 is only partial as the level of economic activity is projected to remain below the level we had projected for 2021, before the virus hit. The cumulative loss to global GDP over 2020 and 2021 from the pandemic crisis could be around 9 trillion dollars, greater than the economies of Japan and Germany, combined.
At the International Monetary Fund, we are actively deploying our 1-trillion-dollar lending capacity to support vulnerable countries, including through rapid-disbursing emergency financing and debt service relief to our poorest member countries, and we are calling on official bilateral creditors to do the same.
Northern Rock was in meltdown. There was still the belief that this was a temporary setback. Gordon Brown said Britain was in \"as good a shape as it could be to weather the storm\". And in Edinburgh, Goodwin did not pull back from the ABN-Amro purchase (it was actually signed in October 2007, by which time the credit crunch was biting hard).
>> They face the hammer of a credit rating's agency downgrade, which would force them to come up with... >> NARRATOR: AIG had sold hundreds of billions of dollars of unregulated credit default swaps-- insurance policies based on the bet that companies like Lehman Brothers would never go bankrupt.
In his search for the culprit, Morris goes back to the conquest of inflation in the early 1980s under Paul Volcker, chairman of the Federal Reserve, and the restoration of the dollar after the crises of the 1970s. This gave a new lease of life to the US economy. But how was the plot then lost The 1980s brought a new and market-friendly ideology into government. Free markets and financial deregulation favoured the expansion of financial services and the provision of and access to credit. Surely a good thing, no
Bush authorized Treasury to tap up to $50 billion from a Depression-era fund to insure the holdings of eligible money-market mutual funds. And the Federal Reserve announced it would expand its emergency lending program to help support the $3.4 trillion in total assets of the funds.
US Treasury Secretary Henry Paulson unveiled measures Sunday to bolster key housing finance giants Fannie Mae and Freddie Mac, which were put under Federal Reserve oversight and given a bigger line of credit.Paulson said the \"central role\" the two play in US real estate financing meant they should continue to respond to shareholders, and not be taken over by the federal government.To protect them from liquidity problems Paulson said the two organizations would get a bigger credit line \"temporarily.\" He did not give details on the amount of the credit line or terms.And to ensure Fannie and Freddie can do their jobs, the Treasury Department will get temporary authority to buy their shares should that be necessary, Paulson said.\"We are grateful for the leadership of Secretary Paulson and (Fed) Chairman (Ben) Bernanke,\" Fannie Mae CEO and president Daniel Mudd said.He urged Congress to deliver \"swift passage of the new legislative proposals, as well as the important initiatives underway to assist homeowners and help restore stability to the housing market.\"We continue to hold more than adequate capital reserves and maintain access to liquidity from the capital markets,\" Mudd said.\"Given the market turmoil, having options to access provisional sources of liquidity if needed will help to strengthen overall confidence in the market. \"We will continue to do our part to provide liquidity, stability and affordability to the housing market now and in the future.\"White House press secretary Dana Perino said that \"Fannie Mae and Freddie Mac play an important role in our housing finance system, and they should continue to play this role in their current forms as shareholder-owned companies.\"\"This evening, after working with the companies, the Federal Reserve, and other regulators, Treasury Secretary Paulson outlined a plan that we believe will help add stability during this period. President (George W.) Bush directed Secretary Paulson to immediately work with Congress to act on this plan,\" she added in a statement.\"It is crucial that Congress quickly works to enact this legislation as a complete package along with the strong oversight reform legislation recently passed in the Senate.\"Troubled mortgage giant Freddie Mac is aiming to sell off three billion dollars in securities on Monday following last week's meltdown, in a potentially decisive move to heal shattered investor confidence.The two government-chartered, shareholder-owned giants underpin some five trillion dollars in home loans, and the meltdown in their shares last week raised fears of a government bailout, or a possible worsening of the credit crunch.Meanwhile the Board of Governors of the Federal Reserve System announced that it granted the Federal Reserve Bank of New York the authority to lend to Fannie Mae and Freddie Mac should such lending prove necessary.Any lending would be at the primary credit rate and collateralized by US government and federal agency securities. This authorization is intended to supplement the Treasury's existing lending authority, officials said.
It is worth noting that the collapse of algorithmic stable coin TerraUSD and its sibling token Luna reduced the crypto sector's overall trillion-dollar value by more than $270 billion. According to sources, the weekly net shift in Bitcoin volatility was the greatest in two years.
