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“Worst Since Lehman”: Banks Break The World Again

March 10, 2023

“Worst Since Lehman”: Banks Break The World Again Last week we detailed BofA’s Michael Hartnett’s warning that “The Fed will tighten until something breaks”. Well, something just broke… SVB’s collapse – the second biggest US bank failure in history – dominated any reaction to this morning’s mixed bag from the BLS (hotter than expected earnings growth, rising unemployment (especially […]

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Central Bank Crisis Expanding

June 22, 2020

Central Bank Crisis Expanding QUESTION: Hi Marty.You mentioned in the blog that all European sovereign debt may end up being converted into perpetual bonds. Will it be through debt mutualization or will each country have each own Consol? Could you please elaborate on how this conversion would affect pension funds, banks, social security and individual investors? […]

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China Scrambles To Defuse $6 Trillion “Hidden Debt Bomb” With “Titanic Credit Risk”

March 12, 2019

China Scrambles To Defuse $6 Trillion “Hidden Debt Bomb” With “Titanic Credit Risk” When it comes to estimating China’s total outstanding debt, there has long been confusion about the real number with most putting the debt/GDP at around 250%, while the IIF in 2017 calculated China’s debt load as high as 300% of GDP (which […]

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S&P Reveals $5.8 Trillion In “Hidden” Chinese Debt With “Titanic Credit Risks”

October 16, 2018

S&P Reveals $5.8 Trillion In “Hidden” Chinese Debt With “Titanic Credit Risks” When it comes to estimating China’s total outstanding debt, there has long been confusion about the real number with most putting the debt/GDP at around 250%, while the IIF last year calculated China’s debt load as high as 300% of GDP. Now, China […]

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Uncertainty Grips Troubled Pemex, World’s Most Indebted Oil Company

August 8, 2018

Uncertainty Grips Troubled Pemex, World’s Most Indebted Oil Company “Even a small deterioration” in its perceived credit risk could take a big financial toll on Mexico. Mexico’s President-elect, Andrés Manuel Lopez Obrador (AMLO), does not enter office until December 1, but he’s already making big waves, particularly in the oil and gas industry. On the […]

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China’s “Credit Mystery” Deepens, As Moody’s Warns On Shadow Financing

September 26, 2015

China’s “Credit Mystery” Deepens, As Moody’s Warns On Shadow Financing Last month, we took a detailed look at what we said could be a multi-trillion yuan black swan. In short, one of China’s many spinning plates is the country’s vast shadow banking complex which allowed local governments to skirt borrowing restrictions leading directly to the accumulation of […]

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Bad Debt Soars 35% In China As Government Set To Fabricate Dismal Loan Data

August 6, 2015

Bad Debt Soars 35% In China As Government Set To Fabricate Dismal Loan Data Back in March, we noted that decelerating economic growth and bad debt are taking a toll on profitability at China’s largest banks, leading them to slash payouts to shareholders. “Particularly hard hit is ABC, which saw its non-performing loans jump 25bps Q/Q,” we […]

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Olduvai IV: Courage
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Olduvai II: Exodus
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