Few were paying much attention to OccupyWallStreet including mainstream media until … the politicians and others stepped in with poorly timed and badly framed criticism. The oddest was surely Rand Paul, US Senator. “I see it as inflaming this Paris mob that I hope doesn’t result in a lawlessness where they say, ‘Well, gosh, those nice iPads through the window should be mine and why don’t I throw a brick through the window to get them because rich people don’t deserve to have them when I can’t have one,’” Paul said. He appears to believe the world will run out … Continue reading Krugman on the real point of OccupyWallStreet

It is assumed by many that China will automatically take over from US in time.  Well that may or not be the case.  In any event we can assume the direction being followed in China will be a rocky one.  Here is one of those quotes, relative to banking,  that makes you look twice about China. China realty goes BOGOF MacroBusiness In the epicentre, Wenzhou, QQ.com reports that 90% of families in Wenzhou are involved in underground banking in one way or another. And some more detail, including analysis by Credit Suisse. In the face of high inflation and low … Continue reading Shadow banking a significant problem in China

These announcements on the same day are telling.  (Note:  US population = 307 million/  Canada population – 34 million) US economy adds 103,000 jobs – ft.com The Canadian economy   churned out 60,900 jobs last month  (Globe & Mail / Stats Can) Put another way, if the US was creating jobs in this month at the Canadian pace their number would be 550,000. Continue reading Two telling announcements on jobs creation from US & Canada

Some contradictory comments coming from BofA and Morgan Stanley.  Definite shades of 2008 in the wind.  Last time it was US Subprime mortgages.  This time it is sovereign debt.  Different catalyst, same result.  Bank of America chief executive Brian Moynihan said he is confident the bank can withstand any fallout from the European sovereign debt crisis, even if it hurts the US, Bloomberg reports. “That contagion stuff is real,” Mr Moynihan said during an event in Washington on Wednesday. Banks’ business models are no longer well designed to operate in times of financial stress. The ever tighter relationship between banks … Continue reading “That contagion stuff is real” | Moynihan BofA

The Great Unwinding is playing out as the European banks are now destined to look just like the British banks with extensive ownership by respective governments on the way, with commensurate reduction in innovation capacity. How to recapitalise a continent’s banks Analysts at JPMorgan have modelled for a “base-case” capital injection requirement across the European banking sector of about €150bn, rising to €230bn under more bearish economic stresses. Nomura puts the number at €200bn, Morgan Stanley’s estimate is up to €190bn. Continue reading European Banks destined for government ownership

RBC have released the Android version of their mobile banking application.  Here are some stats provided by RBC on their mobile success to date since Dec 2010.  I am a fan of their iPhone app, and its nice to see them rounded out on Android, iPhone and Blackberry now. Mobile banking apps have certainly proven to be an attractive banking option for RBC clients.  Since the initial launch in December 2010, mobile banking apps have resulted in: • 800,000 unique downloads to date • On average, clients checking their account balance over 12 times every month • Over 1.6 million … Continue reading RBC just launched its Android app

In a vaguely worded rebuttal Kodak all but confirms they are in sufficient trouble, having not made a profit since 2004, that they are considering bankruptcy as a lever for a strategic shift. Kodak Hires Lawyers, Weighing Bankruptcy Filing | Dealbook NY Times Continue reading Another sign of the industrial revolution of the 21st century –Kodak