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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% […]
Italy’s Banking Crisis Is Even Worse Than We Thought
Italy’s Banking Crisis Is Even Worse Than We Thought The insider blame game has begun. In this late winter of generalized discontent, it is not easy to pinpoint just where the biggest threat to Europe’s increasingly flimsy union lies, so intense is the competition. One obvious contender is the Eurozone’s third largest economy, Italy, which […]
UBS Warns: Spain’s “Most Italian Bank” Runs Out of Options
UBS Warns: Spain’s “Most Italian Bank” Runs Out of Options The bank-bailout business rages on. During the first week of 2017, Spain’s “most Italian bank”, Banco Popular, got off to a flying start as its stock outperformed all other major Spanish banks. By Jan 5th its shares had even crossed the €1-line for the first […]
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, […]
Tiny Region of Wallonia in Small Country of Belgium Trips up Global Corporatocracy
Tiny Region of Wallonia in Small Country of Belgium Trips up Global Corporatocracy “Thinly veiled threats” from corporations. Visibly shaken, as Reuters put it, Canadian trade minister Chrystia Freeland walked out of EU trade negotiations in Belgium on Friday evening, lamenting that the EU is “incapable of reaching an agreement – even with a country with European values […]
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 […]
Why Italy’s Banking Crisis is Spiraling to Heck
Why Italy’s Banking Crisis is Spiraling to Heck €4.8 billion window-dressing to cover a growing €360 billion hole Things have got so serious in Italy that the only two things propping up the country’s crumbling banking sector — apart from the last few remaining crumbs of public faith in the system — are two inadequately capitalized bad […]
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 […]
