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“Pretty Soon We Have to Start Labeling this a Depression”: Goldman Sachs on Brazil
“Pretty Soon We Have to Start Labeling this a Depression”: Goldman Sachs on Brazil It Just Keeps Getting Worse and Worse Brazil, the largest economy in Latin America, now the 8th largest in the world, down from 6th place during the glorious BRICs days of 2011, is sinking deeper and deeper into trouble. An epic […]
“We’ve Seen this Before” – in 1999, then Stocks Crashed
“We’ve Seen this Before” – in 1999, then Stocks Crashed “A lot of deterioration and decay under the hood” The fourth quarter is normally a very strong quarter, and December exceptionaly strong in the global markets, says Christine Hughes, Chief Investment Strategist at OtterWood Capital. This quarter too, global markets are in the green after a powerful rally in October. But […]
Foreign Investors Bail out of Canada’s Money Machine
Foreign Investors Bail out of Canada’s Money Machine First net outflow from Canadian securities since 2008. On first sight, it wasn’t that bad. Statistics Canada reported today that in September, foreign (non-resident) investors purchased C$3.3 billion of Canadian securities – adding C$3.2 billion in equities and C$0.9 billion in bonds to their holdings while getting rid of C$0.8 […]
Will the Chinese Yuan Now Demolish the “Dollar Hegemony?”
Will the Chinese Yuan Now Demolish the “Dollar Hegemony?” IMF boss Christine Lagarde is gung-ho about it. IMF staff is too. The Executive Board will consider it on November 30 and in all likelihood approve it. It will take effect in October 2016. Then it’s a done deal: the Chinese yuan will be added to […]
China’s Economy Even Worse than Suspected?
China’s Economy Even Worse than Suspected? It’s always good to have a plan. So China has a new five-year plan, its 13th. And the plan is to dial down China’s formerly white-hot economy to a target of “medium-high economic growth” for the five years starting in 2016. “The country will promote greater sophistication in its […]
And Now Trucking Is Suddenly Slowing Down
And Now Trucking Is Suddenly Slowing Down This comes at the totally wrong time. Trucking had been booming. 2014 had been a banner year. Capacity was squeezed, and rates were rising, so trucking companies went on a buying binge, ordering everything in the book in preparation for red-hot demand in 2015 and more banner years […]
This Is Why It’s Going to Get Even Tougher
This Is Why It’s Going to Get Even Tougher The third quarter was tough for US corporations. Worse than the prior two quarters. They got waylaid by weak global demand and lack of pricing power. The easiest way to increase revenues and profits is to raise prices, so via inflation, but that strategy isn’t working […]
“Bank Failures and Systemic Breakdowns”: Regulator Warns on Autos, Subprime, Commercial Real-Estate…
“Bank Failures and Systemic Breakdowns”: Regulator Warns on Autos, Subprime, Commercial Real-Estate… If you look at auto sales, which are flirting with all-time highs, and at commercial real-estate prices, which are way beyond all-time highs, and if you look at the loans, including subprime, that make it all happen, you’d think the US economy is […]
Saudi, US Oil Inventories Hit Record High as Demand Fizzles
Saudi, US Oil Inventories Hit Record High as Demand Fizzles The amount of oil in storage globally, not including the various “strategic petroleum reserves” in the US, China, Europe, Japan, and other locations, has grown to staggering proportions this year, as oversupply drowns out tepid demand. In the US, oil storage is seasonal. A big […]
The Dismal Thing Schlumberger CEO Just Said about US Oil
The Dismal Thing Schlumberger CEO Just Said about US Oil 2016 to be brutal. Then, dreams of “potential spike in oil prices” An engineer in the oil industry, who’d sold his house in Houston and bailed out after finding work in another state, just told me this: A young civil engineer that I am working […]
Overcapacity “will be even greater than in 2009.”
Overcapacity “will be even greater than in 2009.” “I would be open to the possibility” of reducing the fed funds rate “even further” and go negative, explained Minneapolis Fed President Narayana Kocherlakota on Thursday. Some folks just don’t get it. Here are the results of seven years of global QE and zero-interest-rate policies: Global demand […]
This is How the Trade Pact Escalates the Currency War
This is How the Trade Pact Escalates the Currency War When negotiators from 12 nations and hundreds of lobbyists from around the world, after years of horse-trading, agreed on a “trade deal” on Monday – a deal that remains secret except for the sections that have been leaked – President Obama gushed that it “reflects […]
Not the “Death of the Dollar” but “Death of the Euro?”
Not the “Death of the Dollar” but “Death of the Euro?” The rise of the Chinese yuan as an international currency is not only unstoppable but is advancing in leaps and bounds, according to SWIFT. It comes at the expense of other currencies, though it’s not triggering the long-awaited “death of the dollar.” On the contrary. […]
