What if the negative interest rate policies (NIRP) that have been adopted by major central banks had effects opposite what was intended? The idea is to fight DEflation and to nudge consumers to spend by penalizing banks for keeping money on deposit. The theory is that banks will lend rather [continue reading . . . ]
As reported in today’s New York Times, convicted Florida mortgage fraudster Lee Farkas related this anecdote about doing business with his commercial banker, Catherine Kissick of Colonial Bank: “One day she was at the McDonald’s drive-in, and I asked her for a hundred — which meant a hundred million — more, [continue reading . . . ]