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It Starts: Greeks Rebel Against Bailout, Risk Collapse
It Starts: Greeks Rebel Against Bailout, Risk Collapse Greece’s union of civil servants, Adedly, called for a 24-hour strike on Wednesday, and for a series of demonstrations, the first one tonight at Syntagma Square, just below the Parliament, and another one on Wednesday evening, when Parliament is expected to vote on the new, even tougher, […]
Peak Financial Engineering? Trends Spiral South
Peak Financial Engineering? Trends Spiral South Our corporate heroes hit a snag. We have long grinned painfully at the ways in which Corporate America and analysts collude to present the quarterly earnings charade in the rosiest light possible. But now, it seems they have reached the end of their magic tricks, and reality is showing […]
China Is Just Another Front in the Zombie War
China Is Just Another Front in the Zombie War LONDON – This morning, a desperate message from our analyst in Beijing puts us in a lighthearted mood: I’m sure you must have heard about the recent disaster in the Chinese stock market. It’s my first time experiencing something like this. And it shocked me. It’s […]
Oil Falls Off the Chart, Crushes Hopes
Oil Falls Off the Chart, Crushes Hopes Greatest oil glut in history exacts its pound of flesh. The ugly data for oil – ugly for those who’ve been hoping for, and hyping, a quick rebound to Nirvana – keeps piling up. But for two months, the price of oil was immune to it, trading in […]
As the Eurozone Teeters, the IMF Does Something Weird
As the Eurozone Teeters, the IMF Does Something Weird Wolf here: the IMF’s job is to bail out holders of sovereign bonds issued in a currency the issuer doesn’t control and can’t devalue (Mexico issuing bonds in dollars, Greece issuing bonds in euros). These bondholders are mostly banks. In a debt crisis, the IMF bails out these banks by […]
The Biggest Greek Banks “Have Failed,” and “Resolving” Them Won’t Work: Fitch
The Biggest Greek Banks “Have Failed,” and “Resolving” Them Won’t Work: Fitch It’s not like Fitch was ahead of the curve when it declared on Friday that the “four largest Greek banks have failed…” two days after downgrading them to “RD” (Restricted Default) because they’d defaulted on their depositors. But Fitch shed a gloomy light […]
LEAKED: How the Biggest Banks Are Conspiring to Rip Up Financial Regulations around the World
LEAKED: How the Biggest Banks Are Conspiring to Rip Up Financial Regulations around the World WikiLeaks got its hands on part of the secret trade pact for services It’s almost impossible to keep anything secret these days – not even the core text of a hyper-secret trade deal, the Trade in Services Agreement (TiSA), […]
Why Greeks Still Want to Keep the Euro, in One Chart
Why Greeks Still Want to Keep the Euro, in One Chart As of midnight European time, Greece has become the first developed country in history to fall into arrears on payments to the IMF. It’s not that much money, by today’s standards: €1.6 billion. But for Greece, which is totally out of money, it’s an […]
Bond Insurers Crash, Hit by Puerto Rico’s Default Shrapnel
Bond Insurers Crash, Hit by Puerto Rico’s Default Shrapnel On Monday, Puerto Rico’s government released a report that gave the municipal bond market the willies. Written by former World Bank and IMF economists, it vivisects Puerto Rico’s finances, lays out the basic fact that the nearly $73 billion in bonds that the US commonwealth has […]
“Risk of Collapse” and “Panic” in the Air, China Cuts Rates
“Risk of Collapse” and “Panic” in the Air, China Cuts Rates It didn’t take long: the frazzled People’s Bank of China tries to put a stop to the worst 2-week crash since 1996. The whole world piled into what had been the hottest stock market in the universe. Chinese stocks had been endlessly hyped in […]
Canada’s Oil Patch Goes Into Convulsions
Canada’s Oil Patch Goes Into Convulsions Alberta, the province that has become the epicenter of Canada’s oil bust, does not yet have a budget for fiscal 2015-16. Premier Rachel Notley promised delivery by October. But it won’t be easy. Ideas are already floating around and are getting shot down. The problem: a budget crisis has […]
Bank of England Could ‘Trigger the Next Financial Crisis’
Bank of England Could ‘Trigger the Next Financial Crisis’ It’s not some wayward doom-and-gloomer who said it, but the Economic Research arm of Natixis, the investment bank of France’s second largest megabank, Groupe BPCE. The analysis was talking about the Bank of England. But the Fed and other central banks, with their ingenious monetary policies, […]
When Bonds Go Kaboom!
When Bonds Go Kaboom! We’re not the only ones giving Neanderthal advice about holding on to physical cash. British newspaper the Telegraph reports: The manager of one of Britain’s biggest bond funds has urged investors to keep cash under the mattress. Ian Spreadbury, who invests more than £4bn of investors’ money across a handful of bond funds for […]
Container Shipping Rates from China to US, Europe Collapse
Container Shipping Rates from China to US, Europe Collapse “Sluggish westbound volumes have brought about the worst spot market rate collapse that this trade has experienced.” That’s how Drewry Maritime Researchsummarized it in a report a couple of weeks ago. Since then, the collapse of the rates for shipping containers from China to the West has […]
Wave of Defaults, Bankruptcies Spook Bond Investors
Wave of Defaults, Bankruptcies Spook Bond Investors First things first: Investor desperation for yield, any discernible yield no matter what the risks, and blind confidence that all this will work out somehow are waning. Now questions pop up here and there, and investors are beginning to open their eyes just a tad amid waves of […]
