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Forget Deflation. Stagflation Arrives in Canada
Forget Deflation. Stagflation Arrives in Canada Worst Plunge in Retail Sales since 2008. Inflation Whacks Consumers Retail sales in Canada fell 2.2% in December from November on a seasonally adjusted basis, but not adjusted for inflation, to C$43.2 billion. “Declines were widespread as lower sales were reported in 10 of 11 subsectors, representing 97% of […]
Revolt against NIRP Breaks out, Bank of Japan “Baffled”
Revolt against NIRP Breaks out, Bank of Japan “Baffled” Meanwhile, exports collapse at fastest rate since 2009. This would be hilarious, if it weren’t so serious: Frazzled politicians, during a parliamentary session, lambasting the governor of their central bank over its new negative interest rate policy. But this is what happened in Japan. Central-bank imposed […]
I’m in Awe at Just How Fast Global Trade is Unraveling
I’m in Awe at Just How Fast Global Trade is Unraveling It simply doesn’t let up. Global trade is skidding south at a breath-taking speed. China produced a doozie: The General Administration of Customs reported on Monday that in yuan terms, exports dropped 6.6% in January from a year ago while imports plunged 14.4%. In dollar […]
Italy’s Banking Crisis Spirals Elegantly out of Control
Italy’s Banking Crisis Spirals Elegantly out of Control How to dump toxic waste on the public through the backdoor. Back during the euro debt crisis, while the ECB was buying government debt from Member States to keep Italian and Spanish government debt from imploding, German politicians fretted out loud about what exactly the ECB was buying. […]
This is How Financial Chaos Begins
This is How Financial Chaos Begins It’s not contained. There are over $1.8 trillion of US junk bonds outstanding. It’s the lifeblood of over-indebted corporate America. When yields began to soar over a year ago, and liquidity began to dry up at the bottom of the scale, it was “contained.” Yet contagion has spread from energy, […]
“Worse than 2008”: World’s Largest Container Carrier on the Slowdown in Global Trade
“Worse than 2008”: World’s Largest Container Carrier on the Slowdown in Global Trade “Massive Deterioration,” the CEO called the phenomenon. “Bellwether for global trade,” that’s how the Financial Times described Maersk Lines, the world’s largest container shipping company. It’s owned by Danish conglomerate AP Møller-Maersk, which also owns, among other divisions, Maersk Oil. The conglomerate reported fourth quarter […]
Fear Hits Japanese Banks, Nikkei Plunges, 10-Year Yield Negative for First Time Ever
Fear Hits Japanese Banks, Nikkei Plunges, 10-Year Yield Negative for First Time Ever A banking crisis radiating out from Europe? While China, Hong Kong, and some other Asian markets celebrated the lunar New Year and wisely kept their markets closed, all heck is breaking loose in Japan. The Nikkei had risen 1% on Monday and […]
Negative-Interest-Rate Effect already Dead, Central Banks Lost Control over Stocks
Negative-Interest-Rate Effect already Dead, Central Banks Lost Control over Stocks And there’s a bitter irony. The Bank of Japan’s surprise Negative-Interest-Rate party for stocks set a new record: it lasted only two days. Today a week ago, the Bank of Japan shocked markets into action. As the economy has deteriorated despite years of zero-interest-rate policy […]
Negative Interest Rates Already in Fed’s Official Scenario
Negative Interest Rates Already in Fed’s Official Scenario But forget QE-4. The Germans, with Teutonic precision, call them “Punishment Interest.” Negative interest rates are spreading from the ECB’s negative deposit rate across the bond market and to some savings accounts in the Eurozone. The idea is to enrich existing bond holders and flog savers until […]
A “Death Spiral” for the Chinese Yuan?
A “Death Spiral” for the Chinese Yuan? The “impossible trinity.” The authorities in China are in a desperate juggling act, trying to keep a growing number of rotting oranges, porcelain plates, burning torches, and explosives in the air all at the same time. But it’s not working very well anymore. Thursday morning, the People’s Bank of […]
‘Footprint Rationalization’: Sears adds to Woes of Canada’s Malls
‘Footprint Rationalization’: Sears adds to Woes of Canada’s Malls The industry spirals into turmoil. After bouts of store closings that started in 2013, Sears Canada has about 95 department stores, 10 outlet stores, and 40 home stores left. Now, according to the Globe and Mail, it will close even more stores. It’s been tough for brick-and-mortar […]
This is Why Junk Bonds Will Sink Stocks: Moody’s
This is Why Junk Bonds Will Sink Stocks: Moody’s “Some very critical things are hidden.” After the white-knuckle sell-off of global equities that was finally punctuated by a rally late last week, everyone wants to know: Was this the bottom for stocks? And now Moody’s weighs in with an unwelcome warning. If you want to […]
Deep “Freight Recession” Hits Railroads, Trucking, Air Freight
Deep “Freight Recession” Hits Railroads, Trucking, Air Freight “Consumers just don’t seem to be showing up….” As much as we would have liked to, the Dow Transportation Average wasn’t kidding. It has plunged 27% since its high on December 5, 2014. Nearly two-thirds of that plunge came over the past two months. Transportation companies are […]
Ruble Plunges 26% in 90 days, 6% in Two Days, Hits New Low, Government Says to Heck with it
Ruble Plunges 26% in 90 days, 6% in Two Days, Hits New Low, Government Says to Heck with it Where’s the shock and awe? The ruble plunged 3.8% on Wednesday and another 2.8 on Thursday to a new all-time low of 83.85 to the dollar, at 5:30 PM Moscow time, blowing through the previous catastrophic […]
