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Saudi Arabia’s Oil-Bust Cash-Flow Debacle Begins to Bite
Saudi Arabia’s Oil-Bust Cash-Flow Debacle Begins to Bite Hangover of oil dependence has only just begun. It was supposed to be the biggest, most ambitious, most lucrative infrastructure project Spain’s construction industry had ever undertaken on the Arabian Peninsula. Launched three years ago, the high-speed rail link project between Medina and Mecca was a dream […]
US Commercial Bankruptcies Skyrocket
US Commercial Bankruptcies Skyrocket The “credit cycle” begins to unravel. One of the big indicators of the end of the “credit cycle” is the number of bankruptcies. During good times, so earlier in the credit cycle, companies borrow money. Then, overconfident and lured by low interest rates and overoptimistic rosy-scenario rhetoric emanating from all sides, they […]
China’s Furious Stimulus-and-Debt Binge Backfires
China’s Furious Stimulus-and-Debt Binge Backfires Fabled transition to a service economy? Forget it. The export and manufacturing powerhouse of the world, the locomotive – along with the US – of the global economy, and an indicator of the global economy itself, disappointed economists once again. The operative word in the media today is “unexpectedly.” China has […]
Spanish Banks Brace for Ultimate Showdown
Spanish Banks Brace for Ultimate Showdown “Very serious threat … to Spain’s entire mortgage market”: Moody’s A bitter, long-simmering conflict finally appears to be reaching its finale in Spain. On one side of the divide are the country’s biggest banks and some of the world’s largest investment funds; on the other are hundreds of thousands […]
Canary in the US Housing Market: Canadian Snowbirds Cash Out
Canary in the US Housing Market: Canadian Snowbirds Cash Out And sales crash. Naples, Florida, a wealthy beach town on the Gulf of Mexico, known for its golf courses and high-end shopping, and a favorite hangout for Canadian snowbirds trying to escape their cold winters, has a problem: Pending home sales in the first quarter […]
A Torrid Week for the Transatlantic Corporatocracy
A Torrid Week for the Transatlantic Corporatocracy The carefully woven fabric is unraveling. A new survey conducted by YouGov for the Bertelsmann Foundation showed that only 17% of Germans believe the Transatlantic Trade and Investment Partnership (TTIP) is a good thing, down from 55% two years ago. In the United States, only 18% support the deal compared to 53% […]
“A Total Illusion from QE and Financial Engineering”
“A Total Illusion from QE and Financial Engineering” The 10-Year Treasury Is Less Than You Think When the Fed was created in 1914, it was set to task of controlling short-term interest rates in an attempt to iron out financial cycles. It succeeded for many years. But by avoiding the natural rebalancing (and occasional pain) from […]
Canada’s Financial Sector just Crapped on its Bondholders, Hoping They Don’t Care
Canada’s Financial Sector just Crapped on its Bondholders, Hoping They Don’t Care To heck with the dreams of its bondholders. Great-West Lifeco, a Canadian financial services conglomerate which operates subsidiaries in Canada, the US, Europe, and Asia – including Putnam Investments in the US – and with over $1 trillion in consolidated assets under management, […]
“We Cannot Afford another Draghi”: Germany Attacks ECB
“We Cannot Afford another Draghi”: Germany Attacks ECB Negative interest rates, helicopter money trigger Clash of Titans. Relations between the government of Europe’s biggest economy, Germany, and Europe’s most powerful financial institution, the European Central Bank, have soured to the point of curdling. The latest volley of barbed remarks came from Germany’s dour Finance Minister […]
It’s Gotten So Bad in Europe, Even Eurocrats Begin to Worry
It’s Gotten So Bad in Europe, Even Eurocrats Begin to Worry You know that things are bad when even the firmest believers begin questioning their faith. That’s what’s starting to happen in Europe, where the EU faces a dizzying constellation of threats and challenges and even the staunchest of eurocrats are beginning to express doubts. […]
This Will Be Largest Evaporation of Wealth in Modern History
This Will Be Largest Evaporation of Wealth in Modern History It’ll devastate China’s economy and reverberate around the world Only a handful of countries have a higher savings rate than the Chinese do. For a still relatively poor emerging country with GDP per capita about a fifth of that in the U.S., the Chinese get […]
Peak Negative-Interest-Rate Absurdity? Hilarity Ensues
Peak Negative-Interest-Rate Absurdity? Hilarity Ensues Among the goodies: “reverse Yankee” landmines. When a central bank like the ECB imposes negative interest rates along with QE on its bailiwick, funny things start to happen. Investors become so eager to get any kind of visible yield that they will do the craziest things. They’re now chasing €3 […]
Is China’s Economy in even Deeper Trouble than We Think?
Is China’s Economy in even Deeper Trouble than We Think? Rail freight volume plunges to 2007 levels. Rail freight volumes are an indicator of China’s goods-producing and goods-consuming economy, not just manufacturing, construction, agriculture, and the like, but also consumer goods. Thus they’re also an indication of consumer spending on goods. Alas, rail freight volume is […]
Next Shoe to Drop on Spanish Banks
Next Shoe to Drop on Spanish Banks “The mortgage ‘floor clauses’ are a fraud.” Thursday, April 7, 2016, could go down in history as a great day for Spanish mortgage holders and a very grim one for many Spanish banks, thanks to a new ruling that the so-called mortgage floor-clauses that were unleashed across the […]
