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Are Subprime Debt Slaves, a Leading Indicator, Worrying the Fed?
Are Subprime Debt Slaves, a Leading Indicator, Worrying the Fed? Credit problems always appear first at the margins. The new Fed remains a somewhat unknown quantity: There are still four vacancies on the Fed’s seven-member Board of Governors that forms the core of the policy-making FOMC. The new Chairman, Jerome Powell, has already shown in […]
The Oligopolization of Food Supply Hits a Snag
The Oligopolization of Food Supply Hits a Snag Three companies to control 60% of world’s seed and pesticide markets. German drug and agrichemicals giant Bayer has suffered a setback in its efforts to acquire the world’s biggest seed company, Monsanto. Bayer had reckoned on winning regulatory approval for its $63.5 billion takeover bid at the […]
Momentous Shift in US Natural Gas, with Global Consequences
Momentous Shift in US Natural Gas, with Global Consequences And this is just the beginning. The year 2017 was when the US became a net exporter of natural gas for the first year in history. The production of natural gas has been surging since 2007, when fracking turned into a boom, whittling away at the […]
Will Italy’s Banking Crisis Spawn a New Frankenbank?
Will Italy’s Banking Crisis Spawn a New Frankenbank? “Operation Overlord.” There are rumors currently doing the rounds that Italy’s banking problems have finally been put to rest. The FTSE Italia All-Share Banks Index has soared about 40% over the last 12 months, about double the advance by the Euro Stoxx Banks Index. Six of the […]
A New Cunning Plan to Allay Banking Jitters is Hatched in Spain
A New Cunning Plan to Allay Banking Jitters is Hatched in Spain But there’s a problem with the plan. The Spanish Government has a brand new cunning plan to fortify the country’s banking system, which was rocked last year by the collapse of the sixth biggest bank, Banco Popular. It wants the country’s Deposit Guarantee […]
Stock Market Leverage Spikes. Sparks Already Flew. Brokerage Regulator “Concerned.” But Hey, Nothing’s Going to Happen.
Stock Market Leverage Spikes. Sparks Already Flew. Brokerage Regulator “Concerned.” But Hey, Nothing’s Going to Happen. Resting Happily on Smoldering Powder Keg. There is nothing like a big shot of leverage to fire up the stock market. And that’s what the market got in 2017, when the S&P 500 surged 26%, and in January 2018, […]
“It’s Not only Carillion that’s Built on Sand, it’s our Whole System of Corporate Accountability”
“It’s Not only Carillion that’s Built on Sand, it’s our Whole System of Corporate Accountability” The construction & services giant collapsed even as KPMG signed off on its financial statements; now they deny any responsibility. The Big Four accountancy firms — PricewaterhouseCoopers, Ernst & Young, KPMG, and Deloitte — reported combined annual revenues of $134 […]
Surging Freight Costs Fire Up Inflation Fears
Surging Freight Costs Fire Up Inflation Fears “Pricing power has erupted…” The transportation industry, particularly trucking, has benefited from the rise in retail spending in the fourth quarter and in much of 2017. The surge in e-commerce with all the transportation challenges it brings along has been a boon for the industry. Shipments have soared, […]
“Cash Must Not Be Made the Scapegoat”
“Cash Must Not Be Made the Scapegoat” In the War on Cash, a rare defense of physical money by an ECB Board Member. The proposed EU-wide cash restrictions could come into effect as early as this year. But defenders of physical cash have an unexpected ally in their struggle: Yves Mersch, a member of the […]
Rising Interest Rates: New Era with Tough Outcomes
Rising Interest Rates: New Era with Tough Outcomes What will the bond market do? The conniptions in the Treasury market are causing pain in existing portfolios but offer opportunities down the road. What’s the impact of these rising interest rates on the housing bubbles in the US and Canada? Where is the pain threshold? […]
On Closer Inspection, Debt of Bankrupt Spanish Construction Firm Grows Four-Fold
On Closer Inspection, Debt of Bankrupt Spanish Construction Firm Grows Four-Fold What happens if cases like this prove to be the rule rather than the exception? Spain appears to have a brand-new Abengoa — the imploded energy giant whose fabulous accounting tricks pushed creditors into a black hole — on its hands: Isolux was until recently a […]
“Financial Stress” Spikes. Markets, Long in Denial, Suddenly Grapple with New Era
“Financial Stress” Spikes. Markets, Long in Denial, Suddenly Grapple with New Era Fed’s monetary policy shift is finally taking hold. It just took a while. The weekly St. Louis Fed Financial Stress index, released today, just spiked beautifully. It had been at historic lows back in November, an expression of ultra-loose financial conditions in the […]
Four Rate Hikes in 2018 as US National Debt Will Spike
Four Rate Hikes in 2018 as US National Debt Will Spike Chorus gets louder. But no one will be ready for those mortgage rates. It didn’t take long for rate-hike expectations to be jostled further by last week’s “monster” two-year budget bill that Congress passed with its usual gyrations, including a government mini-shutdown, and that […]
The State of the American Debt Slaves
The State of the American Debt Slaves It was one gigantic party. But wait… Total consumer credit rose 5.4% in the fourth quarter, year over year, to a record $3.84 trillion not seasonally adjusted, according to the Federal Reserve. This includes credit-card debt, auto loans, and student loans, but not mortgage-related debt. December had been […]
