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More Than Half Of China’s Provinces Are Now ‘Rationing’ Electricity, Governors Demand More Coal Imports To Resolve Crisis
More Than Half Of China’s Provinces Are Now ‘Rationing’ Electricity, Governors Demand More Coal Imports To Resolve Crisis At least 20 Chinese provinces and regions making up more than 66% of the country’s GDP have announced some form of power cuts. Guangdong province, the southern industrial hub, is cutting ~10% of its peak power demand… […]
Senior Fed Economist Slams Economics As “Arrant Nonsense”, Hints It Perpetuates “Criminally Oppressive, Unjust Social Order”
Senior Fed Economist Slams Economics As “Arrant Nonsense”, Hints It Perpetuates “Criminally Oppressive, Unjust Social Order” For some “inexplicable” reason central bankers usually wait until after they part ways with their employer before they tell the world all the dirt on their former employer (not that the world seems to care much or, for the […]
Millions Of Chinese Residents Lose Power After Widespread, “Unexpected” Blackouts; Power Company Warns This Is “New Normal”
Millions Of Chinese Residents Lose Power After Widespread, “Unexpected” Blackouts; Power Company Warns This Is “New Normal” Just yesterday we warned that a “Power Supply Shock Looms” as the energy crisis gripping Europe – and especially the UK – was set to hammer China, and just a few hours later we see this in practice […]
“They Were Seeing Blood”: Bombshell Report Details CIA’s ‘Kidnap Or Kill’ Plans Against WikiLeaks’ Assange
“They Were Seeing Blood”: Bombshell Report Details CIA’s ‘Kidnap Or Kill’ Plans Against WikiLeaks’ Assange A bombshell Yahoo News investigation published Sunday is being called the most important deep-dive exposé in years detailing the lengths the CIA and US national security state went to nab WikiLeaks founder Julian Assange while he was holed up at the Ecuadoran […]
UK’s Fertilizer Crisis Spreads To EU After Another Firm Slashes Output
UK’s Fertilizer Crisis Spreads To EU After Another Firm Slashes Output Europe’s energy crisis has claimed another victim, with Austrian fertilizer producer Borealis AG slashing the output of ammonia after the cost of the primary feedstock, natural gas, compresses margins in an industry already facing tight supplies, according to Bloomberg. Borealis’ ammonia-producing plant uses natural gas […]
Renewables Not So Reliable As US Hydropower Plunges 14%
Renewables Not So Reliable As US Hydropower Plunges 14% The transition away from hydrocarbons is not a seamless as many hope. The latest data from the Energy Information Administration (EIA) shows a significant decline this year in hydropower generation amid historic droughts. The magical thinking about renewable energy and President Biden’s calls for the U.S. power grid […]
Panic Hoarding Gasoline Begins As UK Plunges Towards “Winter Of Discontent”
Panic Hoarding Gasoline Begins As UK Plunges Towards “Winter Of Discontent” One day after oil giant BP warned about rationing gasoline and diesel at UK service stations, Brits began to panic buy fuel as the government tried to calm fears. Lines of cars and trucks are spilling over into the streets at service stations across the country. […]
UK Tells People To Stop “Panic Buying” As “Winter Of Discontent” Fears Emerge
UK Tells People To Stop “Panic Buying” As “Winter Of Discontent” Fears Emerge UK politicians are in utter panic as similarities to the 1970s-style “winter of discontent” of shortages and socio-economic distress could rear its ugly head in the coming months, according to Reuters. A significant driver in what could very well be a hellacious winter […]
BP Prepares To Ration Gas At UK Service Stations Amid Supply Woes
BP Prepares To Ration Gas At UK Service Stations Amid Supply Woes Compounding the ongoing UK energy crisis is BP plc, a multinational oil and gas company, which said it plans to restrict deliveries of gasoline and diesel across its network of service stations in the country amid a truck driver shortage, according to ITV. ITV, citing a […]
UK Power Suppliers Halt Adding New Customers As Energy Crisis Worsens
UK Power Suppliers Halt Adding New Customers As Energy Crisis Worsens There’s a growing risk that a bankruptcy wave of power providers is nearing as several small firms stopped accepting new customers Tuesday amid a worsening energy crisis, according to Bloomberg. Ampower, Green, Igloo, NEO, and Utilita Energy posted notices on their websites earlier today that […]
Rabobank: As With Evergiven, Evergrande Is Just The Symtpom Of Far Larger Problems
Rabobank: As With Evergiven, Evergrande Is Just The Symtpom Of Far Larger Problems It’s Ever Something On 23 March, the giant cargo vessel Evergiven got stuck in the Suez Canal and blocked it for six days. Obviously, this dominated global headlines. Even Joe Shmoe could see global supply chains were not operating efficiently because of […]
Evergrande Misses Debt Payments Due Monday As World’s Richest Banker Says China’s “Lehman Moment” Has Arrived
Evergrande Misses Debt Payments Due Monday As World’s Richest Banker Says China’s “Lehman Moment” Has Arrived Wall Street analysts have been churning out commentary this week proclaiming that while Evergrande’s troubles pose a serious threat to the Chinese economy, it’s potential collapse doesn’t represent a “Lehman Moment”. As Thursday’s bond-interest deadline looms, analysts at Mizuho […]
“Quite Alarming” – UK Energy Crisis Sparks Fresh Chaos For Food Suppliers
“Quite Alarming” – UK Energy Crisis Sparks Fresh Chaos For Food Suppliers Last week Fertilizer producer CF Industries Holdings Inc suspended operations at two UK plants because of soaring natural gas prices. As a result, these fertilizer plants that make carbon dioxide as a byproduct are in sudden shortages and are rippling through the UK food sector, […]
Former Lehman Trader On “China’s Lehman Moment”
Former Lehman Trader On “China’s Lehman Moment” My name is Larry McDonald, that is the UK cover above. In the years before the failure of Lehman Brothers, I ran a successful distressed credit business at what was the 4th largest investment bank in the U.S. – becoming one of the most consistently profitable traders in […]
Europe’s Soaring Natural Gas Prices To Persist For “Weeks To Come,” IEA Warns
Europe’s Soaring Natural Gas Prices To Persist For “Weeks To Come,” IEA Warns IEA Executive Director Fatih Birol delivered some unwelcoming news for commercial and residential natural gas buyers during an interview on Bloomberg TV Friday morning. He said European natural gas prices might push higher in the coming weeks as the heating season begins. “We may still […]
