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US Bank Deposits Have Soared While Europe’s Sank Since ECB Started QE

The Fed’s balance sheet was little changed last week as there were no MBS paydowns, nor purchase settlements. There were no term deposits offered and RRPs outstanding were little changed.

Meanwhile, there’s no sign of deleveraging in the US banking system as loan growth continually exceeds 7%. Money supply grows apace.

But in Europe, QE has failed to stimulate deposit growth. Deposits in the European banking system are below where they were when the ECB kicked off its big QE program in March.

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Lee Adler

I’ve been publishing The Wall Street Examiner and its predecessor since October 2000. I also publish LiquidityTrader.com, and was lead analyst for Sure Money Investor, of blessed memory. I developed David Stockman's Contra Corner for Mr. Stockman. I’ve had a wide variety of finance related jobs since 1972, including a stint on Wall Street in both sales, analytical, and trading capacities. Prior to starting the Wall Street Examiner I was a commercial real estate appraiser in Florida for 15 years. I was considered an expert in the analysis of failed properties that ended up in the hands of bank REO divisions, the FDIC, and the RTC. Remember those guys? I also worked in the residential mortgage and real estate businesses in parts of the 1970s and 80s. I have been charting stocks and markets and doing analytical work since I was a teenager. I'm not some Ivory Tower academic, Wall Street guy. My perspective comes from having my boots on the ground and in the trenches, as a real estate broker, mortgage broker, trader, account rep, and analyst. I've watched most of the games these Wall Street wiseguys play from right up close. I know the drill from my 55 years of paying attention. And I'm happy to share that experience with you, right here. 

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