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Venezuela Officially Defaults; Annual Inflation 2689 Percent: When Does the Military Take Over?
Venezuela Officially Defaults; Annual Inflation 2689 Percent: When Does the Military Take Over? Electricidad de Caracas, a Venezuelan state-owned electric company, officially defaulted on a $650 million bond payment. The company was already a month late on its payment before the trustee, Wilmington Trust, issued a statement. Meaanwhile, Professor Steve Hanke notes annual inflation is […]
Venezuela Just 24 Hours Away From Formal Declaration Of Default
Venezuela Just 24 Hours Away From Formal Declaration Of Default Less than a week after Venezuela shocked the world by announcing it would proceed to restructure its massive external debt, even as it was within the grace period on hundreds of millions in unpaid interest expense, on Thursday the socialist nation confirmed it has never […]
Is A Venezuelan Default Inevitable?
Is A Venezuelan Default Inevitable? Bondholders, creditors, and any company with operations in Venezuela are all agog for news from Caracas after President Nicolas Maduro announced Venezuela will look to restructure its US$89 billion worth of debt to be able to continue servicing it. Forecasts about what will happen next are all pessimistic, and that’s […]
Oil Jumps To $56, Highest Since July 2015 On Saudi Turmoil, Venezuela Default
Oil Jumps To $56, Highest Since July 2015 On Saudi Turmoil, Venezuela Default With the launch of electronic trading, WTI crude has jumped from the highest close since July 2015 amid Saudi turmoil which over the weekend included a crackdown on 11 Saudi princes – including billionaire Alwaleed – and dozens of current and former […]
The Time Has Come: Venezuela May Be In Default In Under 48 Hours
The Time Has Come: Venezuela May Be In Default In Under 48 Hours This past weekend, Venezuela failed to make $237 million in bond coupon payment, blaming “technical glitches” when in reality it simply did not have the money (or wish to part with it). Adding the $349 million in unpaid bond interest accumulated over […]
What Will Markets Do if Congress Pushes US into Default? And “Trump Nationalism” Faces the Globalist System
What Will Markets Do if Congress Pushes US into Default? And “Trump Nationalism” Faces the Globalist System Here I am with radio host Jim Goddard on This Week in Money, holding forth on the chances that Congress won’t raise the debt ceiling in time and will push the US into default — if it does, […]
USA Is Now Twice As Likely To ‘Default’ Than Germany
USA Is Now Twice As Likely To ‘Default’ Than Germany While the market turmoil (stocks down a few percentage points from all-time record highs) is being pinned on various factors (from North Korea, Trump, & Cohn to terrible retailer earnings and J-Hole anxiety), we suspect the real cause of market uncertainty is starting to peak […]
Eric Peters: If Rates Ever Rise Above 3.5% “It Would Spark Massive Defaults”
Eric Peters: If Rates Ever Rise Above 3.5% “It Would Spark Massive Defaults” Earlier today in his weekly note, One River CIO Eric Peters explained that in their attempt to overturn the natural order of the global economic “ecosystem”, what central banks have done is “stunning, unprecedented… and arrogant”, and as a result it is […]
March to Default
March to Default Style Over Substance “May you live in interesting times,” says the ancient Chinese curse. No doubt about it, we live in interesting times. Hardly a day goes by that we’re not aghast and astounded by a series of grotesque caricatures of the world as at devolves towards vulgarity. Just this week, for […]
Beware the Debt Ceiling
Beware the Debt Ceiling Euphoria has been pervasive in the stock market since the election. But investors seem to be overlooking the risk of a U.S. government default resulting from a failure by Congress to raise the debt ceiling. The possibility is greater than anyone seems to realize, even with a supposedly unified government. In particular, […]
Why the Coming Wave of Defaults Will Be Devastating
Why the Coming Wave of Defaults Will Be Devastating Without the stimulus of ever-rising credit, the global economy craters in a self-reinforcing cycle of defaults, deleveraging and collapsing debt-based consumption. In an economy based on borrowing, i.e. credit a.k.a. debt, loan defaults and deleveraging (reducing leverage and debt loads) matter. Consider this chart of total credit […]
Puerto Rico Defaults On $2 Billion In Debt Payments
Puerto Rico Defaults On $2 Billion In Debt Payments As expected, Puerto Rico will default on about $2 billion in debt payments Friday, including $780 million in constitutionally-backed general obligation bonds, as governor Alejandro Garcia Padilla has issued an executive order authorizing the suspension of payments. In addition, Garcia Padilla also declared states of emergency at the island’s […]
2008 All Over Again
2008 All Over Again Financial markets in the United States and worldwide face uncertainty and potential crisis after Britain voted to leave the European Union. (Sparkx 11) Great Britain’s decision to leave the European Union has wiped out many bankers and global speculators. They will turn, as they did in 2008, to governments to rescue them […]
Chinese Bankruptcies Surge More Than 50% In Q1; Worse To Come
Chinese Bankruptcies Surge More Than 50% In Q1; Worse To Come Two months ago, when looking at the soaring number of bond issuance cancellations and postponements as calculated by BofA, we commented that it was only a matter of time before the long overdue tide of corporate defaults, held by for so many years by the Chinese […]
