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Recent market 'jolt' will be first of many as easy money era ends, says BIS
LONDON (Reuters) - Recent sharp selloffs across global financial markets are probably the first of many, as investors adjust to a world of tighter monetary conditions and the threat of economic downturn, the Bank of International Settlements said on Sunday.
17-year-old Walmart employee quits over store intercom: 'Nobody should work here, ever'
The teen quit his job at the Walmart Grande Prairie Supercentre in Alberta, Canada, by reading a prepared speech into a store-wide intercom system, Insider reports.
"Attention all shoppers, associates and management, I would like to say to all of you today that nobody should work here, ever," he said over the speakers. "Our managers will make promises and never keep them."
The teen also claims that Walmart managers attempt to cut costs by reducing full-time associates to part-time workers, something that the behemoth retailer has been accused of in the past. "I'm sick of all the b-------, bogus write-ups and my job," Racicot concluded. "F--- management, f--- this job and f---- Walmart."
Racicot's recording captures some listeners applauding his speech.
Neofeudalism Isn't a Flaw of the System--It's the System Working Perfectly
We appear to be free but we're powerless to change the power asymmetry between the New Nobility and the commoners. This reality is reified into social relations that are simulacra of actual power, pantomimes acted out in media-theaters to instill the belief that the foundational myths of democracy and social mobility are real rather than misleading shadows.
This marriage of state power to create credit and its monopoly on force with private-sector financial power is the core relation of neofeudalism. The only possible output of this structure is a mass of powerless debt-serfs enriching the New Nobility, who are slavishly served by a nomenklatura class of "liberal" technocrats and managers tasked with promoting pantomimes and simulacra as "the real thing."
The FDIC just released the aggregated third-quarter performance metrics of the 5,477 banks and thrifts it insures. The amount of their combined assets ticked up to $17.7 trillion. These assets – mostly loans but also investments of all kinds – include $3.6 trillion in securities (not including the securities in their trading accounts). And banks got hit by the biggest quarterly losses on those securities since the first quarter of 2009.
So, losses on Treasury securities that are held to maturity are only temporary and will reverse as the maturity dates approach — during times of smooth sailing. However, if the bank is forced to sell those Treasury securities and other high-quality securities at fire-sale prices, as it might be during a liquidity crisis, which is what happened to some banks in 2007 through 2009, it may incur sharp and permanent losses on the securities it has to sell. These losses, in stressed times, can then combine with losses from other corners of the bank’s operations and balance sheet into a very toxic mix.
DYI
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