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Dollar’s Purchasing Power Drops to Lowest Ever. Inflation Heats Up, as Fed Wants, After Simultaneous Supply & Demand Shocks
Dollar’s Purchasing Power Drops to Lowest Ever. Inflation Heats Up, as Fed Wants, After Simultaneous Supply & Demand Shocks “We’re not even thinking about thinking about” slowing the decline of the dollar’s purchasing power — and thereby labor’s purchasing power. A supply shock and a demand shock came together during the Pandemic, and it produced […]
No Payment, No Problem: Bizarre New World of Consumer Debt
No Payment, No Problem: Bizarre New World of Consumer Debt All kinds of weird records are being broken. But it’s scheduled to expire, and then what? The New York Fed released a doozie of a household credit report. It summarized what individual lenders have been reporting about their own practices: If you can’t make the […]
US Crude Oil Production Plunged Most Ever, Natural Gas Followed: The Great American Oil & Gas Bust, Phase 2
US Crude Oil Production Plunged Most Ever, Natural Gas Followed: The Great American Oil & Gas Bust, Phase 2 Precisely what’s needed to end the price collapse. But last time, it wasn’t long before Wall Street liquidity surged back into shale, starting the cycle all over again. US crude oil production in May plunged […]
Confession Time for Big Banks in Europe: Banco Santander Reports $12.7 Billion Loss
Confession Time for Big Banks in Europe: Banco Santander Reports $12.7 Billion Loss Too-Big-To-Fail Santander is also one of the Eurozone’s worst capitalized banks. Banco Santander, Spain’s largest lender and one of the Eurozone’s eight global systemically important banks (G-SIBs), has posted its first ever loss in 163 years of operations. And it was gargantuan. During the first […]
Coal Consumption Plunged to Lowest Since at Least 1973. Why There’s No Hope for Coal
Coal Consumption Plunged to Lowest Since at Least 1973. Why There’s No Hope for Coal It comes down to costs and being bypassed by technological innovation, amid stagnating demand for electricity: Arrival of “combined cycle” natural gas power plants in the 1990s. Collapse in price of natural gas since 2008 due to fracking. Surging wind […]
Media Continues to Misreport Unemployment: 31.8 Million People on State & Federal Unemployment Insurance. Week 18 of U.S. Labor Market Collapse
Media Continues to Misreport Unemployment: 31.8 Million People on State & Federal Unemployment Insurance. Week 18 of U.S. Labor Market Collapse I get tired of reporters or bots who don’t read beyond the 2nd paragraph of Labor Department press releases. 2.35 million initial state and federal unemployment claims. PUA claims (gig workers) now 41% of […]
Update on the WTF-Collapse of Consumption of Gasoline, Jet Fuel & Diesel
Update on the WTF-Collapse of Consumption of Gasoline, Jet Fuel & Diesel Folks started driving again – including those who used to take mass-transit. But jet fuel demand is still in collapse-mode. And overall consumption remains way down. Ridership on San Francisco’s Bay Area Rapid Transit (BART) trains was still down 89% in June, compared […]
“Demand to Remain Suppressed” till Vaccine/Treatment Widely Available: United Airlines. May Not Happen till Late 2021 “or Even Later”: Health Care Leaders
“Demand to Remain Suppressed” till Vaccine/Treatment Widely Available: United Airlines. May Not Happen till Late 2021 “or Even Later”: Health Care Leaders Flattened-out fish-hook-shaped recovery of demand? Passenger revenues collapsed by 94% to just $681 million, United Airlines disclosed in its Q2 earnings report today. Other operating revenues plunged by 37% to $392 million, but cargo was […]
“Uneven” Freight Recovery after New Covid Outbreaks: Daily Truck Trips Already Fell 10% Since June 25
“Uneven” Freight Recovery after New Covid Outbreaks: Daily Truck Trips Already Fell 10% Since June 25 Was June as Good as It’s Going to Get in the Pandemic Era? Automakers have been reopening their assembly plants in the US, hobbled by setbacks, including supply chain issues. Other manufacturers too have reopened their plants. Housing construction […]
It Starts: Mortgage Delinquencies Suddenly Soar at Record Pace
It Starts: Mortgage Delinquencies Suddenly Soar at Record Pace And this is just for April, the very beginning of the Pandemic’s impact on housing. OK, it’s actually worse. Mortgages that are in forbearance and have not missed a payment before going into forbearance don’t count as delinquent. They’re reported as “current.” And 8.2% of all […]
What Happens If Most Businesses & Consumers Tighten Their Belts at the Same Time?
What Happens If Most Businesses & Consumers Tighten Their Belts at the Same Time? Europe may be about to find out. 128 days with my Mother-in-Law. As market players cling to the hope that a V-shaped economic recovery is still possible in Europe, to match the central-bank engineered rebounds of benchmark indexes such as Germany’s DAX […]
The Great American Shale Oil & Gas Massacre: Bankruptcies, Defaulted Debts, Worthless Shares, Collapsed Prices of Oil & Gas
The Great American Shale Oil & Gas Massacre: Bankruptcies, Defaulted Debts, Worthless Shares, Collapsed Prices of Oil & Gas The bankruptcy epicenter is in Texas. The Great American Oil Bust started in mid-2014, when the price of crude-oil benchmark WTI began its long decline from over $100 a barrel to, briefly, minus -$37 a barrel […]
Seems Counter-Intuitive in This Crisis: Inflation Heats Up for Services Firms, and They’re Able to Pass it on via Higher Prices
Seems Counter-Intuitive in This Crisis: Inflation Heats Up for Services Firms, and They’re Able to Pass it on via Higher Prices Even manufacturers, after months of crushed commodities prices, experience inflation and are able to pass it on. Stimulus money the government and the Fed have thrown around by the trillions. It seems somewhat counter-intuitive […]
Who Will Get Hit When Collateralized Loan Obligations (CLOs) Blow Up? Banks or Unsuspecting “Market Participants”?
Who Will Get Hit When Collateralized Loan Obligations (CLOs) Blow Up? Banks or Unsuspecting “Market Participants”? Answers emerge from the murky business of CLOs. There has been quite some hoopla surrounding Collateralized Loan obligations (CLOs) because the underlying leveraged loans – junk-rated loans often used by private equity firms to fund leveraged buyouts (LBO) and […]
Business Uncertainty About Sales Goes Haywire
Business Uncertainty About Sales Goes Haywire These Charts Show What Mess Businesses Face Going Forward. I’m going to show you a chart based on data that the Atlanta Fed released today. We’ll dissect it in a moment. The chart would be funny, if it weren’t so serious. At first, just look at the chart superficially. These results […]
