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The Trade Wars Begin: U.S. Imposes 256% Tarriff On Chinese Steel Imports
The Trade Wars Begin: U.S. Imposes 256% Tarriff On Chinese Steel Imports Two weeks ago, when looking at the latest import price index data, we showed something disturbing: China has become an all out exporter of deflation. As the chart below shows, In November, import prices from China decreased 1.5% over the past 12 months, the […]
On the 19th day of Christmas…
On the 19th day of Christmas… With all the action in Syria, the Ukraine is no longer a subject for discussion in the West. In Russia, where the Ukraine is still a major problem looming on the horizon, and where some 1.5 million Ukrainian refugees are settling in, with no intentions of going back to […]
Carnage in US Natural Gas as Price Falls off the Chart
Carnage in US Natural Gas as Price Falls off the Chart All eyes are on Chesapeake. The price of natural gas in the US has gotten completely destroyed. The process started in July 2008, at over $13 per million Btu and continues through today, at $1.77 per million Btu. In between, natural gas traded at […]
Ukraine “Crooks” Default On $3 Billion Bond To Putin
Ukraine “Crooks” Default On $3 Billion Bond To Putin Back in August, Ukraine struck a restructuring agreement on some $18 billion in Eurobonds with a group of creditors headed by Franklin Templeton. Under the terms of the deal, Kiev should save around $4 billion once everything is said and done. That was the good news. […]
The IMF Changes its Rules to Isolate China and Russia
The IMF Changes its Rules to Isolate China and Russia The nightmare scenario of U.S. geopolitical strategists seems to be coming true: foreign economic independence from U.S. control. Instead of privatizing and neoliberalizing the world under U.S.-centered financial planning and ownership, the Russian and Chinese governments are investing in neighboring economies on terms that cement […]
The zombie apocalypse in oil: Why it’s a bad sign for all of us
The zombie apocalypse in oil: Why it’s a bad sign for all of us The dramatic drop in oil prices has created what are called “zombie” companies, oil companies which can still afford to pay interest on huge debts, but little else. If oil prices stay low, the problem is likely to spread and become an […]
Spain Braces for its Biggest Corporate Insolvency… Ever!
Spain Braces for its Biggest Corporate Insolvency… Ever! Blood on the Bourse Spain is about to experience its biggest corporate insolvency ever. Unlike Bankia and all of Spain’s other bankrupt savings banks, Abengoa, a Seville-based multinational specialized in renewable energy and “environmental services,” is unlikely to receive a taxpayer-funded bailout – at least not just […]
Puerto Rico Is About To Default: Your Complete Guide To An Island Debt Debacle
Puerto Rico Is About To Default: Your Complete Guide To An Island Debt Debacle Last week, we brought you the latest from Puerto Rico’s debt debacle. The commonwealth is desperately trying to restructure some $72 billion in debt while staring down a $354 million bond payment due on December 1. As we discussed at length on Friday, […]
Puerto Rico Faces “Public Unrest” As Cash Crunch May Leave Government Workers Unpaid
Puerto Rico Faces “Public Unrest” As Cash Crunch May Leave Government Workers Unpaid Heavily indebted Puerto Rico was due to meet with representatives of its creditors on Friday in a desperate attempt to forge ahead with a plan to restructure some $72 billion in debt. No offer is expected to be made at the meetings […]
America Disregarded 4,000 Years of History In Responding to the Great Recession
America Disregarded 4,000 Years of History In Responding to the Great Recession We’ve known for over 4,000 years that debts need to be periodically written down, or the entire economy will collapse. After all, debt grows exponentially … while economies only grow in an s-curve. The ancient Sumerians and Babylonians, the early Jews and Christians, the Founding Fathers of […]
A Step Forward for Sovereign Debt
A Step Forward for Sovereign Debt Every advanced country has a bankruptcy law, but there is no equivalent framework for sovereign borrowers. That legal vacuum matters, because, as we now see in Greece and Puerto Rico, it can suck the life out of economies. In September, the United Nations took a big step toward filling […]
The Next Debt-Clearing ‘Super Cycle’ Starts Now
The Next Debt-Clearing ‘Super Cycle’ Starts Now We are in the early stages of a great debt default – the largest in U.S. history. We know roughly the size and scope of the coming default wave because we know the history of the U.S. corporate debt market. As the sizes of corporate bond deals have grown over […]
Venezuela Default Countdown Begins: After Selling Billions In Gold, Caracas Raids $467 Million In IMF Reserves
Venezuela Default Countdown Begins: After Selling Billions In Gold, Caracas Raids $467 Million In IMF Reserves In late October, when describing Venezuela’s desperate steps to keep itself afloat for a few more months, we reported that in order to fund $3.5 billion bond payments in early November, Maduro’s government had engaged in something that is the very […]
Next Few Weeks Will Reveal Full Extent Of Oil Industry Suffering
Next Few Weeks Will Reveal Full Extent Of Oil Industry Suffering Get ready for some bad news and red ink. With the bulk of quarterly earnings reports in the energy industry yet to be announced, there are already $6.5 billion worth of asset write-downs, according to Bloomberg. And that could be just the tip of the […]
