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Carnage in US Natural Gas as Price Falls off the Chart
Carnage in US Natural Gas as Price Falls off the Chart All eyes are on Chesapeake. The price of natural gas in the US has gotten completely destroyed. The process started in July 2008, at over $13 per million Btu and continues through today, at $1.77 per million Btu. In between, natural gas traded at […]
“Perverse, Unpredictable Effects” of Negative Interest Rates: Mortgage Rates Soar in Switzerland
“Perverse, Unpredictable Effects” of Negative Interest Rates: Mortgage Rates Soar in Switzerland The unintended consequences of NIRP. Negative interest rates – called “punishment interest” in Germany – have morphed from sheer impossibility to solid reality in Europe. Having seen how they work, the Bank of Canada has invoked them now, and Fed Chair Janet Yellen, has put them “on the […]
European Dream Turns into Dystopian Nightmare
European Dream Turns into Dystopian Nightmare Why We Brits Should Vote for Brexit. As a Europhile British ex-pat who has spent most of his adult life living on “the continent,” as we Brits are fond of calling the non-British part of Europe, it might seem rather odd to be encouraging my fellow Brits to vote […]
Bank of Canada Crushes Loonie, Creates Mother of All Shorts
Bank of Canada Crushes Loonie, Creates Mother of All Shorts Clear winners: rich Chinese who buy homes in Canada. The Canadian dollar swooned 1% against the US dollar on Friday, to US$0.7270, after having gotten hammered for the past six of seven trading days. It’s down 5% in November so far, 15.5% year-to-date, and 31% from its […]
Rumors of New Bank Bailouts in Spain
Rumors of New Bank Bailouts in Spain Just when the government touts its miracle economy! Spain will hold do-or-die general elections on December 20. The Rajoy government hopes that recent improvements in economic performance will be enough to cast its gargantuan political scandals to the back of voters’ minds. The economy is firing on all cylinders, […]
Financial War over Oil Reshapes World, Will End with Much Higher Prices
Financial War over Oil Reshapes World, Will End with Much Higher Prices Low oil prices are the wreckage from a war – a financial war. By Larry Kummer, Editor of the Fabius Maximus website: Oil sell-off after OPEC makes even ECB look good. Better to have announced something, even if less than hoped for, than nothing […]
Dollar-Denominated Corporate Time Bomb Set to Blow
Dollar-Denominated Corporate Time Bomb Set to Blow Emerging economies around the world are already feeling the first pangs of withdrawal as fast yield-chasing investors send their funds back to the U.S. in anticipation of higher Treasury yields and a further appreciating dollar. In Mexico, the central bank has just published its balance of payments data […]
“We’ve Seen this Before” – in 1999, then Stocks Crashed
“We’ve Seen this Before” – in 1999, then Stocks Crashed “A lot of deterioration and decay under the hood” The fourth quarter is normally a very strong quarter, and December exceptionaly strong in the global markets, says Christine Hughes, Chief Investment Strategist at OtterWood Capital. This quarter too, global markets are in the green after a powerful rally in October. But […]
Spain Braces for its Biggest Corporate Insolvency… Ever!
Spain Braces for its Biggest Corporate Insolvency… Ever! Blood on the Bourse Spain is about to experience its biggest corporate insolvency ever. Unlike Bankia and all of Spain’s other bankrupt savings banks, Abengoa, a Seville-based multinational specialized in renewable energy and “environmental services,” is unlikely to receive a taxpayer-funded bailout – at least not just […]
Who Exactly is Trying to Kill off Cash?
Who Exactly is Trying to Kill off Cash? In the Irish city of Cork, business leaders recently launched a three-month pilot project to encourage consumers to abandon the archaic use of cash by offering the chance to enter into a prize draw if they use electronic means of payment. It is a cheap, almost insulting inducement, but […]
Ultimate Weapon in Existential Struggle: Using the TPP for Hostile Takeover of Mexican Agriculture
Ultimate Weapon in Existential Struggle: Using the TPP for Hostile Takeover of Mexican Agriculture Resisting Monsanto, the world’s largest, most influential GMO giant, is an almost impossible task. The corporation boasts more back channels and revolving doors with national governments and regulators than just about any other company on the planet, not to mention a […]
The Mad Euro Project Just Got A Lot Madder
The Mad Euro Project Just Got A Lot Madder Feeding a Monstrous Pile of Debt. Under Mario Draghi’s radical stewardship, the ECB seems determined to push the limits of monetary experimentation. And by all accounts, it’s succeeding. This week saw numerous eurozone governments sell bonds at negative rates, an economic anomaly that has no place […]
Foreign Investors Bail out of Canada’s Money Machine
Foreign Investors Bail out of Canada’s Money Machine First net outflow from Canadian securities since 2008. On first sight, it wasn’t that bad. Statistics Canada reported today that in September, foreign (non-resident) investors purchased C$3.3 billion of Canadian securities – adding C$3.2 billion in equities and C$0.9 billion in bonds to their holdings while getting rid of C$0.8 […]
Will the Chinese Yuan Now Demolish the “Dollar Hegemony?”
Will the Chinese Yuan Now Demolish the “Dollar Hegemony?” IMF boss Christine Lagarde is gung-ho about it. IMF staff is too. The Executive Board will consider it on November 30 and in all likelihood approve it. It will take effect in October 2016. Then it’s a done deal: the Chinese yuan will be added to […]
Currency Controls Strangle Argentina, But Hey, “Take it up with the Next Government, We’re on Our Way Out”
Currency Controls Strangle Argentina, But Hey, “Take it up with the Next Government, We’re on Our Way Out” Running out of money doesn’t care if you’re a socialist or neoliberal. Last week wasn’t easy for President-on-her-way-out Cristina Fernández de Kirchner. On the political front, she treated us with deafening silence following her candidates’ poor performances […]
