This is a roundtable discussion between myself, Marco from Mittdolcino.com and Joe Hoft, author and brother of Jim Hoft of Gateway Pundit. We discuss the impending end of LIBOR on September 30th, and why this is so very important for the European sovereign debt markets, Europe’s banking system, and the US’s ability to weather the resultant storm.
You know this issue is important because no one is actually talking about it. Â
Show Notes:
Previous Shows
Podcast Episode #179 — Vince Lanci and and Janet Yellen’s Mushroom Headed Policy
Podcast Episode #178 – Ben Kelleran and and the Conflicting Currents in Offshore Oil
Podcast Episode #177 – Dave Collum and Staving off Global Demoralization
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September 2024 end of Libor is a non event. Since March 2023 no new Libor contracts have been written. The end of Libor in September is for legacy contracts which have already been rolled over or hedged appropriately. https://www.fca.org.uk/news/news-stories/us-dollar-libor-panel-has-now-ceased#:~:text=They%20are%20intended%20to%20cease,LIBOR%20to%20risk%2Dfree%20rates.
That’s not the argument Marco is making. It is that there’s more reason for dollars to flow through CoL without it, and continue skimming the 30 – 50 bps vig
Yes, but that difference is there because Libor is for unsecured funding and SOFR is for secured funding. Thus, synthetic Libor quote until 30 Sep’24 has that adjustmenthttps://www.ballardspahr.com/insights/alerts-and-articles/2023/04/libor-to-survive-until-september-30-2024