“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”

Wherever there are banks – there is pain.

There is much to be learnt from bank results and comments in recent days. Yesterday the three US banks, Citi, JPM and Wells put $28 bln in the provisions pot to cover looming losses as the Covid-Recession bites through the second half of the year. The US banks aren’t particularly bothered – what Citi and JPM lost on the swings on loan provisions, they made up on the roundabouts of bond trading – more on that