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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 […]
Is Brazil About to Drag Down Spain’s Biggest Bank?
Is Brazil About to Drag Down Spain’s Biggest Bank? The timing could not have been worse. In July last year, an analyst working for Banco Santander Brasil did something he shouldn’t have. He warned the firm’s private banking clients about the economic risks posed by the reelection of Brazil’s scandal-tarnished president, Dilma Rousseff. Those risks […]
Is Catalonia About to Go All In?
Is Catalonia About to Go All In? An extremely high-stakes game of political poker, not just for Catalonia and Spain but for Europe. For a nation that doesn’t officially exist, Catalonia sure knows how to throw a national-day party. September 11, approximately 1.4 million people filled the streets of the region’s capital, Barcelona (urban population: […]
This Is Another “Subprime” Waiting to Blow
This Is Another “Subprime” Waiting to Blow Dow down 239 points yesterday – or 1.5% – after Japan posted its biggest one-day gain in seven years. This is getting interesting again. If it is just “volatility,” as Wall Street’s shills in the press maintain, it will probably pass soon. Everything will be okay. Back to […]
Oil Suddenly Gets Ugly in Mexico
Oil Suddenly Gets Ugly in Mexico Mexico’s energy revolution could prove to be a bitter pill for the vast rump of the Mexican population, who stand to lose out on billions of dollars of annual state funds provided by the newly privatized but financially crippled oil company Pemex. But where there are losers, there are […]
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 […]
The Default Next Move For Oil Is Down, And Here’s Why
The Default Next Move For Oil Is Down, And Here’s Why Panic seems like a strong word, but…. As traders, investors and pundits, we all like to think that what we do is akin to a science. We believe that by working harder and being smarter we can give ourselves an edge, that enough research […]
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 […]
The “Peña Nieto Bottom”
The “Peña Nieto Bottom” When Enrique Peña Nieto’s government pushed a historic energy reform bill through the Mexican congress in 2013, it was hoped that it would serve not only to privatize but also modernize Mexico’s state-owned Pemex and allow it to compete with giants like Exxon. However, the one thing the government seemingly hadn’t […]
Europe’s Rising Fear of Upheaval in Spain
Europe’s Rising Fear of Upheaval in Spain After just over three and a half years of “radical” market reforms Spain is now a lean, fit economic machine – according to the Financial Times. Despite a few minor blemishes, such as a 22% official unemployment rate and 50% youth unemployment, the Spanish Premier Mariano Rajoy’s economic record […]
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 […]
“The Most Astounding Credit Binge in History”
“The Most Astounding Credit Binge in History” But is the bounce to be trusted? “The Donald” breathed a sigh of relief. He and other rich people got a break from the beating they’ve been taking: Stocks bounced, with the Dow ending yesterday’s session up more than 600 points. But is the bounce to be trusted? […]
