{"id":1611,"date":"2011-10-27T16:57:39","date_gmt":"2011-10-27T20:57:39","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=1611"},"modified":"2011-10-27T16:57:39","modified_gmt":"2011-10-27T20:57:39","slug":"the-creeping-eurozone-credit-crunch-credit-writedowns","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/27\/the-creeping-eurozone-credit-crunch-credit-writedowns\/","title":{"rendered":"The Creeping Eurozone Credit Crunch | Credit Writedowns"},"content":{"rendered":"<p>During the 1997 Asian financial crisis, Japanese banks, getting killed with a falling Nikkei and their credit extended to Thailand and Indonesia, found that rolling off interbank lines to Korea the easiest way to shrink their balance sheets. American and European banks, not wanting to be the last out of Korea, panicked and followed the Japanese banks thus sucking in another country into the Asian crisis.<\/p>\n<p>The Korean banks having to raise dollar liquidity sold their Brazilian and other emerging market bonds. Brazilian banks long their sovereign\u2019s bonds that were declining in price had to raise liquidity and sold their Russian assets. The global margin call was on and fueled a full blown contagion and ended with the Russian debt default and LTCM crisis. Let\u2019 hope it doesn\u2019t come to this. Stay tuned and stay vigilant.<\/p>\n<p>via <a href=\"http:\/\/www.creditwritedowns.com\/2011\/10\/the-creeping-eurozone-credit-crunch.html\">The Creeping Eurozone Credit Crunch | Credit Writedowns<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>During the 1997 Asian financial crisis, Japanese banks, getting killed with a falling Nikkei and their credit extended to Thailand and Indonesia, found that rolling off interbank lines to Korea the easiest way to shrink their balance sheets. American and European banks, not wanting to be the last out of Korea, panicked and followed the &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/27\/the-creeping-eurozone-credit-crunch-credit-writedowns\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The Creeping Eurozone Credit Crunch | Credit Writedowns&#8221;<\/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":[17,33],"tags":[381,804,1850],"class_list":["post-1611","post","type-post","status-publish","format-standard","hentry","category-japan-korea","category-uk-europe-countries-regions","tag-banks","tag-contagion","tag-inter-bank-credit"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Creeping Eurozone Credit Crunch | Credit Writedowns - 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=\"The Creeping Eurozone Credit Crunch | Credit Writedowns - the patient investor\" \/>\n<meta property=\"og:description\" content=\"During the 1997 Asian financial crisis, Japanese banks, getting killed with a falling Nikkei and their credit extended to Thailand and Indonesia, found that rolling off interbank lines to Korea the easiest way to shrink their balance sheets. American and European banks, not wanting to be the last out of Korea, panicked and followed the &hellip; Continue reading &quot;The Creeping Eurozone Credit Crunch | Credit Writedowns&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/27\/the-creeping-eurozone-credit-crunch-credit-writedowns\/\" \/>\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=\"2011-10-27T20:57:39+00:00\" \/>\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=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/10\\\/27\\\/the-creeping-eurozone-credit-crunch-credit-writedowns\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/10\\\/27\\\/the-creeping-eurozone-credit-crunch-credit-writedowns\\\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"The Creeping Eurozone Credit Crunch | Credit Writedowns\",\"datePublished\":\"2011-10-27T20:57:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/10\\\/27\\\/the-creeping-eurozone-credit-crunch-credit-writedowns\\\/\"},\"wordCount\":152,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"keywords\":[\"banks\",\"contagion\",\"inter-bank credit\"],\"articleSection\":[\"Japan &amp; Korea\",\"UK &amp; Europe\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/10\\\/27\\\/the-creeping-eurozone-credit-crunch-credit-writedowns\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/10\\\/27\\\/the-creeping-eurozone-credit-crunch-credit-writedowns\\\/\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/10\\\/27\\\/the-creeping-eurozone-credit-crunch-credit-writedowns\\\/\",\"name\":\"The Creeping Eurozone Credit Crunch | Credit Writedowns - the patient investor\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\"},\"datePublished\":\"2011-10-27T20:57:39+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/10\\\/27\\\/the-creeping-eurozone-credit-crunch-credit-writedowns\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/10\\\/27\\\/the-creeping-eurozone-credit-crunch-credit-writedowns\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/10\\\/27\\\/the-creeping-eurozone-credit-crunch-credit-writedowns\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/thepatientinvestor.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The Creeping Eurozone Credit Crunch | Credit Writedowns\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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Loans and leases by commercial banks (gray) may still be growing but are declining relative to GDP (blue below). Michael Howell from Cross Border Capital -- one of the few experts to correctly forecast a stock market rally in 2023 -- explains\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Commercial Bank Loans & Leases","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-11-17-bank-loansleases.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-11-17-bank-loansleases.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-11-17-bank-loansleases.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":45774,"url":"https:\/\/thepatientinvestor.com\/index.php\/2023\/11\/29\/fed-stealth-liquidity-may-presage-early-rate-cuts\/","url_meta":{"origin":1611,"position":2},"title":"Fed stealth liquidity may presage early rate cuts","author":"Colin Twiggs","date":"November 29, 2023","format":false,"excerpt":"Commercial bank cash assets, representing reserves held at the Fed, reversed its down-trend after September 2022 -- when the UK gilt crisis occurred -- and is now edging higher, reflecting stealth liquidity support from the Fed and Treasury. Fed QT is reducing liquidity at the rate of $95 billion per\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Commercial Bank Reserves","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-11-28-bankreserves.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-11-28-bankreserves.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-11-28-bankreserves.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":20162,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/03\/31\/lessons-from-the-panic-of-1907\/","url_meta":{"origin":1611,"position":3},"title":"Lessons from the Panic of 1907","author":"Colin Twiggs","date":"March 31, 2020","format":false,"excerpt":"I have read The Panic of 1907 (by Robert Bruner & Sean Carr) four or five times \u2014 I read it at every market crash. The crash occurred more than 100 years ago and is one of many banking crises that beset the United States in the 19th and early\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; 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":28155,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/10\/05\/evergrande-threat-to-chinas-shadow-banking-system\/","url_meta":{"origin":1611,"position":4},"title":"Evergrande threat to China&#8217;s shadow banking system","author":"Colin Twiggs","date":"October 5, 2021","format":false,"excerpt":"Stephen Bartholomeusz at The Sydney Morning Herald: \"China\u2019s authorities appear to be trying to prevent Evergrande\u2019s implosion from developing into a property market crash and social unrest, with the local government authorities being directed to do what they can to take over and complete the group\u2019s unfinished developments and to\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; 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":2324,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/23\/the-credit-crunch-is-coming-macrobusiness-com-au\/","url_meta":{"origin":1611,"position":5},"title":"The credit crunch is coming &#8211; macrobusiness.com.au","author":"ColinTwiggs","date":"November 23, 2011","format":false,"excerpt":"The SMH has [a] very important story this morning on the funding crisis that is bearing down on the major banks: Australian banks are preparing for a potential freeze in global funding markets as Europe\u2019s worsening stresses threaten to send the world\u2019s financial markets into a tailspin. 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