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Bank solvency has been preserved thanks to the Bank Term Funding Program (BTFP) injecting cash into banks in exchange for bank collateral in the form of U.S. Treasuries and mortgage-backed securities at par value. But it hasn’t stopped the capital outflows from the banks.
The regional banking sector is in so much trouble... and it has the Federal Reserve to thank for that.
A few days ago, Italy announced a ban on OpenAI’s ChatGPT because of a range of privacy violations. It was just a matter of time.
You see, land values dictate the course of economies and markets. This insight can be enormously profitable. Because it has helped me predict every major market move since I discovered this cycle 34 years ago.
I’ve also been very critical of any company that surveils a population without their consent and generates revenue from the sale of that collected data, or through selling access to that data for advertising purposes.
In the U.S., there were only 29 IPOs that raised just $2.3 billion, only eight of which raised $100 million or more. And there was an insignificant level of activity with SPAC IPOs as well. Only 11 raised just $797 million in the quarter.