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Lebanon Announces Default On $1.2BN Debt Payment In Historical First
Lebanon Announces Default On $1.2BN Debt Payment In Historical First Lebanon announced Saturday it will default on its Eurobond debt for the first time in its history. The protest-racked country has seen a recent change in government, banks opened for merely about half of the past few months, strict controls on hard currency withdrawals and transfers abroad amid a liquidity […]
Saudi Arabia Starts All-Out Oil War: MbS Destroys OPEC By Flooding Market, Slashing Oil Prices
Saudi Arabia Starts All-Out Oil War: MbS Destroys OPEC By Flooding Market, Slashing Oil Prices With the commodity world still smarting from the Nov 2014 Saudi decision to (temporarily) break apart OPEC, and flood the market with oil in (failed) hopes of crushing US shale producers (who survived thanks to generous banks extending loan terms […]
Coronavirus Conspiracy to Eliminate Paper Money?
Coronavirus Conspiracy to Eliminate Paper Money? Many people are starting to question why this coronavirus has been whipped up into a major panic when the annual flu kills far more people. Perhaps they have enlisted the conspiracy contingents who turn everything into the end of the world and are so eager to paint doom and […]
Shocking New Study Concludes That The “Best Case Scenario” For A COVID-19 Pandemic Is 15 Million Dead
Shocking New Study Concludes That The “Best Case Scenario” For A COVID-19 Pandemic Is 15 Million Dead Over the past week, the number of confirmed cases of COVID-19 outside of China more than tripled once again. Hopefully it is extremely unlikely that such a rapid growth rate will continue, because if it does, there will […]
Destruction By Definition
Destruction By Definition Major U.S. stock market indexes yo-yoed about all week. On Monday, panic selling from last week turned to panic buying. Decades of Fed intervention have conditioned stock market investors to step in front of semi-trucks to scoop up nickels. The Dow Jones Industrial Average (DJIA) jumped 1,290 points. This marked its biggest-ever […]
Oil Crashes After Reports OPEC+ Talsk End Without A Deal
Oil Crashes After Reports OPEC+ Talsk End Without A Deal Update (1015ET): Reports, citing a delegate, for the first time in six years, OPEC ends talks in Vienna without a deal. being agreed. Oil prices are extending their collapse… * * * Update (0950ET): Bloomberg reports that OPEC+ talks “are on the verge of collapse” as it becomes clear […]
“We Have Never Seen This Before”: The Last Time The Market Did This, FDR Confiscated All The Gold
“We Have Never Seen This Before”: The Last Time The Market Did This, FDR Confiscated All The Gold To say that moves in the US stock market have been erratic in the past two weeks would be a prodigious understatement: with the Dow Jones swinging by over 1,000 points on nearly 5 occasions in the […]
The Greenspan Moon Cult
The Greenspan Moon Cult Taking another look at what I wrote about repo and the latest developments yesterday, it may be worthwhile to spend some additional time on the “why” as it pertains to so much determined official blindness, an unshakeable devotion to otherwise easily explained lunar events. The short version: monetary authorities as well as the “experts” describe […]
MSCI Warns US Stocks Could Fall Another 11% As Coronavirus Outbreak Worsens
MSCI Warns US Stocks Could Fall Another 11% As Coronavirus Outbreak Worsens Shortly before US stocks suffered another triple-digit point drop at the open – dampening the cheers of traders and pundits who gleefully celebrated stocks going positive for the week on Wednesday – MSCI warned on Thursday that another double-digit drop could be in store […]
Negative interest rates in the US are virtually guaranteed now
Negative interest rates in the US are virtually guaranteed now On October 19, 1987, the US stock market suffered the worst crash in its more than 200 year history, dropping more than 23% in a matter of hours. It wasn’t just in the United States, either. More than 20 major stock markets around the world, […]
Indian Government Nationalizes 4th Largest Bank As Shadow Banking Crisis Looms
Indian Government Nationalizes 4th Largest Bank As Shadow Banking Crisis Looms Two years ago we first noted the building crisis in the Indian banking system, and now, as Bloomberg reports, the Indian government has stepped in to organize a rescue plan for the nation’s fourth largest private bank as a long-running crisis among shadow lenders threatened to spill over […]
Peter Schiff: They’re Going to Need a Bigger Rate Cut!
Peter Schiff: They’re Going to Need a Bigger Rate Cut! Stop and pause for a moment and think about what just happened. The Federal Reserve says the US economy is strong, but it just initiated emergency monetary policy last seen during the worst financial crisis since the Great Depression. Something doesn’t add up. The Fed […]
The Fed “Is Complicit In Creating Fragilities In The System”
The Fed “Is Complicit In Creating Fragilities In The System” When the Fed cut interest rates this week, everyone had an opinion about it. The economy needs it to fend off recession. The economy has been hanging in well and they shouldn’t have rushed to spend dwindling monetary policy resources. They were responding to the […]
OPEC Agrees To 1.5MM Barrel Output Cut, But Fails To Obtain Critical Russian Backing
OPEC Agrees To 1.5MM Barrel Output Cut, But Fails To Obtain Critical Russian Backing Today’s OPEC meeting has been more of a stunt by members to persuade Russia to agree to deep cuts amid a demand shock triggered by the Covid-19. Ministers from OPEC agreed on a large cut of 1.5 million barrels per day in […]
