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Defaults in European Retailers and US Energy on the rise
Defaults in European Retailers and US Energy on the rise 2019 has been a pleasant ride so far for high yield investors. Over the past 9 months the global high yield market has delivered a total return of 10.9% and an excess return of 6.4%, in part thanks to the U-turn of major central banks. […]
Argentina Is Officially In Default Again: S&P Downgrades Credit Rating To SD
Argentina Is Officially In Default Again: S&P Downgrades Credit Rating To SD The IMF just broke its own record of incompetence: less than a year after its record, $57 billion bailout of Argentina was finalized, S&P just downgraded the country from B- to Selective Default – the equivalent to a default rating – following the […]
Argentina Proposes IMF-Humiliating ‘Debt Re-Profile’ As It Soft-Defaults For 9th Time Since Independence
Argentina Proposes IMF-Humiliating ‘Debt Re-Profile’ As It Soft-Defaults For 9th Time Since Independence Less than a week after we suggested The IMF is in for humiliation over the collapse of Argentina – just months after its unprecedented $56 billion liquidity crisis bailout – it appears the South American nation is set to default for the ninth time since […]
Over $10 Trillion In Debt Now Has A Negative Yield
Over $10 Trillion In Debt Now Has A Negative Yield NIRP is back. On Friday, when Germany reported disastrous mfg and service PMI prints, the 10Y German Bund finally threw in the towel, with the yield sliding back under zero for the first time in three years. When that happened, and when the 3M-10Y yield […]
Default Or Exit: A Battle Between Italy And The EU Is Inevitable
Default Or Exit: A Battle Between Italy And The EU Is Inevitable There is a dual Italian crisis brewing in the European Union. On the one hand, it is a political, or even geopolitical, crisis. Italy is undermining the unity of the European Union; blocking the EU’s recognition of those behind the coup in Venezuela […]
Secret Money for Private Armies – Catherine Austin Fitts
Secret Money for Private Armies – Catherine Austin Fitts Investment advisor and former Assistant Secretary of Housing Catherine Austin Fitts says it looks like a “global recession is coming.” Is that going to cause the debt reset we’ve been hearing about for years? Fitts says, “Make no mistake about it, there is no reason for […]
The Art of Defaulting
The Art of Defaulting … the debt-financed overspending of the 1960s had continued into the early 1970s. The Fed had funded this spending with easy-credit policies, but by paying back its debts with depreciated paper money instead of gold-backed dollars, the U.S. effectively defaulted. Ray Dalio Principles for navigating big debt crises Ray Dalio of […]
The Italian people must understand that their country is at war
The Italian people must understand that their country is at war The conflict between the European Union and Italy is a full-blown financial war. Euro countries cannot print their own money and for that reason they cannot have an endless deficit. Countries within the eurozone have to live within their means or else, without the […]
The Global Distortions of Doom Part 1: Hyper-Indebted Zombie Corporations
The Global Distortions of Doom Part 1: Hyper-Indebted Zombie Corporations The defaults and currency crises in the periphery will then move into the core. It’s funny how unintended consequences so rarely turn out to be good. The intended consequences of central banks’ unprecedented tsunami of stimulus (quantitative easing, super-low interest rates and easy credit / […]
China Cuts Reserve Ratio, Releases 1.2 Trillion Yuan Amid Rising Trade War, Record Defaults
China Cuts Reserve Ratio, Releases 1.2 Trillion Yuan Amid Rising Trade War, Record Defaults China’s central bank announced it would cut the Required Reserve Ratio (RRR) for most banks by 1.0% effective October 15 for the fourth time in 2018, a little over three months after the PBOC announced a similar cut on June 24, […]
“Something Has to Break” as China’s Onshore Defaults Hit a New Record
“Something Has to Break” as China’s Onshore Defaults Hit a New Record Recent news from China has been really ugly. But what can you expect? They’re trying to fight a trade war against the U.S. – deal with slowing growth – and survive against a stronger U.S. dollar. And because of these problems – China’s major […]
In Shock Move, India Nationalizes Giant Shadow Bank At Center Of Market Rout
In Shock Move, India Nationalizes Giant Shadow Bank At Center Of Market Rout One week after we reported that India’s NPL crisis finally erupted after IL&FS, a major shadow bank at the heart of India’s economy defaulted in one day on three debt payments, India’s government announced on Monday that it would immediately seize control […]
Goldman Warns Of A Default Wave As $1.3 Trillion In Debt Is Set To Mature
Goldman Warns Of A Default Wave As $1.3 Trillion In Debt Is Set To Mature Ten years after the Lehman bankruptcy, the financial elite is obsessed with what will send the world spiraling into the next financial crisis. And with household debt relatively tame by historical standards (excluding student loans, which however will likely be […]
India’s NPL Crisis Erupts: A Major Shadow Bank Defaults On Three Debt Payments
India’s NPL Crisis Erupts: A Major Shadow Bank Defaults On Three Debt Payments IL&FS Investment Managers, a unit of India’s Infrastructure Leasing & Financial Services (IL&FS) – an Indian infrastructure development and finance company and one of the nation’s largest “shadow banks” – which announced three debt defaults on Friday, said on Saturday morning its […]
Good Times…
Good Times… My son wanted to know why it is that Venezuela (a topic that gets discussed around the dinner table at home) chose such painfully, obviously asinine policies. After much thought I explained it thus. Hard times create strong men. Strong men create good times. Good times create weak men. Weak men create hard […]
