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Viewings: 2333The Bank for international settlements (BIS) - strange organization. Originally established in the 1930s to facilitate German reparations payments during the First world France, Britain and other countries, since it has turned into a club of tsentrobanka.
Less known is the fact that the Bank was on the verge of closure after world war II. He was tainted failed policies of reparations and presence at the Council of prominent Nazis. At the Bretton woods conference of 1944 Norwegians spent lobby about its closing in the end, what role he could stay? The British objected, but the Americans rejected their objections, and the conference agreed that the Bank should be closed.
But the agreement was forgotten, and the BIS have survived. According to many economists, for the better. Today the Bank for international settlements is famous for the fact, that was one of the few international institutions, warned us about the dangers and imbalances, which eventually led to the financial crisis of 2008.
That is why we should take into account another warning, issued today.
According to its latest quarterly review of financial markets, the markets in many senses began to behave the same way they behaved before the collapse. In particular, investors seem to chase more and more risky assets, despite the fact that economic prospects are not encouraging.
Here's the key point of the Bank report: "Some of the assets started to be evaluated higher in historical terms, in comparison with indicators of their risk level. For example, a global high yield corporate bonds fell to levels comparable to the end of 2007, however, the level of default on these securities is in area of 3 percent, whereas at the end of 2007 the risk of default on him was about one percent.
"The same was true for the spread of corporate bonds investment grade, but with relative levels of default of just over one percent, or about 0.5 percent. Indeed, a number of investors in the bonds said that I feel that receive less income as compensation for risks than before, but what they have in hand now few options when the level of rates in many banks close to zero, and the proposal of other less risky assets poor".
Bond yields usually moves in line with the growth prospects of the economy as a whole, but it is obvious that in recent months these two lines began to diverge. Something happens.
In any case, what is worrisome is that the same institution that first warned about the prospects of collapse produces a warning again, and about the same conduct occurring in asset markets.
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