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Draghi espouses the old “excess savings” nonsense
Draghi espouses the old “excess savings” nonsense From today’s Open Europe news summary: DRAGHI REBUKES ECB GERMAN CRITICS In a speech on Monday, the President of the European Central Bank, Mario Draghi, delivered a blunt rebuke to German criticism of the ECB’s low interest rate policy saying “There is a temptation to conclude that…very low […]
China’s Furious Stimulus-and-Debt Binge Backfires
China’s Furious Stimulus-and-Debt Binge Backfires Fabled transition to a service economy? Forget it. The export and manufacturing powerhouse of the world, the locomotive – along with the US – of the global economy, and an indicator of the global economy itself, disappointed economists once again. The operative word in the media today is “unexpectedly.” China has […]
Debt: The Key Factor Connecting Energy and the Economy
Debt: The Key Factor Connecting Energy and the Economy There are many who believe that the use of energy is critical to the growth of the economy. In fact, I am among these people. The thing that is not as apparent is that growth in energy consumption is dependent on the growth of debt. Both energy and […]
The Global Growth Funk
The Global Growth Funk NEW YORK – The International Monetary Fund and others have recently revised downward their forecasts for global growth – yet again. Little wonder: The world economy has few bright spots – and many that are dimming rapidly. Among advanced economies, the United States has just experienced two quarters of growth averaging […]
What Comes Next——Krugman’s Fiscal Equivalent Of War
What Comes Next——Krugman’s Fiscal Equivalent Of War Somebody must have reinstated Paul Krugman’s passport. He was recently back in Japan to meet with the world’s leading economy-wrecking triumvirate —-Prime Minister Abe, BOJ Governor Kuroda and Finance Minister Taro Aso—–to dispense some desperately needed advice. Japan is on the verge of a second recession during Abe’s tenure despite his plunge […]
Spanish Banks Brace for Ultimate Showdown
Spanish Banks Brace for Ultimate Showdown “Very serious threat … to Spain’s entire mortgage market”: Moody’s A bitter, long-simmering conflict finally appears to be reaching its finale in Spain. On one side of the divide are the country’s biggest banks and some of the world’s largest investment funds; on the other are hundreds of thousands […]
The U.S. Economy Officially Joins The Global Economic Slowdown – 1st Quarter GDP Comes In At 0.5%
The U.S. Economy Officially Joins The Global Economic Slowdown – 1st Quarter GDP Comes In At 0.5% Even the government is admitting that the U.S. economy is slowing down. On Thursday, we learned that U.S. GDP grew at just a 0.5 percent annual rate during the first quarter of 2016. This was lower than analysts […]
With Impeccable Timing, ‘Economic Miracle’ in Spain Unravels
With Impeccable Timing, ‘Economic Miracle’ in Spain Unravels The European Union on the verge. Since the granddaddy of all housing bubbles popped in Spain between 2008 and 2009, unleashing one of the deepest recessions in living memory, the nation’s public debt has more than doubled, from just over 40% of GDP to almost exactly 100% […]
We Could Be Witnessing the Death of the Fossil Fuel Industry—Will It Take the Rest of the Economy Down With It?
We Could Be Witnessing the Death of the Fossil Fuel Industry—Will It Take the Rest of the Economy Down With It? In just two decades, the total value of the energy being produced via fossil fuel extraction has plummeted by more than half. Now $3 trillion of debt is at risk. Photo Credit: Pixabay It’s […]
We Can’t Save the Economy Unless We Fix Our Debt Addiction
We Can’t Save the Economy Unless We Fix Our Debt Addiction Our economy has increasingly been financialized, and the result is a sluggish economy and stagnant wages. We need to decide whether to stop the cycle and save the economy at large, or to stay in thrall to our banks and bondholders by leaving the debt […]
Corporations Are Defaulting On Their Debts Like It’s 2008 All Over Again
Corporations Are Defaulting On Their Debts Like It’s 2008 All Over Again The Dow closed above 18,000 on Monday for the first time since July. Isn’t that great news? I truly wish that it was. If the Dow actually reflected economic reality, I could stop writing about “economic collapse” and start blogging about cats or […]
Demand for World Bank loans nears crisis levels
Demand for World Bank loans nears crisis levels Lending forecast at £25bn for 2016 as developing countries struggle to cope with weakening global economy A banner announces the 2016 spring meetings of the IMF and World Bank in Washington DC. Photograph: Mandel Ngan/AFP/Getty Images Demand for loans from the World Bank has reached levels unsurpassed outside of […]
End Of An Era: Peabody Declares Bankruptcy
End Of An Era: Peabody Declares Bankruptcy In a sign of the times, the world’s largest private sector coal miner just went bankrupt. The St. Louis-based Peabody Energy Corp. warned a month ago that it was considering filing for Chapter 11 bankruptcy, and on Wednesday they made it official. Peabody’s mines will continue to operate uninterrupted […]
Peak Negative-Interest-Rate Absurdity? Hilarity Ensues
Peak Negative-Interest-Rate Absurdity? Hilarity Ensues Among the goodies: “reverse Yankee” landmines. When a central bank like the ECB imposes negative interest rates along with QE on its bailiwick, funny things start to happen. Investors become so eager to get any kind of visible yield that they will do the craziest things. They’re now chasing €3 […]
SocGen: “Now We Know Why The Fed Desperately Wants To Avoid A Drop In Equity Markets”
SocGen: “Now We Know Why The Fed Desperately Wants To Avoid A Drop In Equity Markets” With the ECB now unabashedly unleashing a bond bubble in Europe of which it has promised to be a buyer of last resort with the stronly implied hint that European IG companies should issue bonds and buy back shares, and promptly […]