The recent crypto fall may have been precipitated by a financial 'attack' on the stable coin Terra (UST), which is meant to mirror the US dollar but is currently trading at only 18 cents, and its companion coin, Luna, which has since crashed.
The consequences experienced this week have spread throughout the crypto ecosystem. Even Tether, the top stable coin, lost its peg, falling to 95 cents on the dollar, highlighting the necessity for regulation.
It is worth noting at this time that how investors react will be critical to the future of cryptocurrencies. Investors may be doing more damage than good by spreading panic and sorrow as a result of parallels to a traditional bank run. A more true analogy would be stock market collapses, in which investors fear that the stocks and shares they own would soon be worthless. So far, the reaction to the crypto meltdown indicates that a sizable portion of crypto investors see their investments in a similar light.
The Congressman voted against a $75 billion Democratic spending plan which largely expanded programs in the American Recovery and Reinvestment Act. While the Congressman shares many of the priorities contained in the legislation, he was unwilling to authorize additional spending when over $545 billion, or more than two thirds, of Recovery Act funds are still being spent. This bill uses remaining funds from the Troubled Asset Relief Program to pay for this expansion. The Congressman believes that TARP funding, which was requested by President Bush, Treasury Secretary Paulson, and Federal Reserve Chairman Bernanke as critical to averting financial meltdown, should not be used for anything other than debt reduction unless the money is distributed through the full appropriations process.
In 2001, the previous Administration inherited a projected ten-year budget surplus of $5.6 trillion. The country was posting annual surpluses and paying down the debt. But years of deficit spending squandered those surpluses, and now the U.S. faces trillions of dollars of deficits. Increasing the debt limit is part of cleaning up the mess we inherited from the Bush Administration. Failure to increase the debt ceiling and the resulting inability of the government to meet its obligations could shake global financial markets and drive up the future cost of government borrowing or risk hurting the U.S. credit rating.
With trillions of dollars in economic power lined up to protect the deregulated status quo, the best dissidents have turned out to be the purported beneficiaries of the system. On consumer finance, the revolt happened years ago when middle-class borrowers broke up with their lenders over credit-card abuses, deceptive mortgages, and ridiculous overdraft fees.
Besides proving how out of touch the chamber is with modern life, its multimillion-dollar \"local butcher\" ad campaign showed how toxic the real targets of financial reform are -- even within their own trade group. Fortunately, health-care reform has battle-tested new progressive groups to represent the actual butchers of America (who may not extend credit anymore, but they certainly need it, and fairly priced). Small businesses that are priced out of affordable health care did not join big businesses in opposing health reform, and organizations like Business for Shared Prosperity, the MainStreet Alliance, and Small Business Majority will be essential to dismantling the business case for predatory finance.
In sum, there is a huge, majority coalition of unhappy customers of Wall Street. This is the prime constituency for real reform. The trillion-dollar question, of course, is where the White House will be. President Barack Obama got a taste of the fruits of progressive leadership when he won health reform. But on banking, at least for now, the Bush administration's mission to preserve the system in 2008 has ended up being the same mission of the Obama administration's reform plans in 2010. But the system -- highly leveraged, opaque, overconcentrated, and dominated by shadow market players and practices that didn't exist even a decade ago -- is fundamentally not worth saving. In the years ahead, we will need many more voices to convince the powers that be of that truth.
Second, in ordinary times, these essential nonmarket institutions can operate effectively at a reasonable cost that does not threaten the operation of standard exchange mechanisms for ordinary goods and services that do trade in wealth, as measured in dollars or dollar equivalents. But in times of extreme stress, the constraints of scarcity not only remain, but also tighten. Hence, nonmarket institutions are developed to minimize the blow. Triage in wartime is not a market solution in which people bid for medical care in medical wards. Instead, when resources are stretched beyond the breaking point, physicians make life-or-death decisions by dividing individuals into three groups. Those who will get better on their own; those who will die anyway; and those who can pull through with care. The resources are devoted to the middle category. The resources in question seem to be sufficient to avoid that dreaded process in most settings but there are already reports that the practice is going on in the hardest hit locations. If the number of cases gets as large as the more pessimistic accounts suggest, some form of triage will become necessary. Even though the system is far from perfect, no one has been able to devise a better one. 59ce067264
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