{"id":14537,"date":"2016-11-19T15:44:46","date_gmt":"2016-11-19T20:44:46","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=14537"},"modified":"2016-11-19T15:44:46","modified_gmt":"2016-11-19T20:44:46","slug":"kash-call-the-economist","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2016\/11\/19\/kash-call-the-economist\/","title":{"rendered":"Neel Kashkari: How to fix the banks | The Economist"},"content":{"rendered":"

\"\"<\/a><\/p>\n

[Neel Kashkari, head of Minneapolis Fed] is an experienced financial firefighter. An alumnus of Goldman Sachs, best-connected of investment banks, he spent much of 2008 and 2009 in the Treasury department overseeing the Troubled Asset Relief Programme, under which the American government bought more than $400bn of toxic assets to prop up teetering financial institutions. In 2014 he ran to become governor of California as a Republican. He now says that, despite the efforts of regulators since the crisis, much more needs to be done to avoid future bail-outs of banks that are \u201ctoo big to fail\u201d.<\/p>\n

Using an IMF database, the Minneapolis Fed logged the levels of bank capital that would have been needed to avert 28 financial crises in rich countries between 1970 and 2011. Based on the historical relationship between capital levels and crises, Mr Kashkari says there is a 67% chance of a bank bail-out at some point in the next century. This is despite significant new capital requirements imposed since the financial crisis which have, he says, brought down the chance of a failure from 84%.<\/p>\n

His solution is to force banks to finance themselves with capital totalling 23.5% of their risk-weighted assets, or 15% of their balance-sheets without adjusting for risk (the \u201cleverage ratio\u201d). This, says Mr Kashkari, would be enough to guard the financial system against a shock striking many reasonably-sized banks at once. Any bank deemed too big to fail would need a still bigger buffer, eventually reaching an eye-watering 38% of risk-weighted assets. Such a high requirement would, in effect, force big banks to break themselves up.<\/p>\n

This is radical stuff. Under \u201cDodd-Frank\u201d, the law that overhauled financial regulation after the crisis, the minimum leverage ratio for big banks is only 6%. But Mr Kashkari\u2019s numbers should be treated with caution. For a start, he counts only common equity, the strictest possible definition of capital, and ignores everything else, such as debt that converts into equity in times of crisis. Recent new regulations aim to ensure that the \u201ctotal loss-absorbing capacity\u201d of the largest banks, which includes such instruments, reaches at least 18%. Mr Kashkari\u2019s main complaint is that he does not think complex safety buffers will actually work in a crisis.<\/p>\n

Much higher capital requirements could put some banks, a few of which are already worth less than the book value of their assets, out of business. Not my problem, says Mr Kashkari, who argues that it is banks\u2019 responsibility to find profitable and safe business models.<\/p><\/blockquote>\n

Source: Kash call | The Economist<\/a><\/p>\n

Wait for the push-back from big banks. But their tactics will mainly be scare-mongering to protect profits (and bonuses) by dissuading politicians from acting on an eminently sensible proposal. <\/p>\n

Banks need to be bullet-proof and not rely on the taxpayer’s dollar to bail them out in times of crisis. Australian banks, with leverage ratios as low as 3%, are entirely dependent on taxpayer rescue in times of crisis.<\/p>\n

Fractional-reserve banking is not a fundamental building block of capitalism (some would call it an aberration). Countries like Germany funded their industrialization without it, their early banks being entirely equity-funded. Fractional-reserve systems are characterized by frequent boom-bust cycles, while banking systems with higher equity funding are far more secure and less likely to spread contagion through the entire economy if they default.<\/p>\n","protected":false},"excerpt":{"rendered":"

[Neel Kashkari, head of Minneapolis Fed] is an experienced financial firefighter. An alumnus of Goldman Sachs, best-connected of investment banks, he spent much of 2008 and 2009 in the Treasury department overseeing the Troubled Asset Relief Programme, under which the American government bought more than $400bn of toxic assets to prop up teetering financial institutions. … <\/p>\n

