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Puerto Rico To Run Out Of Cash By Year End, Faces $13 Billion Shortfall
Puerto Rico To Run Out Of Cash By Year End, Faces $13 Billion Shortfall Remember when two months ago Schauble jokingly offered Jack Lew to “trade” Greece for Puerto Rico? Something tells us in the interim period the German finmin changed his mind because while the Greek can has been kicked again, if only for the […]
You Can Add Iraq And Ukraine To The List Of Economies That Are Collapsing
You Can Add Iraq And Ukraine To The List Of Economies That Are Collapsing The list of nations around the globe that have collapsing economies just continues to grow. In recent weeks I have written about the ongoing saga in Greece, the stock market crash in China, the debt crisis in Puerto Rico and the economic meltdown in […]
Is Puerto Rico the New Greece?
Is Puerto Rico the New Greece? While the world’s attention has been firmly fixed on Greece’s debt crisis and the “Grexit” threat, there is trouble brewing much closer to home. Staying largely in the Greek shadow, Puerto Rico is on the brink of defaulting on its debts. The parallels with Greece are unavoidable, and not […]
First Default By U.S. Commonwealth In History: Puerto Rico Makes Only 1% Of Required Debt Payment
First Default By U.S. Commonwealth In History: Puerto Rico Makes Only 1% Of Required Debt Payment Over the weekend Puerto Rico was supposed to make a modest principal and interest payment of some $58 million due on Public Finance Corp. bonds, which however few expected would be satisfied. As a reminder, on Friday, Victor Suarez, […]
Deflation Is Winning – Beware!
Deflation Is Winning – Beware! Expect the ride to get even rougher Deflation is back on the front burner and it’s going to destroy all of the careful central planning and related market manipulation of the past 6 years. Clear signs from the periphery indicate that a destructive deflationary pulse has been unleashed. Tanking commodity […]
UBS’s Puerto Rico Bond Funds Implode, “Collateral Value” Drops to Zero, Investors Screwed
UBS’s Puerto Rico Bond Funds Implode, “Collateral Value” Drops to Zero, Investors Screwed “We believe that the probability of default is approaching 100 percent, and that losses given default are substantial,” Moody’s wrote on Wednesday about Puerto Rico’s $72 billion in bonds that were stuffed into numerous conservative-sounding bond funds spread across America’s retirement portfolios. […]
Debt Crisis Central: Let’s Not Forget About America
Debt Crisis Central: Let’s Not Forget About America As the situation in Puerto Rico has recently revealed, Greece is not alone. The world is filled with debt laden nations, many of which may never be able to pay down their liabilities. All told, the world is $200 trillion in debt, of which $57 trillion was accumulated in the past […]
What Greece, Cyprus, and Puerto Rico Have in Common
What Greece, Cyprus, and Puerto Rico Have in Common We all know one thing that Greece, Cyprus, and Puerto Rico have in common–severe financial problems. There is something else that they have in common–a high proportion of their energy use is from oil. Figure 1 shows the ratio of oil use to energy use for selected […]
Why The Puerto Rico Debt Crisis Is Such A Huge Threat To The U.S. Financial System
Why The Puerto Rico Debt Crisis Is Such A Huge Threat To The U.S. Financial System The debt crisis in Puerto Rico could potentially cost financial institutions in the United States tens of billions of dollars in losses. This week, Puerto Rico Governor Alejandro Garcia Padilla publicly announced that Puerto Rico’s 73 billion dollar debt […]
16 Facts About The Tremendous Financial Devastation That We Are Seeing All Over The World
16 Facts About The Tremendous Financial Devastation That We Are Seeing All Over The World As we enter the second half of 2015, financial panic has gripped most of the globe. Stock prices are crashing in China, in Europe and in the United States. Greece is on the verge of a historic default, and now Puerto Rico […]
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 […]
“Bernanke & Greenspan Have Destroyed America” Schiff & Maloney Warn “People Don’t Realize What Is Coming”
“Bernanke & Greenspan Have Destroyed America” Schiff & Maloney Warn “People Don’t Realize What Is Coming” Ali and Frazier, Laurel and Hardy, Mayweather and Pacquiao, Liesman and Santelli, and now Schiff and Maloney. Peter and Mike join clash of the titan-like to discuss their investment strategies and expose the charts the government doesn’t want you to seeas […]
Puerto Rico Faces Default, Government Shutdown On July 1
Puerto Rico Faces Default, Government Shutdown On July 1 Late last month we outlined what is an increasingly desperate fiscal crisis in Puerto Rico. The commonwealth faces a July 1 payment of $630 million on its GO bonds and without furloughing some public sector employees, it’s not clear that the payment can be made, setting up a possible […]
Puerto Rico’s 3rd Largest Bank Fails
Puerto Rico’s 3rd Largest Bank Fails Based on Bloomberg data, Doral Bank is the 3rd largest (by assets) bank in Puerto Rico…or rather was. After a 58% collapse in the share price today, news broke after the close: *PUERTO RICO’S DORAL BANK PLACED UNDER FDIC RECEIVERSHIP *PUERTO RICO’S BANCO POPULAR AGREES TO BUY DORAL BANK […]
