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Foundation and Empire
Foundation and Empire Thomas Cole, “The Consummation of Empire” (1836) Every vice of the Empire has been repeated in the Foundation. Inertia! Our ruling class knows one law; no change. Despotism! They know one rule; force. Maldistribution! They know one desire; to hold what is theirs. That quote is the narrative crux of Isaac Asimov’s […]
SWIFT Cuts Off Iran Central Bank As Tehran Sells 700,000 Barrels To Direct Buyers
SWIFT Cuts Off Iran Central Bank As Tehran Sells 700,000 Barrels To Direct Buyers As reported last week, shortly after SWIFT caved to US pressure and defied the EU announcing it would cut off a selection of Iranian banks, on Monday, the US Treasury said the Iranian Central Bank has been officially cut off the […]
Italian Banks On Verge Of New Crisis After €400 Million Hole Emerges At Banca Carige
Italian Banks On Verge Of New Crisis After €400 Million Hole Emerges At Banca Carige Remember the Italian “doom loop”? Two months ago we reported that during the first Italian bond market freakout this May over the ascent of the populist due of Salvini-Di Maio to the Italian throne, Italian bank holdings of domestic government […]
With Looming Deadline Italy’s Populists Defy EU, Warn Of “Suicide”, “Massacre” For Italy
With Looming Deadline Italy’s Populists Defy EU, Warn Of “Suicide”, “Massacre” For Italy After the latest GDP data showed that Italy’s economy didn’t grow at all during the third quarter amid a spreading European slump that’s likely inspiring panic in Brussels, the country’s emboldened populist leaders are refusing to surrender in what has become a […]
Anatomy of the Housing Downturn in Vancouver, Canada
Anatomy of the Housing Downturn in Vancouver, Canada It’s not pretty. In 2018, “each month has brought weaker than normal sales, rising inventory, and continued downward pressure on prices” in Vancouver, British Columbia, writes Steve Saretsky, a Vancouver Realtor and publisher of real-estate blog, Vancity Condo Guide. The market faces another headwind: “With the Bank […]
Connected and vulnerable: Climate change, trade wars and the networked world
Connected and vulnerable: Climate change, trade wars and the networked world The increasing connectedness of the global economic system has long been touted as the path to greater prosperity and peaceful relations among nations and their peoples. There’s just one hitch: Complex systems have more points of failure and also hidden risks that only surface […]
Understanding the Global Recession of 2019
Understanding the Global Recession of 2019 Isn’t it obvious that repeating the policies of 2009 won’t be enough to save the system from a long-delayed reset? 2019 is shaping up to be the year in which all the policies that worked in the past will no longer work. As we all know, the Global Financial […]
“But, it’s not backed by anything?”
“But, it’s not backed by anything?” One of the most common arguments against Bitcoin is that it is not backed by anything. That it’s price is just speculation. But what does it mean for an asset or a currency to be backed by something in the first place? To find this out, we first need […]
OPEC+ Floats 1 Million Barrel Production Cut After Oil Price Tumbles Into Bear Market
OPEC+ Floats 1 Million Barrel Production Cut After Oil Price Tumbles Into Bear Market With oil prices entering a bear market last week, tumbling 21% from recent highs as it became clear that Trump will significantly water down Iran oil export sanctions by granting waivers to its 8 largest clients even as US inventory stockpiles […]
Europe In Panic Mode Over Economy As USA Soars
Europe In Panic Mode Over Economy As USA Soars The eurozone’s economic growth rate has slumped to a four-year low. The eurozone could not borrow from the momentum of the U.S. economy in the third quarter as economic growth slumped to a tepid 0.2%, the slowest rate in more than four years. With the 19-nation […]
The “Nightmare Scenario” For Beijing: 50 Million Chinese Apartments Are Empty
The “Nightmare Scenario” For Beijing: 50 Million Chinese Apartments Are Empty Back in 2017, we explained why the “fate of the world economy is in the hands of China’s housing bubble.” The answer was simple: for the Chinese population, and growing middle class, to keep spending vibrant and borrowing elevated, it had to feel comfortable […]
As Short-Term Rates Hit Levels Not Seen Since 2008 – Trillions Are At Risk
As Short-Term Rates Hit Levels Not Seen Since 2008 – Trillions Are At Risk Readers know that I haven’t shied away from stressing over the Federal Reserve’s tightening. As a firm believer in the Austrian Business Cycle Theory – first drafted by Ludwig Von Mises in early 1900’s – I believe that artificially moving interest […]
When Fake Money Becomes Scarce
When Fake Money Becomes Scarce Remaining Focused A rousing display of diversions this week assured the American populace was looking every which way but right under its collective nose. Midterm elections. White House spats with purveyors of fake news. The forced resignation of Attorney General Sessions… Old drug warrior (otherwise recused) on his way […]
Global GDP Still Propped Up By A Massive Amount Of Debt
Global GDP Still Propped Up By A Massive Amount Of Debt While the government agencies and economists continue to publish strong GDP figures, they seem to overlook how much debt it took to produce that growth. Or should I say, the “supposed growth.” The days of adding one dollar of debt to get one dollar […]
