Most millionaires have already figured this out, but for some reason most of us refuse to do it...

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My dear people. I promised a thread listing the failures of central banking and economic policies two days ago. Unfortunately, I do not have the time to finalize it now. I am trying to have two weeks off, or in entrepreneurial terms, with diminished work load, starting now. 😉

If banks act individually in a recession, they play to be the last bankrupt. For this purpose, each bank shrinks credits to preserve equity. Banks know that credit contraction would exacerbate delinquencies through the suffocation of disposable income. macroprudentialpolicy.com/post/playing-t…

In a recession, the entire population can become insolvent when incomes slump due to the plummeting expenditure. Defaults amplify other defaults. To avoid such a scenario, authorities should oblige banks to defer all loans, injecting capital into them.

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Through asset purchases, central banks push investors to riskier assets. What if investors stop sliding to riskier assets at some point? Then central banks would have to buy junk bonds.

The interest rate tool is out of service since 2008. As long as the inflation target remains 2%, central banks need alternative tools dominating the banking system.

Let's admit that no macroprudential tool performs as a countercyclical, automatic stabilizer. Enforcement is the only option left. In recessions, banks should be required to serve such as the branches of central banks. Thus, monetary transmission would be reactivated.

Good job! Macroprudential policy props up the resilience of the financial system against shocks.

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Financial system is fragile in its nature. In best conditions, equity and provisions of a bank constitute 20% of its credits. A total of 21% delinquency rate in consequent years would bankrupt the bank. Therefore, persistent recessions impose a threat to the financial system.

Damn ceez chill out cuh

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Credits default in recessions whereas default risk premiums are substantially collected and distributed as profit in boom times. This is why capital cushions of banks are meagre in severe recessions.

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