Notre instance Nitter est hébergée dans l'Union Européenne. Les lois de l'UE s'y appliquent. Conformément à la Directive 2001/29/CE du Parlement européen et du Conseil du 22 mai 2001 sur l'harmonisation de certains aspects du droit d'auteur et des droits voisins dans la société de l'information, « Les actes de reproduction provisoires visés à l'article 2, qui sont transitoires ou accessoires et constituent une partie intégrante et essentielle d'un procédé technique et dont l'unique finalité est de permettre : une transmission dans un réseau entre tiers par un intermédiaire, […] d'une oeuvre ou d'un objet protégé, et qui n'ont pas de signification économique indépendante, sont exemptés du droit de reproduction. » Aussi, toutes les demandes de retrait doivent être envoyées à Twitter, car nous n'avons aucun contrôle sur les données qu'ils ont sur leurs serveurs.

Always right, never believed. Woke lefty finance shill. Kitchen sink economist. Old Verified until Elon cans it. Hangs out with pachyderms.

United Kingdom
Joined January 2010
"I bring you the sad tale of a crypto lender that promised safety and high returns to its depositors, but whose promises have proved as hollow as its name." New CC post, about the mess that Genesis's failure has made of @Donutapp. coppolacomment.com/2023/01/h… (pic does not link)
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"The only way is up"
Replying to @sundersays
All coverage of the Liz Truss comeback should consider the value of Yazz and the Plastic Population as a soundtrack and reference point She may be the right age to remember it well. It would be good if somebody in the lobby could ask her if the song resonates.
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Frances 'Cassandra' Coppola retweeted
Can't help thinking of the 1960s TV series "Prisoner" when reading about the Chinese spy balloon story. The show depended on a giant balloon as the last resort plot device to keep prisoners (notably former spy No. 6) from escaping its mysterious Village. en.wikipedia.org/wiki/Rover_…
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Unpatriotically sacked his manufacturing workforce of 600 in Wiltshire and moved to Singapore. UK jobs exported abroad.
Ah yes, Dyson. Patriotically moved his production to Asia when the UK didn't join the Euro. Patriotically supported Brexit after the EU introduced regulations he didn't like. Patriotically lobbied for farm subsidies after buying up most of Lincolnshire... coppolacomment.com/2017/11/t…
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This is absolutely dreadful. Shame on you, @SuellaBraverman.
Afghan refugees settled in London told to uproot families and move 200 miles theguardian.com/uk-news/2023…
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Once in a lifetime shot. A brilliant green meteor lights up the sky over Southern India. Credit: Prasenjeet Yadav
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On @bbcquestiontime tonight, Ella Whelan constantly talked across and shouted down other panellists and even members of the audience. This isn't the way to conduct a civilised debate. Well done @IndiaWilloughby and @JennyGilruth for standing your ground and talking sense.
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"The vast majority of cases" is absolutely not the case for most (95%) of people who are not Albanian If Rwanda gets a green-light, it will become an ability for 200-500 of 40,000 to 60,000 people. You don't need to study maths to 18 to know that's not a "vast majority"
“If you come illegally, you will not be able to stay here - we will have the ability in the vast majority of cases to send you to an alternative safe country." Rishi Sunak backs plans to remove illegal immigrants to Rwanda. @piersmorgan | #PMandthePM
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Dvorak Symphony 9, tuba part, 3rd and 4th movements
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Core Scientific cuts deal with lender NYDIG to extinguish $38.6 million in debt theblock.co/post/208323/core…
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Bloomberg is trying very hard to avoid being accused of starting a bank run. bloomberg.com/news/articles/…
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but I am not sure how Silvergate will explain away what looks very much like complicity in wire fraud. cc @jeuasommenulle @intel_jakal
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I didn't finish my Celsius writeup. Sorry. Too many distractions. Will try again tomorrow.
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Have to say, giving a public lesson on basic balance sheet accounting, bank lending and bank regulatory capital wasn't how I planned to spend my evening.
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If assets increase but liabilities don't, equity increases. So if a bank's lending increases more than its deposits, its regulatory capital must increase.
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Similarly, if liabilities fall but assets don't, equity increases. So if there is sufficient costless liquidity, a "run" on a bank (large-scale deposit withdrawal) actually increases its equity.
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So why do bank runs often result in insolvency? Because the business of a bank is creating liquid liabilities from illiquid assets. That's what bank lending does. The bank accepts an illiquid asset (your credit score) and gives you liquidity (a demand deposit or overdraft).
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So the asset base of a properly-functioning bank is illiquid by definition. But its liabilities are highly liquid. The famous "reserve requirement" was an attempt to ensure that banks maintained enough liquidity to meet a normal level of demand deposit withdrawals.
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"Fractional reserve" doesn't mean a bank is insolvent (assets < deposits), it means it is illiquid (liquid assets < deposits). If more liquid liabilities are drawn than it has liquid assets, it must sell or pledge illiquid assets to obtain liquidity.
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The bank's funding costs rise rapidly as market lenders demand higher interest rates and impose larger haircuts on collateral. Its asset base shrinks, and the value of its remaining assets may fall rapidly. These two effects destroy its solvency.
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These days, banks can tap central banks for emergency funding, provided they have sufficient high-quality collateral. @adam3us you may be interested to know that this is typically govt debt. US banks hold US Treasuries as high-quality liquid assets (HQLA) for funding.
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