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This is How Financial Chaos Begins
This is How Financial Chaos Begins It’s not contained. There are over $1.8 trillion of US junk bonds outstanding. It’s the lifeblood of over-indebted corporate America. When yields began to soar over a year ago, and liquidity began to dry up at the bottom of the scale, it was “contained.” Yet contagion has spread from energy, […]
“Worse than 2008”: World’s Largest Container Carrier on the Slowdown in Global Trade
“Worse than 2008”: World’s Largest Container Carrier on the Slowdown in Global Trade “Massive Deterioration,” the CEO called the phenomenon. “Bellwether for global trade,” that’s how the Financial Times described Maersk Lines, the world’s largest container shipping company. It’s owned by Danish conglomerate AP Møller-Maersk, which also owns, among other divisions, Maersk Oil. The conglomerate reported fourth quarter […]
Here Come the Money Helicopters!
Here Come the Money Helicopters! The Negative Wealth Effect Since the start of the year, the Dow is down about 7%. But certain stock market sectors have undergone a much harder pruning. First, energy… then the tech… and now banks. Shares in too-big-to-fail bank Citigroup are down almost 28% so far this year. And shares in Europe’s […]
It’s Official: Cash is Now Public Enemy Number One
It’s Official: Cash is Now Public Enemy Number One First Major Offensive in War on Cash Terrorists are no longer public enemy number one. Nor are drug lords, people traffickers, arms dealers, cyber terrorists, or any other unsavory do-badder. Today, the biggest threat to global peace and security is physical cash, a means of exchange […]
Fear Hits Japanese Banks, Nikkei Plunges, 10-Year Yield Negative for First Time Ever
Fear Hits Japanese Banks, Nikkei Plunges, 10-Year Yield Negative for First Time Ever A banking crisis radiating out from Europe? While China, Hong Kong, and some other Asian markets celebrated the lunar New Year and wisely kept their markets closed, all heck is breaking loose in Japan. The Nikkei had risen 1% on Monday and […]
Negative-Interest-Rate Effect already Dead, Central Banks Lost Control over Stocks
Negative-Interest-Rate Effect already Dead, Central Banks Lost Control over Stocks And there’s a bitter irony. The Bank of Japan’s surprise Negative-Interest-Rate party for stocks set a new record: it lasted only two days. Today a week ago, the Bank of Japan shocked markets into action. As the economy has deteriorated despite years of zero-interest-rate policy […]
Negative Interest Rates Already in Fed’s Official Scenario
Negative Interest Rates Already in Fed’s Official Scenario But forget QE-4. The Germans, with Teutonic precision, call them “Punishment Interest.” Negative interest rates are spreading from the ECB’s negative deposit rate across the bond market and to some savings accounts in the Eurozone. The idea is to enrich existing bond holders and flog savers until […]
The Big-Oil Bailouts Begin
The Big-Oil Bailouts Begin The hundred-billion-dollar question. Despite a bounce this week, low oil prices continue to sow fear, uncertainty, and mayhem across the emerging market complex. On Wednesday, it was leaked that the IMF and World Bank would dispatch a team to oil and gas-dependent Azerbaijan to negotiatea possible $4 billion emergency loan package in […]
A “Death Spiral” for the Chinese Yuan?
A “Death Spiral” for the Chinese Yuan? The “impossible trinity.” The authorities in China are in a desperate juggling act, trying to keep a growing number of rotting oranges, porcelain plates, burning torches, and explosives in the air all at the same time. But it’s not working very well anymore. Thursday morning, the People’s Bank of […]
Who Gets to Pay for the Italian Banking Crisis?
Who Gets to Pay for the Italian Banking Crisis? The missing Capital Buffer. Six years after Europe’s sovereign debt crisis began, the Eurozone’s third largest economy, Italy, has finally decided to do what just about every other country has done when facing a full-blown, almost out-of-control banking crisis: to set up a bad bank to […]
‘Footprint Rationalization’: Sears adds to Woes of Canada’s Malls
‘Footprint Rationalization’: Sears adds to Woes of Canada’s Malls The industry spirals into turmoil. After bouts of store closings that started in 2013, Sears Canada has about 95 department stores, 10 outlet stores, and 40 home stores left. Now, according to the Globe and Mail, it will close even more stores. It’s been tough for brick-and-mortar […]
This is Why Junk Bonds Will Sink Stocks: Moody’s
This is Why Junk Bonds Will Sink Stocks: Moody’s “Some very critical things are hidden.” After the white-knuckle sell-off of global equities that was finally punctuated by a rally late last week, everyone wants to know: Was this the bottom for stocks? And now Moody’s weighs in with an unwelcome warning. If you want to […]
Davos, Dalio, and a Depression?!
Davos, Dalio, and a Depression?! So, how does a deflationary depression resolve itself? When Ray Dalio, founder of the world’s largest hedge fund, Bridgewater Associates, referred to a possible economic depression as he was being interviewed at the World Economic Forum at Davos, it does not mean what most people think it means. Most of […]
Deep “Freight Recession” Hits Railroads, Trucking, Air Freight
Deep “Freight Recession” Hits Railroads, Trucking, Air Freight “Consumers just don’t seem to be showing up….” As much as we would have liked to, the Dow Transportation Average wasn’t kidding. It has plunged 27% since its high on December 5, 2014. Nearly two-thirds of that plunge came over the past two months. Transportation companies are […]
Ruble Plunges 26% in 90 days, 6% in Two Days, Hits New Low, Government Says to Heck with it
Ruble Plunges 26% in 90 days, 6% in Two Days, Hits New Low, Government Says to Heck with it Where’s the shock and awe? The ruble plunged 3.8% on Wednesday and another 2.8 on Thursday to a new all-time low of 83.85 to the dollar, at 5:30 PM Moscow time, blowing through the previous catastrophic […]
