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When good loans go bad among junior energy companies
When good loans go bad among junior energy companies The energy sector is facing a season of pain as its loans are renegotiated. This is shaping up to be a deeply unpleasant autumn for junior energy companies and the banks that lent them hundreds of millions of dollars. “Everyone got hall passes until the fall, but the principal […]
The Massive Debt Bomb is Going to Explode: “We Are Reaching a Limit”
The Massive Debt Bomb is Going to Explode: “We Are Reaching a Limit” Debt now defines us. Personal and household debt is at unprecedented historical levels. Many Americans are stretched many times past their limit with no hope of getting out of the black.Student loan debt is its own huge bubble, waiting to burst, and perhaps […]
The Default Next Move For Oil Is Down, And Here’s Why
The Default Next Move For Oil Is Down, And Here’s Why Panic seems like a strong word, but…. As traders, investors and pundits, we all like to think that what we do is akin to a science. We believe that by working harder and being smarter we can give ourselves an edge, that enough research […]
Don’t Forget China’s “Other” Spinning Plate: Trillions In Hidden Bad Debt
Don’t Forget China’s “Other” Spinning Plate: Trillions In Hidden Bad Debt To be sure, there’s every reason to devote nearly incessant media coverage to China’s bursting stock market bubble and currency devaluation. The collapse of the margin fueled equity mania is truly a sight to behold and it’s made all the more entertaining (and tragic) […]
Trumping the Federal Debt Without Playing the Default Card
Trumping the Federal Debt Without Playing the Default Card By Ellen Brown, Web of Debt. “The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.” — Former Fed Chairman Alan Greenspan on Meet the Press, August 2011 In a post on “Sovereign […]
“Don’t Owe. Won’t Pay.” Everything You’ve Been Told About Debt Is Wrong
“Don’t Owe. Won’t Pay.” Everything You’ve Been Told About Debt Is Wrong With the nation’s household debt burden at $11.85 trillion, even the most modest challenges to its legitimacy have revolutionary implications. The legitimacy of a given social order rests on the legitimacy of its debts. Even in ancient times this was so. In traditional […]
Can Kickers United—–Why It’s Getting Downright Hazardous Out There
Can Kickers United—–Why It’s Getting Downright Hazardous Out There It’s getting downright hazardous out there, and not just because the robo-machines were slamming the “sell” key today. The real danger comes from the loose assemblage of official institutions which claim to be running the world. They might better be referred to as “can kickers united.” It is now blindly obvious that they have lapsed into […]
The 8 Trillion Black Swan: Is China’s Shadow Banking System About To Collapse?
The 8 Trillion Black Swan: Is China’s Shadow Banking System About To Collapse? “Wealth management products in China have come under the spotlight after a series of missed payments raised concerns over the shadow banking sector that often directs credit to firms shut out from bank lending or capital markets,” Reuters said in February, after reporting […]
Beware of American econ professors!
Beware of American econ professors! How Krugman, Sachs and Stiglitz led the Greeks astray. ATHENS — Since Alexis Tsipras made the difficult but responsible choice of arriving at a compromise with Greece’s creditors in mid-July, preventing an outcome that would have led his country out of the euro, a number of revelations have highlighted the […]
Greeks: How did we lose our way?
Greeks: How did we lose our way? In the heart of Athens everyday Greeks show us how they face the hardship and constraints brought on by the crisis. For five years Greece has been mired in economic crisis, haunted by the spectre of expulsion from the eurozone. A Greek exit seemed closer than ever this […]
Brain-Drained
Brain-Drained Venezuela: Real Wages Collapse amid Continuing Crack-Up Boom While the crack-up boom in Venezuela continues, real wages in the country have have utterly collapsed. The bolivar is still trading close to 700 to the US dollar on the black market, and the Caracas stock index keeps making new all time highs in nominal terms […]
Bad Debt Soars 35% In China As Government Set To Fabricate Dismal Loan Data
Bad Debt Soars 35% In China As Government Set To Fabricate Dismal Loan Data Back in March, we noted that decelerating economic growth and bad debt are taking a toll on profitability at China’s largest banks, leading them to slash payouts to shareholders. “Particularly hard hit is ABC, which saw its non-performing loans jump 25bps Q/Q,” we […]
Is Puerto Rico the New Greece?
Is Puerto Rico the New Greece? While the world’s attention has been firmly fixed on Greece’s debt crisis and the “Grexit” threat, there is trouble brewing much closer to home. Staying largely in the Greek shadow, Puerto Rico is on the brink of defaulting on its debts. The parallels with Greece are unavoidable, and not […]
First Default By U.S. Commonwealth In History: Puerto Rico Makes Only 1% Of Required Debt Payment
First Default By U.S. Commonwealth In History: Puerto Rico Makes Only 1% Of Required Debt Payment Over the weekend Puerto Rico was supposed to make a modest principal and interest payment of some $58 million due on Public Finance Corp. bonds, which however few expected would be satisfied. As a reminder, on Friday, Victor Suarez, […]
EU’s Greek Debt Austerity Plan Rejected By The IMF
EU’s Greek Debt Austerity Plan Rejected By The IMF I have maintained since the so-called Greek Debt “crisis” began back in 2010, I believe it was, that the imposition of austerity on Greece could not possibly work and that the only solution was to write down the debt to a level that Greece could service […]
