Trapped in the Spiral of Basel III. Tightening the Noose on Credit Spells Disaster

Punishing Your Local Bank for Wall Street’s Misdeeds

“The plunge in M3 [the largest measure of the money supply] has no precedent since the Great Depression. The dominant reason for this is that regulators across the world are pressing banks to raise capital asset ratios and to shrink their risk assets. This is why the US is not recovering properly.”