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The Massive Debt Bomb is Going to Explode: “We Are Reaching a Limit”
The Massive Debt Bomb is Going to Explode: “We Are Reaching a Limit” Debt now defines us. Personal and household debt is at unprecedented historical levels. Many Americans are stretched many times past their limit with no hope of getting out of the black.Student loan debt is its own huge bubble, waiting to burst, and perhaps […]
Burdened by debt and slipping behind, survey respondents say
Burdened by debt and slipping behind, survey respondents say 48% said they might be in trouble if a single paycheque was delayed Many working Canadians feel overwhelmed by debt and more than half of them say they would have difficulty if they missed a paycheque. They also are losing confidence in the economy, with only […]
Globalized Crisis
Globalized Crisis If there is a bright side to the turmoil that has roiled the global economy since 2008, it is that not every part of the world has erupted simultaneously. The first blow was the subprime mortgage crisis in the United States, to which Europeans responded with self-satisfied reflections on the superior resilience of […]
Corporate foie gras
Corporate foie gras One of the arguments put forth in the bull vs. bear debate is that the solidity of US non-financial corporations have never been stronger. The amount of cash held by non-financial corporations has risen 150 per cent since the depth of the crisis in 2009. With such a massive cushion to stave […]
Cash as a Policy Tool – An Interview with the Hon. Dr. Harald Malmgren
Cash as a Policy Tool – An Interview with the Hon. Dr. Harald Malmgren The Hon. Dr. Harald Malmgren, Chief Executive of Malmgren Global, advises governments and companies on international trade and investment. A former senior aide to US Presidents John F. Kennedy, Lyndon B. Johnson, Richard Nixon and Gerald Ford and to Senators Abraham […]
Manipulation = Fragility
Manipulation = Fragility In markets distorted by permanent manipulation the most powerful incentive is to borrow as much money as you can and leverage it as much as you can to maximize your gains in risk-on asset bubbles. A core dynamic is laying waste to global financial markets: the greater the level of central bank/government manipulation, […]
Why we need to lie to ourselves about the state of the economy
Why we need to lie to ourselves about the state of the economy Since 2007, global debt has grown by US$57 trillion, or 17 per cent of the world’s gross domestic product. Photo: Louie Douvis Like the characters in Samuel Beckett’s Waiting for Godot, the world awaits the return of wealth and prosperity. But the global economy […]
China Is Pushing On A String Ensemble
China Is Pushing On A String Ensemble Look, it’s very clear where I stand on China; I’ve written a lot about it. And not just recently. Nicole Foss, who fully shares my views on the topic, reminded me the other day of a piece I wrote in July 2012, named Meet China’s New Leader : Pon […]
Why the Bear of 2015 Is Different from the Bear of 2008
Why the Bear of 2015 Is Different from the Bear of 2008 Are there any conditions now that are actually better than those of 2008? It’s tempting to see similarities in last week’s global stock market mini-crash and the monumental meltdown that almost took down the Global Financial System in 2008-2009. The dizzying drop invites comparison […]
Is This Black Monday Crash The BIG ONE? It Doesn’t Matter
Is This Black Monday Crash The BIG ONE? It Doesn’t Matter After losing 11% last week, Shanghai this morning was down almost -9% at one point, after lunch went back up to -6.5%, and ended its day at -8.49%. A Black Monday for sure, but is this the BIG ONE? It really doesn’t matter one […]
Counterintuitive: (Some) volatility is good for you, stability not so much
Counterintuitive: (Some) volatility is good for you, stability not so much With stock markets around the world plunging and commodity prices in free fall, it seems appropriate to return to a theme which I’ve taken up previously: That a certain amount of volatility is good for humans and the systems they build, and that attempts to […]
Krugman’s Dopey Diatribe Deifying The Public Debt
Krugman’s Dopey Diatribe Deifying The Public Debt Actually, dopey does not even begin to describe Paul Krugman’s latest spot of tommyrot. But least it appear that the good professor is being caricaturized, here are his own words. In a world drowning in government debt what we desperately need, by golly, is more of the same: That is, there’s a reasonable argument to be […]
Trumping the Federal Debt Without Playing the Default Card
Trumping the Federal Debt Without Playing the Default Card By Ellen Brown, Web of Debt. “The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.” — Former Fed Chairman Alan Greenspan on Meet the Press, August 2011 In a post on “Sovereign […]
“Don’t Owe. Won’t Pay.” Everything You’ve Been Told About Debt Is Wrong
“Don’t Owe. Won’t Pay.” Everything You’ve Been Told About Debt Is Wrong With the nation’s household debt burden at $11.85 trillion, even the most modest challenges to its legitimacy have revolutionary implications. The legitimacy of a given social order rests on the legitimacy of its debts. Even in ancient times this was so. In traditional […]
Can Kickers United—–Why It’s Getting Downright Hazardous Out There
Can Kickers United—–Why It’s Getting Downright Hazardous Out There It’s getting downright hazardous out there, and not just because the robo-machines were slamming the “sell” key today. The real danger comes from the loose assemblage of official institutions which claim to be running the world. They might better be referred to as “can kickers united.” It is now blindly obvious that they have lapsed into […]
