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India’s NPL Crisis Erupts: A Major Shadow Bank Defaults On Three Debt Payments
India’s NPL Crisis Erupts: A Major Shadow Bank Defaults On Three Debt Payments IL&FS Investment Managers, a unit of India’s Infrastructure Leasing & Financial Services (IL&FS) – an Indian infrastructure development and finance company and one of the nation’s largest “shadow banks” – which announced three debt defaults on Friday, said on Saturday morning its […]
The Gathering Storm In The Treasury Market
The Gathering Storm In The Treasury Market Summary Our analysis provides kind of a Grand Unified Theory (GUT) of what is currently taking place in global financial markets The massive borrowing by the U.S. Treasury is crowding out emerging markets capital flows The structural factors that have kept long-term interest rates low and term premia repressed are fading […]
Weekly Commentary: Q2 2018 Z.1 Flow of Funds
Weekly Commentary: Q2 2018 Z.1 Flow of Funds Non-Financial Debt (NFD) expanded at a seasonally-adjusted and annualized rate (SAAR) of $2.283 TN during the quarter. While this was down from Q1’s booming SAAR $3.681 TN, it nonetheless puts first-half Credit growth at an almost $3.0 TN pace. Annual NFD growth has exceeded $2.0 TN only […]
Leveraged Loan Demand Is Off The Charts As Dangers Mount
Leveraged Loan Demand Is Off The Charts As Dangers Mount Ten years after the crisis, demands for leveraged loan offerings is once again off the charts. Portfolio managers who are seeking rising yields as the Federal Reserve hikes rates have shown unprecedented demand for recent deals, despite repeated warnings that they may be buying “at the wrong […]
When Does This Travesty of a Mockery of a Sham Finally End?
When Does This Travesty of a Mockery of a Sham Finally End? Credit bubbles are not engines of sustainable employment, they are only engines of malinvestment and wealth destruction on a grand scale. We all know the Status Quo’s response to the global financial meltdown of 2008 has been a travesty of a mockery of […]
The Aftershocks of the Economic Collapse Are Still Being Felt
The Aftershocks of the Economic Collapse Are Still Being Felt The Real Confrontation Is Yet To Come There has been a spate of articles recently on the ten year anniversary of the financial collapse. We wrote about this anniversary two weeks ago, describing the cause of the collapse and the reasons why we are still at risk for another […]
Wasting the Lehman Crisis: What Was Not Saved Was the Economy
Wasting the Lehman Crisis: What Was Not Saved Was the Economy Photo Source futureatlas.com | CC BY 2.0 Today’s financial malaise for pension funds, state and local budgets and underemployment is largely a result of the 2008 bailout, not the crash. What was saved was not only the banks – or more to the point, […]
Who Bought the $1.47 Trillion of New US National Debt over the Past 12 Months?
Who Bought the $1.47 Trillion of New US National Debt over the Past 12 Months? China, Japan, other foreign investors, the Fed, US government funds? Nope. Foreign private-sector investors and “foreign official” investors – central banks, governments, etc. – whittled down their holdings of US Treasury Securities by $21 billion at the end of July, […]
Everything is AwesomeThe Donald in Wonderland: Down the Financial Rabbit Hole With Trump
The Donald in Wonderland: Down the Financial Rabbit Hole With Trump Once upon a time, there was a little-known energy company called Enron. In its 16-year life, it went from being dubbed America’s most innovative company by Fortune Magazine to being the poster child of American corporate deceit. Using a classic recipe for book-cooking, Enron […]
Destroying America: It Is Being Projected That The U.S. National Debt Will Hit 99 Trillion Dollars By 2048
Destroying America: It Is Being Projected That The U.S. National Debt Will Hit 99 Trillion Dollars By 2048 Temporary prosperity that is created by exploding levels of debt is not actually prosperity at all. At this moment, the U.S. government is 21.4 trillion dollars in debt, and we have been adding an average of more […]
Debt-Laden Canadians Struggling Amid Decade-High Monthly Payments
Debt-Laden Canadians Struggling Amid Decade-High Monthly Payments Canadians are spending more of their monthly budget on servicing debt, according to Bloomberg, hitting highs not seen since late 2008. The household debt service ratio — a measure of the share of income that goes toward paying interest and principal on mortgage, credit card and other types of debt […]
Ten years after the crisis… they’re doing the same thing and expecting different results
Ten years after the crisis… they’re doing the same thing and expecting different results “Holy Crap– turn on your TV! This is crazy!” It was Sunday, September 14, 2008. Exactly 10 years ago to the day. My friend Jeff called me and told me to turn on the television—where I saw dozens of people on […]
Honest Work for Dishonest Pay
Honest Work for Dishonest Pay Misadventures and Mishaps Over the past decade, in the wake of the 2008-09 debt crisis, the impossible has happened. The sickness of too much debt has been seemingly cured with massive dosages of even more debt. This, no doubt, is evidence that there are wonders and miracles above and beyond […]
