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What Did Harvey Do to the Wind Farms on the Texas Coast?
What Did Harvey Do to the Wind Farms on the Texas Coast? Downed power lines was the biggest problem. Oil-and-gas state Texas is by far the largest wind power producer among US states. With an installed capacity of 21,044 MW, and with 5,437 MW under construction as of the end of 2016, Texas is well […]
Fearing Contagion, Russia Bails Out Bondholders in its Biggest Bank Collapse Yet
Fearing Contagion, Russia Bails Out Bondholders in its Biggest Bank Collapse Yet “The panicky mood has been dampened down,” as other banks are rumored to be teetering. True to the playbook of bank bailouts, the Central Bank of Russia (CBR) decided to bail out Bank Otkritie Financial Corporation, the largest privately owned bank in the […]
The US and the World: Wolf Richter on the Keiser Report
The US and the World: Wolf Richter on the Keiser Report “These things can go on for a long time — until they can’t…” Here I am with Max Keiser on the Keiser Report, tackling the global schemes of our crazy times: the shifting economic relationships between the US, its allies, and China whose authorities are […]
US Gross National Debt to Spike by $800 Billion in October?
US Gross National Debt to Spike by $800 Billion in October? The other option: too ugly to even imagine. “There is zero chance, no chance we won’t raise the debt ceiling,” swore Senate Majority Leader Mitch McConnell (R., Ky.) at an event in Louisville, Kentucky, on Monday. He who couldn’t get his Republican ducks all […]
Stock & Bond Markets in Denial about QE Unwind, but Banks, Treasury Dept Get Antsy
Stock & Bond Markets in Denial about QE Unwind, but Banks, Treasury Dept Get Antsy “Let markets clear.” It’ll be just “a financial engineering shock.” Stock and bond markets are in denial about the effects of the Fed’s forthcoming QE unwind, whose kick-off is getting closer by the day, according to the minutes of the […]
So When Will China’s Debt Bubble Finally Blow Up?
So When Will China’s Debt Bubble Finally Blow Up? The upside is fake stability. The downside is too ugly to contemplate. Corporate debt in China has soared to $18 trillion, or 169% of GDP, the largest pile of corporate debt in the world, according to the worried Bank for International Settlements. The OECD has warned […]
Volatility in Housing: What Surges & Crashes the Most?
Volatility in Housing: What Surges & Crashes the Most? It depends on the value of the home. What happens to home prices during the current housing boom and the next housing bust depends to some degree on whether the home is relatively “affordable” — whatever that means at today’s prices — or more expensive. This […]
Two Italian Zombie Banks Toppled Friday Night
Two Italian Zombie Banks Toppled Friday Night ECB shuts down Veneto Banca and Banca Popolare di Vicenza. When banks fail and regulators decide to liquidate them, it happens on Friday evening so that there is a weekend to clean up the mess. And this is what happened in Italy – with two banks! It’s over […]
Dear Fed, It’s Not “Really Hard to Spot Bubbles”
Dear Fed, It’s Not “Really Hard to Spot Bubbles” Here are some visual aids to help the Fed spot the housing bubble. Minneapolis Fed President Neel Kashkari was the latest Fed official to claim in an essay – thus following in the time-honored footsteps of former Fed Chair Ben Bernanke – that “spotting bubbles is […]
All Heck Breaks Loose in Toronto’s House Price Bubble
All Heck Breaks Loose in Toronto’s House Price Bubble “It’s fear.” During the first two weeks in May, according to preliminary data from Toronto Real Estate Board, home listings surged 47% from the same period last year even as sales plunged 16%. The average selling price dropped 3.3% from April – and this, after a 33% […]
So China’s Authorities Crack Down on Housing Speculation?
So China’s Authorities Crack Down on Housing Speculation? Who’s Behind China’s Wild House Price Bubble? State-Owned Property Developers, Funded by State-Owned Banks. Beijing’s municipal government summoned representatives of state-owned property developers on Monday and told them to stop hyping the already overheated housing market, according to the portal, Chinese Real Estate Business (CREB), cited by […]
“Canada: Irrational Exuberance?” Wild Housing Speculation Drives Entire Economy
“Canada: Irrational Exuberance?” Wild Housing Speculation Drives Entire Economy Everyone is afraid of breaking the addiction. Here’s another data point on the Canadian housing bubble, how immense it really is, and how utterly crucial wild housing speculation has become to the Canadian economy. Housing starts surged to 253,720 units in March seasonally adjusted, the highest […]
Toronto House Price Bubble Goes Nuts
Toronto House Price Bubble Goes Nuts Based on fundamentals? You gotta be kidding. Residential property sales in Greater Toronto soared 17.7% year-over-year to 12,077 homes, according to the Toronto Real Estate Board (TREB). New listings jumped 15.2% to 17,052. Prices for all types of homes, based on the MLS Home Price Index Composite “Benchmark,” soared […]
Housing Bubble in Sydney Soars to New High, Politicians Promote Scheme to Bitter End
Housing Bubble in Sydney Soars to New High, Politicians Promote Scheme to Bitter End “Buy property in Sydney and you’re ‘pretty well set for life’”: Government to first-time buyers. How far can a desperate government go to keep the whole overleveraged edifice of a housing bubble from tumbling down and doing God-knows-what to the economy […]