Continue reading “Neel Kashkari: How to fix the banks | The Economist”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31,34],"tags":[],"class_list":["post-14537","post","type-post","status-publish","format-standard","hentry","category-the-fed-banks-interest-rates","category-us-canada-countries-regions"],"yoast_head":"\nNeel Kashkari: How to fix the banks | The Economist - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Neel Kashkari: How to fix the banks | The Economist - the patient investor\" \/>\n<meta property=\"og:description\" content=\"[Neel Kashkari, head of Minneapolis Fed] is an experienced financial firefighter. An alumnus of Goldman Sachs, best-connected of investment banks, he spent much of 2008 and 2009 in the Treasury department overseeing the Troubled Asset Relief Programme, under which the American government bought more than $400bn of toxic assets to prop up teetering financial institutions. … Continue reading "Neel Kashkari: How to fix the banks | The Economist"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2016\/11\/19\/kash-call-the-economist\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:published_time\" content=\"2016-11-19T20:44:46+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/thepatientinvestor.com\/wp-content\/uploads\/2016\/11\/20161119_fnp004.jpg\" \/>\n<meta name=\"author\" content=\"ColinTwiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ColinTwiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2016\/11\/19\/kash-call-the-economist\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2016\/11\/19\/kash-call-the-economist\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"Neel Kashkari: How to fix the banks | The Economist\",\"datePublished\":\"2016-11-19T20:44:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2016\/11\/19\/kash-call-the-economist\/\"},\"wordCount\":549,\"commentCount\":3,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2016\/11\/19\/kash-call-the-economist\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/thepatientinvestor.com\/wp-content\/uploads\/2016\/11\/20161119_fnp004.jpg\",\"articleSection\":[\"Banks & Interest Rates\",\"US & Canada\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2016\/11\/19\/kash-call-the-economist\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2016\/11\/19\/kash-call-the-economist\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2016\/11\/19\/kash-call-the-economist\/\",\"name\":\"Neel Kashkari: How to fix the banks | The Economist - the patient investor\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2016\/11\/19\/kash-call-the-economist\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2016\/11\/19\/kash-call-the-economist\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/thepatientinvestor.com\/wp-content\/uploads\/2016\/11\/20161119_fnp004.jpg\",\"datePublished\":\"2016-11-19T20:44:46+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2016\/11\/19\/kash-call-the-economist\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2016\/11\/19\/kash-call-the-economist\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2016\/11\/19\/kash-call-the-economist\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2016\/11\/20161119_fnp004.jpg?fit=595%2C335&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2016\/11\/20161119_fnp004.jpg?fit=595%2C335&ssl=1\",\"width\":595,\"height\":335},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2016\/11\/19\/kash-call-the-economist\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thepatientinvestor.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Neel Kashkari: How to fix the banks | The Economist\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thepatientinvestor.com\/#website\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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The third question is: haven\u2019t we done enough already? The banking system certainly has higher capital adequacy ratios than it used to. But overall leverage has not materially declined.\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":15610,"url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/07\/20\/australia-apra-capitulates-to-big-four-banks\/","url_meta":{"origin":14537,"position":2},"title":"Australia: APRA capitulates to Big Four banks","author":"ColinTwiggs","date":"July 20, 2017","format":false,"excerpt":"From Clancy Yeates at The Age: Quelling investor fears over moves to strengthen the financial system, the Australian Prudential Regulation Authority on Wednesday said major banks would have until 2020 to increase their levels of top-tier capital by about 1 percentage point, to 10.5 per cent. The target was much\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16340,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/06\/09\/12-charts-on-the-australian-economy\/","url_meta":{"origin":14537,"position":3},"title":"12 Charts on the Australian economy","author":"Colin Twiggs","date":"June 9, 2018","format":false,"excerpt":"Australian GDP grew at a robust 3.1% for the year ended 31 March 2018 but a look at the broader economy shows little to cheer about. Wages growth is slowing, with the Wage Price Index falling sharply. Falling growth in disposable income is holding back consumption (e.g. retail spending) and\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":15591,"url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/07\/11\/new-bailouts-prove-too-big-to-fail-is-alive-and-well-wsj\/","url_meta":{"origin":14537,"position":4},"title":"New Bailouts Prove \u2018Too Big to Fail\u2019 Is Alive and Well | WSJ","author":"ColinTwiggs","date":"July 11, 2017","format":false,"excerpt":"By Neel Kashkari: Three strikeouts in four at bats would be barely acceptable in baseball. For a policy designed to prevent taxpayer bailouts, it\u2019s an undeniable defeat. In the past few weeks, four European bank failures have demonstrated that a signature feature of the postcrisis regulatory regime simply cannot protect\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":50763,"url":"https:\/\/thepatientinvestor.com\/index.php\/2024\/04\/05\/investors-spooked-by-inflation-fears\/","url_meta":{"origin":14537,"position":5},"title":"Investors spooked by inflation fears","author":"Colin Twiggs","date":"April 5, 2024","format":false,"excerpt":"Markets are on edge because ADP payroll processors reported stronger than expected job gains of 184,000 in March, against expectations of 150,000. Fed officials were out fronting the cameras on Thursday, ahead of Friday's BLS labor report. 10:00 am: Philadelphia Fed President Patrick Harker said inflation remains too high, even\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"ADP","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-04-04-adp-595x382.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-04-04-adp-595x382.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-04-04-adp-595x382.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/14537","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=14537"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/14537\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=14537"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=14537"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=14537"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}