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This is When Bonds Go Kaboom!
This is When Bonds Go Kaboom! The toxic miasma of “distressed debt.” It’s getting tougher out there for our QE and ZIRP-coddled corporate junk-bond heroes. Unisys, whose revenues and profits decline year after year and whose stock dropped from over $400 a share during the prior tech bubble to $13 a share now, withdrew its […]
What the Heck’s Happening to the Global Stock Markets?
What the Heck’s Happening to the Global Stock Markets? According to our soothsayers, when the Fed decided to keep interest rates where they’ve been since 2008, at near zero, rather than raise them, it should have triggered a big stock-market rally. But that’s not what happened. Or rather, it triggered some rallies, but soon the […]
Canada’s Retail Prices Jump the Most in “Over a Decade”
Canada’s Retail Prices Jump the Most in “Over a Decade” When Statistics Canada released its July retail sales report today, it dished out a few unwelcome surprises – and a bombshell. Among the surprises, based on what economists – though perhaps not average Canadians – had expected: Growth in retail sales was a measly 0.5% in July; […]
The US Bond Market is far Larger than the Stock Market: If Even Part of it Blows, it’ll Dig a Magnificent Crater
The US Bond Market is far Larger than the Stock Market: If Even Part of it Blows, it’ll Dig a Magnificent Crater “So, if rates rise, we get nervous. If rates fall, we get nervous. If rates stay the same, we get nervous. When don’t we get nervous? Raise the rates already! We are talking […]
Australia’s Mega LNG Projects are in Serious Trouble
Australia’s Mega LNG Projects are in Serious Trouble In the US, natural gas is dirt cheap. The price peaked in 2008 and has since collapsed. It remains below the cost of production, even today. Two natural gas drillers have recently buckled and declared bankruptcy. In the international markets, natural gas is traded as Liquefied Natural Gas […]
Bankers Threaten Fed with Layoffs if it Doesn’t Raise Rates
Bankers Threaten Fed with Layoffs if it Doesn’t Raise Rates “Let me assure you, if the revenue environment weakens or interest-rate structures don’t move up and the economy slows down, we’ll have to take out more costs,” Bank of America CEO Brian Moynihan said on Thursday at the Barclays Global Financial Services Conference. And that […]
Time Bomb under Canada’s Housing Bubble Makes a Loud Tick
Time Bomb under Canada’s Housing Bubble Makes a Loud Tick The Bank of Canada has been fretting about the ballooning debt of Canadian households. Last year, it repeatedly called it a risk to “financial stability,” perhaps in preparation for raising its benchmark interest rate. Then Canada’s economy tanked. In July, when the freaked-out Bank of Canada cut […]
World Holds Breath, Waits for “Death of the Dollar”
World Holds Breath, Waits for “Death of the Dollar” Dismantling the dollar hegemony one yuan at a time. I’ve been asked many times about the impending “death of the dollar.” I know some folks who expect the dang thing to die. They’re already envisioning the spectacle. An entire industry has sprung up to prepare and equip […]
Global Economy Nearing a “Structural Recession”
Global Economy Nearing a “Structural Recession” And monetary policies will be “ineffective” To the never-ending astonishment of our economists, global growth has been much weaker since the Financial Crisis than before it, despite enormous global stimulus from years of extreme central-bank monetary policies and record amounts of government deficit spending. This should not have happened, according […]
What’s Coming Unglued Now in Canada?
What’s Coming Unglued Now in Canada? Canada lumbered through the first half of 2015 in a “technical recession,” Statistics Canada confirmed this week, as GDP shrank in both quarters. Among the culprits: the swooning energy sector and an investment slump. Now everybody is lining up behind the hope that a sudden acceleration will put the […]
Macau’s Economy Blows Up
Macau’s Economy Blows Up China’s crackdown on corruption, or at least the ostentatious display of the spoils of corruption, and its selective hunt for corrupt officials, which to some observers resembles a political purge, may or may not tamp down on actual corruption, which is what greases the wheels in the Chinese economy. But it’s […]
It Gets Even Uglier In Canada
It Gets Even Uglier In Canada The Province of Alberta, the epicenter of the Canadian oil bust, may be sliding into something much worse than a plain-vanilla recession. And it’s not exactly perking up the rest of Canada. Layoffs are already cascading through the oil patch, as companies are retrenching and adjusting to the new […]
China Entering Ugly Recession, Not Just a “Hard Landing?”
China Entering Ugly Recession, Not Just a “Hard Landing?” A “hard landing” would be tough for China. But it would still mean economic growth, if very slow growth by Chinese standards. At worst, it would mean stagnation. But now, evidence is piling up that the economy is actually shrinking. There is practically universal agreement outside official […]
New Vehicle Sales Collapse in Canada’s Oil Patch
New Vehicle Sales Collapse in Canada’s Oil Patch Oil spills into the broader economy. Canada’s economy has split in two. The resource producing economy is deteriorating at a breath-taking pace, broadsided by collapsing commodity prices. For Canada, the most important commodity is crude oil. West Texas Intermediate has plunged below $39 a barrel, not seen […]
