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China’s Slow-Motion Sleight Of Hand Shatters
China’s Slow-Motion Sleight Of Hand Shatters The Chinese stock markets broke through 2 circuit breakers today, breakers that were introduced only a few months ago in response to the market selloff, triggered by a surprise yuan devaluation, in August. The first breaker, at -5%, forced a 15-minute trading halt. The second one, at -7%, halted […]
Puerto Rico Is Greece, & These 5 States Are Next To Go
Puerto Rico Is Greece, & These 5 States Are Next To Go As Wilbur Ross so eloquently noted, for Puerto Rico “it’s the end of the beginning… and the beginning of the end,” as he explained “Puerto Rico is the US version of Greece.” However, as JPMorgan explains, for some states the pain is really just beginning as Municipal bond […]
Gail Tverberg: Something Has Got To Break
Gail Tverberg: Something Has Got To Break Growing debt faster than your energy supply has hard limits Actuary Gail Tverberg explains the tight correlation between the rates of GDP growth and growth in energy supply. For decades, energy has been becoming more costly to obtain, and instead of accepting lower GDP growth, we have been […]
Chart Of The Day: A World Awash In Debt
Chart Of The Day: A World Awash In Debt
The Damage Has Been Done And The Consequences Will Be Suffered: “Have a Healthy Storage of Food, Precious Metals and Necessary Supplies”
The Damage Has Been Done And The Consequences Will Be Suffered: “Have a Healthy Storage of Food, Precious Metals and Necessary Supplies” While the band plays on and Americans celebrate New Year’s many have no idea what may be in store in 2016. Mainstream financial pundits like to paint a rosy picture of the current […]
A Year of Sovereign Defaults?
A Year of Sovereign Defaults? MIAMI – When it comes to sovereign debt, the term “default” is often misunderstood. It almost never entails the complete and permanent repudiation of the entire stock of debt; indeed, even some Czarist-era Russian bonds were eventually (if only partly) repaid after the 1917 revolution. Rather, non-payment – a “default,” […]
Puerto Rico To Default On Some Bonds January 1 – Live Feed
Puerto Rico To Default On Some Bonds January 1 – Live Feed Puerto Rico governor Alejandro Garcia Padilla is set to address the island’s debt problem at a press conference on Wednesday. PUERTO RICO SAYS IT WILL DEFAULT ON SOME DEBT DUE JAN. 1 PUERTO RICO TO MISS $1.4 MILLION DUE ON PFC BONDS DUE JAN. […]
Household debt still rising, but most Canadians in decent shape: experts
Household debt still rising, but most Canadians in decent shape: experts Bank of Canada worries some Canadian households may be over their heads Most Canadians handle debt well, but a small minority have so much, they might everntually be in trouble. (CBC) Canadian households will close out 2015 carrying thicker layers of debt after worrisome […]
Doom and Gloom for North American Oil Producers
Doom and Gloom for North American Oil Producers Lower Oil Prices To the dismay of U.S. shale producers, oil prices continue their long slow slide into the abyss. Perhaps the current price of $35 per barrel – an 11 year low – is the final destination. More than likely, however, it’s a brief reprieve before […]
Puerto Rico’s Debt Trap
Puerto Rico’s Debt Trap WASHINGTON, DC – The Caribbean island of Puerto Rico – the largest United States “territory” – is broke, and a human calamity is unfolding there. Unless a constructive course of political action is found in 2016, Puerto Rican migration to the 50 states will rival the scale of the 1930s Dust […]
2016 Is An Easy Year To Predict
2016 Is An Easy Year To Predict No year is ever easy to predict, if only because if it were, that would take all the fun out of life. But still, predictions for 2016 look quite a bit easier than other years. This is because a whole bunch of irreversible things happened in 2015 that […]
Voluntary Enslavement
Voluntary Enslavement In recent years, I’ve been predicting that the governments, particularly those of the EU and US, will seek to eliminate paper currency. The objective will be to make monetary transactions between private parties as difficult as they can, by requiring that all transactions take place through financial institutions. If they can do this, […]
Reinventing Banking: From Russia to Iceland to Ecuador
Reinventing Banking: From Russia to Iceland to Ecuador Global developments in finance and geopolitics are prompting a rethinking of the structure of banking and of the nature of money itself. Among other interesting news items: In Russia, vulnerability to Western sanctions has led to proposals for a banking system that is not only independent of the […]
Oil Bankruptcies Hit Highest Level Since Crisis And There’s “More To Come”, Fed Warns
Oil Bankruptcies Hit Highest Level Since Crisis And There’s “More To Come”, Fed Warns “Two things become clear in an analysis of the financial health of US hydrocarbon production: 1) the sector is not at all homogenous, exhibiting a range of financial health; 2) some of the sector indeed looks exposed to distress [and] lifelines […]
More Canadians Going Cashless Thanks To Apps, Credit And Debit Cards
More Canadians Going Cashless Thanks To Apps, Credit And Debit Cards TORONTO — Maureen Turner still makes a point of carrying coins and bills in her wallet — but not for her own personal use. “I have four kids, and often the teenagers will say: ‘I need $20 for lunch at school,'” says the Georgetown, […]
