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Argentine Economy Contracts First Time Since 2012 After Default – Bloomberg
Argentine Economy Contracts First Time Since 2012 After Default – Bloomberg. Argentina’s economy contracted more than forecast in the third quarter after the South American nation defaulted on its debt for the second time in 13 years, forcing the government to crimp imports amid a shortage of dollars. Gross domestic product shrank 0.8 percent from […]
Low Oil Prices Pushing Venezuela Towards Default
Low Oil Prices Pushing Venezuela Towards Default. Low oil prices are putting major oil producers in a squeeze. The Russian central bank has been forced to cough up foreign exchange in order to defend itself from a currency crisis. But it may be Venezuela that is the least prepared and most in danger of an economic […]
Russian Currency Crisis and Defaults Could Create Contagion in West – GoldCore United States
Russian Currency Crisis and Defaults Could Create Contagion in West – GoldCore United States. Russia’s currency market witnessed further huge volatility again today. The finance ministry said it would start selling foreign exchange which are primarily in dollars. This appeared to reduce selling pressure on the battered rouble. The fall of the rouble this year […]
Will Oil Kill The Zombies? – The Automatic Earth
Will Oil Kill The Zombies? – The Automatic Earth. Oil producer Russia hikes rates to 10.5% as the ruble continues to plunge, while fellow producer Norway does the opposite, and cuts its rates, but also sees its currency plummet. As Greek stocks lose another 7.35% after Tuesday’s 13% loss on rumors about what the left […]
Paying down the debt is now almost mathematically impossible
Paying down the debt is now almost mathematically impossible. Exactly 199 years ago, in 1815, a “temporary” committee was established in the US Senate called the Committee on Finance and Uniform National Currency. It was set up to address economic issues and the debt accrued by the US government after the War of 1812. Of […]
Venezuela Default Probability Has Never Been Higher; Maduro “Working To Raise Oil Prices” | Zero Hedge
Venezuela Default Probability Has Never Been Higher; Maduro “Working To Raise Oil Prices” | Zero Hedge. With OPEC slashing demand expectations to 12 year lows, oil prices have re-cratered today putting further pressure on socialist-utopia Venezuala which needs $121/bbl to break-even. Credit risk for the South American nation has exploded today to record highs – implying […]
“Cash-Strapped” Venezuela Stares Into The Abyss… And Its Default Risk Goes Parabolic | Zero Hedge
“Cash-Strapped” Venezuela Stares Into The Abyss… And Its Default Risk Goes Parabolic | Zero Hedge. Some two weeks ago (when Venezuela CDS was trading at only 2300 bps) we previewed what – with almost absolute certainty – would be the first “casualty of the crude carnage” – Nicholas Maduro’s little socialist paradise that couldn’t: Venezuela. As a reminder, back then […]
Oil War Pushes Venezuela Over Brink, Probability of Default Soars to 84%
Oil War Pushes Venezuela Over Brink, Probability of Default Soars to 84% Fracking, Tar Sands, & OPEC Meet Decades of Mismanagement OPEC member Venezuela has one of the largest oil and natural gas proven reserves in the world. It’s the 12th largest producer in the world. It’s still one of the top suppliers of crude […]
Five complete lies about America’s new $18 trillion debt level
Five complete lies about America’s new $18 trillion debt level. On October 22, 1981, the government of the United States of America accumulated an astounding $1 TRILLION in debt. At that point, it had taken the country 74,984 days (more than 205 years) to accumulate its first trillion in debt. It would take less than […]
Who Will Suffer from a Leveraged Credit Shakeout? | Enterprising Investor
Who Will Suffer from a Leveraged Credit Shakeout? | Enterprising Investor. Of all the noteworthy moments from the 2014 CFA Institute Fixed-Income Management Conference, the bombshell may have been the default call from Martin S. Fridson, CFA. Fridson, CIO at Lehmann Livian Fridson Advisors, has been a leading figure in the high-yield bond market since it […]
Dan Amerman: Will Our Private Savings Be Sacrificed To Pay Down The Public Debt? | Peak Prosperity
Dan Amerman: Will Our Private Savings Be Sacrificed To Pay Down The Public Debt? | Peak Prosperity. Recently, an article by Daniel Amerman caught our attention. Titled Is There A “Back Door” Method For The Government To Pay Down The Federal Debt Using Private Savings?, it details the process known as financial repression, where sovereign debts […]
