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“Tremendous Ripple Effects” – Retailers Demand Bailout After Hanjin Collapse Paralyzes Trade
“Tremendous Ripple Effects” – Retailers Demand Bailout After Hanjin Collapse Paralyzes Trade When we first reported about the imminent paralysis of an unknown number of global supply chains and a potential shock in worldwide trade as a result of the historic bankruptcy of Hanjing Shipping, one of the world’s largest container shipping companies which handles 8% of […]
Heretical Thoughts And Doing The Unthinkable
Heretical Thoughts And Doing The Unthinkable Submitted by Bill Bonner of Bonner & Partners (annotated by Acting-Man’s Pater Tenebrarum), Heresy! The Dow rose 222 points on Tuesday – or just over 1% – and everyone was exuberant…but things have not turned out well since. We agree with hedge-fund manager Stanley Druckenmiller: This is not a good time […]
Jim Grant Asks When The World Will Realize “That Central Bankers Have Lost Their Marbles”
Jim Grant Asks When The World Will Realize “That Central Bankers Have Lost Their Marbles” April 15 comes and goes but the federal debt stays and grows. The secrets of its life force are the topics at hand— that and some guesswork about how the upsurge in financial leverage, private and public alike, may bear on […]
Italy Seeks “Last Resort” Bailout Fund To “Ringfence” Troubled Banks, Meeting Monday
Italy Seeks “Last Resort” Bailout Fund To “Ringfence” Troubled Banks, Meeting Monday Italy’s finance minister, Pier Carlo Padoan, wants to “ringfence” its troubled banks. Padoan called a meeting of the executives of Italy’s troubled banks in Rome on Monday. The banks allegedly will come up with a “Last Resort” bailout fund. Last resort or first […]
Austria Just Announced A 54% Haircut Of Senior Creditors In First “Bail In” Under New European Rules
Austria Just Announced A 54% Haircut Of Senior Creditors In First “Bail In” Under New European Rules Just over a year ago, a black swan landed in the middle of Europe, when in what was then dubbed a “Spectacular Development” In Austria, the “bad bank” of failed Hypo Alpe Adria – the Heta Asset Resolution AG […]
Governor Of Puerto Rico Set To Impose Capital Controls
Governor Of Puerto Rico Set To Impose Capital Controls Yesterday, in the latest plot twist surrounding the inevitable Puerto Rico default, we observed that after the commonwealth island’s Senate passed a surprising bill to impose a debt moratorium on any future debt repayment, its bonds – predictably – tumbled. We also noted that the legislation addressed the […]
The “Terrifying Prospect” Of A Triumph Of Politics Over Economics
The “Terrifying Prospect” Of A Triumph Of Politics Over Economics The Triumph of Politics All of life’s odds aren’t 3:2, but that’s how you’re supposed to bet, or so they say. They are not saying that so much anymore, or saying that history rhymes, or that nothing’s new under the sun. More and more theys seem […]
The Oil Short Squeeze Explained: Why Banks Are Aggressively Propping Up Energy Stocks
The Oil Short Squeeze Explained: Why Banks Are Aggressively Propping Up Energy Stocks Last week, during the peak of the commodity short squeeze, we pointed out how this default cycle is shaping up to be vastly different from previous one: recovery rates for both secured and unsecured debts are at record low levels. More importantly, we noted […]
Which Countries Have The Highest Default Risk: A Global CDS Heatmap
Which Countries Have The Highest Default Risk: A Global CDS Heatmap Sweden beats USA and Germany as the least likely to default on its bonds but at the other end of the global sovereign risk spectrum lie two socialist utopias – Venezuela (CDS just shy of 6000bps) and Greece (CDS around 1800bps) are the nations most likely to […]
10,000 Greek Farmers Stage Massive Revolt In Athens, Destroy Police Cars
10,000 Greek Farmers Stage Massive Revolt In Athens, Destroy Police Cars On Friday, some 800 angry Greek farmers marched on the Agriculture Ministry in Athens and beat police with Shepherd’s crooks. No, really: The farmers are understandably upset with Alexis Tsipras and the government for a proposal to triple the social security burden and double income taxes […]
Puerto Rico “Generously” Offers To Repay 54 Cents On The Dollar To Creditors Owed $70 Billion
Puerto Rico “Generously” Offers To Repay 54 Cents On The Dollar To Creditors Owed $70 Billion Height Securities’ Daniel Hanson is “deeply skeptical” about the viability of Puerto Rico’s proposal for restructuring the island’s $70 billion in debt. Hanson, in a note out late last week, said Governor Alejandro Padilla was “significantly unlikely” to present […]
Dallas Fed “Responds” To Zero Hedge FOIA Request
Dallas Fed “Responds” To Zero Hedge FOIA Request Two weeks ago, Zero Hedge reported an exclusive story corroborated by at least two independent sources, in which we informed our readers that members of the Dallas Federal Reserve had met with bank lenders with distressed loan exposure to the US oil and gas sector and, after parsing through […]
Italian Banks Sink As “Bad Bank” Plan Underwhelms
Italian Banks Sink As “Bad Bank” Plan Underwhelms Last week, we noted that Italy is rushing to defuse a €200 billion time bomb in the country’s banking sector as investors fret over banks’ exposure to souring loans. “Italian banks’ share prices have been volatile YTD, given the market’s renewed fears over asset quality and potential developments on […]
Why A Former Fed Official Fears A Global Meltdown
Why A Former Fed Official Fears A Global Meltdown Authored by Gerald O’Driscoll, former vice president at The Dallas Fed, posteed op-ed at The Wall Street Journal, Are we headed for another global financial crisis? The market convulsions of the past week reflected a continuation of a market selloff that began on the first trading day […]
