Westpac canary drops dead

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Get a load of this shocker from Westpac this morning:

That is threatening to become a complete ponzi-unwind:

  • skyrocketing bad debts leading to…
  • rising risk-weighted asset capital needs leading to…
  • canceled dividends leading to…
  • lower equity leading to…
  • lower lending leading to…
  • rinse and repeat.
About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.