Some Good Friday Reading

Just a bit of what I am trying to get through today in case you’re not interested in wading through it all yourself:

Cullen Roche

Cullen Roche

Mr. Roche is the Founder of Orcam Financial Group, LLC. Orcam is a financial services firm offering research, private advisory, institutional consulting and educational services. He is also the author of Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance and Understanding the Modern Monetary System.

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  1. Thanks for the link`s … interested to see the links to Bill`s series on the IMF bailout of the UK in 76. Looking forward to going into it.

  2. “The narrative fails” listed as recommended reading – looks like confirmation bias to me….

  3. Heres some good Saturday Reading:
    “Fed rethinking move allowing banks to trade physical commodities”
    (Reuters) – The Federal Reserve is “reviewing” a landmark 2003 decision that first allowed regulated banks to trade in physical commodity markets, it said on Friday, a move that may send new shockwaves through Wall Street.

    The one-sentence statement suggests the Fed is taking a much deeper, wide-ranging look at how banks operate in commodity markets than previously believed, amid intensifying scrutiny of everything from electricity trading to metals warehouses.

    While the Fed has been debating for years whether to allow banks including Morgan Stanley (MS.N) and JPMorgan (JPM.N) to continue owning assets like oil storage tanks or power plants, Friday’s surprise statement suggests it is also reconsidering whether all bank holding firms should be able to trade raw materials such as gasoline tankers and coffee beans.

    By referencing its initial decision a decade ago permitting Citigroup’s Phibro unit to trade oil cargoes – setting a precedent for a dozen more banks that followed suit – the Federal Reserve has put in question a key profit center for Wall Street’s top players, which have already seen multibillion-dollar commodity revenues shrink in the face of new regulations.

    On Tuesday, the Senate Banking Committee is holding its first hearing on the issue, asking whether so-called “Too Big to Fail” banks should be taking on additional risks like moving tankers of crude oil or operating power plants.
    http://www.reuters.com/article/2013/07/20/us-federalreserve-commodities-banks-idUSBRE96J0AS20130720

    If that link does not work, type something like this: “The Federal Reserve is “reviewing” a landmark 2003 decision that first allowed regulated banks to trade in physical commodity markets”

    Into a search engine and then it will link you to the free article.

    I hope/Think that this could be good for the little guy like me.. But have to sleep on it and see where the Govt will be as well in order to know for sure.

    • Yo mama, Thanks be to Jesus of Nazareth, AND most recently the Chicago Jesus, EVERY Day is Good Friday.. :)