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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 […]
The ECB Morphs into the Mother of All “Bad Banks”
The ECB Morphs into the Mother of All “Bad Banks” More than just a few “fallen angels.”. As part of its QE operations, the ECB continues to pour billions of freshly created euros each month into corporate bonds – and sometimes when it buys bonds via “private placements” directly into some of Europe’s biggest corporations […]
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% […]
Catalonia Threatens Spain with “Financial Bloodbath”
Catalonia Threatens Spain with “Financial Bloodbath” Catalonia’s independence would set off Spain’s debt time-bomb. On Monday El Pais published leaked excerpts from what it claims to be the Catalonian regional government’s road map to independence. The secret document includes a plan for the region to unilaterally break away from Spain should its citizens be prevented […]
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 […]
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 […]
Here’s Why Italy’s Banking Crisis Has Gone Off the Radar
Here’s Why Italy’s Banking Crisis Has Gone Off the Radar Just how many banks are insolvent? Turns out, a lot! But elections are coming up. For a country that is on the brink of a gargantuan public bailout of its toxic-loan riddled banking sector, or failing that, a full-blown financial crisis that could bring down […]
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 […]
