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Why No One’s Going to Drain this Swamp
Why No One’s Going to Drain this Swamp The Financial Sector threw $2 Billion at Congress during the Election. Biggest Spenders? Not the Banks. The Financial Sector – whose products, risk-taking, and shenanigans blew up the sector and everything around it during the Financial Crisis – has finally gotten the memo in a serious way: […]
It Gets Ugly in Brazil
It Gets Ugly in Brazil The price of corruption. In a stunning deterioration, the unemployment rate in Brazil spiked to 12.6% in the rolling three-month period through January, a record in the new data series going back to 2012, according to Brazil’s statistical agency IBGE. Up from 11.8% in the three-month period through October. Up from an […]
How Much Money Laundering is Going On in the Housing Market? A Lot
How Much Money Laundering is Going On in the Housing Market? A Lot Answers trickle in. Tough luck for New York, San Francisco, Miami… “I am shocked – shocked – to find that money laundering is going on in here!” – Borrowed and twisted from Casablanca. The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced on Thursday that […]
Whatever Happened to Inflation after All This Money Printing? It Has Arrived!
Whatever Happened to Inflation after All This Money Printing? It Has Arrived! Workers, bondholders, savers get sacked. So what would Yellen do? Consumer prices surged 0.6% in January from December, double the consensus forecast of a 0.3% rise. The sharpest monthly increase since February 2013, according to the Bureau of Labor Statistics. Energy prices jumped 4% […]
These are the Countries with the Biggest Debt Slaves, and Americans Are Only in 10th place
These are the Countries with the Biggest Debt Slaves, and Americans Are Only in 10th place So who the heck are the Really Great Ones? Americans have been on a borrowing binge. To buy their favorite cars and trucks, they’ve loaded up on $1.14 trillion in auto loans. Young and not so young Americans are mortgaging […]
Who Exactly Benefits from Italy’s Ballooning Bank Bailout?
Who Exactly Benefits from Italy’s Ballooning Bank Bailout? Italy’s third largest bank, Monte dei Paschi di Siena, is not insolvent, according to the ECB; it just has “serious liquidity issues.” It’s a line that has already been heard a thousand times, in countless tongues, since some of the world’s largest banks became the world’s biggest public […]
Bank Bailout Balloons, Tab for Italian Banking Crisis Soars
Bank Bailout Balloons, Tab for Italian Banking Crisis Soars Monte dei Paschi di Siena sinks deeper into the mire. Over the Christmas holidays, when no one was supposed to pay attention, and when the markets were closed, the bailout costs of Monte dei Paschi di Siena, the third largest bank in Italy, and the center […]
Canada’s Goods Producing Sector Caves
Canada’s Goods Producing Sector Caves Exports get blamed, despite the crushed loonie. Many countries, including the US, report GDP on a quarterly basis. Canada reports on a monthly basis. So today Statistics Canada reported GDP for October. What’s disconcerting isn’t so much that GDP fell 0.3% on a monthly basis – these things happen – though it […]
Currency Armageddon? A Word about the Hated Dollar
Currency Armageddon? A Word about the Hated Dollar The “death of the dollar” will have to be rescheduled. Sharply higher yields on Treasury securities and the prospect of more rate hikes by the Fed – in a world where other major central banks are still stewing innocent bystanders in the juices of NIRP, negative yields, and […]
This is How Consumers Turn into Debt Slaves
This is How Consumers Turn into Debt Slaves The Fed likes the word “credit.” Sounds less onerous than “debt.” Consumer debt rose by $19.3 billion in September to $3.71 trillion, another record in a five-year series of records, the Federal Reserve’s Board of Governors reported on Monday. Consumer debt is up 6% from a year ago, […]
Wolf Richter: The Economy Is Cracking Under Too Much Debt
Wolf Richter: The Economy Is Cracking Under Too Much Debt Housing, restaurants & retail are suffering Wolf Richter joins the podcast this week to discuss the deterioration of the global macro situation, and how he is seeing growing signs of recession breaking out across the economy: I think that was one of the biggest mistakes […]
There’s No Plateau in a Housing Bubble, Not Even in Canada
There’s No Plateau in a Housing Bubble, Not Even in Canada Vancouver in turmoil, Toronto spikes. Canadian house prices jumped 11.7% in September from a year ago, according to The Teranet–National Bank National Composite House Price Index released today. But the index papers beautifully over the dynamics in each metro. In six of the 11 […]
Fed Vice Chair Fischer Admits Fed is Waiting for Godot
Fed Vice Chair Fischer Admits Fed is Waiting for Godot The Fed’s fourth mandate. In his keynote speech on the usual suspects of central-bank topics at the Institute of International Finance’s big shindig in Washington DC today, Fed Vice Chair Stanley Fischer nevertheless managed to develop a new theory for a fourth Fed mandate. This […]
I’m in Awe of How Fast Deutsche Bank is Falling Apart
I’m in Awe of How Fast Deutsche Bank is Falling Apart Counterparties lose confidence, withdraw cash. Deutsche Bank, with $2 trillion in assets, amounting to 58% of Germany’s GDP, one of the most globally interwoven banks, with gross notional derivatives exposure of €46 trillion, right at the top along with JP Morgan (booked as €41 billion […]
Canadian Housing Bubble, Debt Stir Financial Crisis Fears
Canadian Housing Bubble, Debt Stir Financial Crisis Fears Their bone-chilling chart. Everyone is fretting about the Canadian house price bubble and the mountain of debt it generates – from the IMF on down to the regular Canadian. Now even the Bank for International Settlement (BIS) and the Organization for Economic Co-operation and Development (OECD) warn about […]
