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Precarious: One Misfortune Away from Insolvency
Precarious: One Misfortune Away from Insolvency As a result, a significant percentage of households that are considered middle-class are one misfortune away from insolvency. We can summarize the changes in our economy over the past two generations with one word: precarity, as life for the bottom 90% of American households has become far more precarious over […]
German Energy Giant Warns Of Insolvency “Within Days”, Starts Draining Gas From Storage
German Energy Giant Warns Of Insolvency “Within Days”, Starts Draining Gas From Storage Dear Biden administration: for an example of a real emergency that justifies draining a commodity reserve – and not just midterm elections which Democrats will lose in a historic rout – read on. German energy giant and distressed nat gas utility Uniper, […]
The Covid-19 Dominoes Fall: The World Is Insolvent
The Covid-19 Dominoes Fall: The World Is Insolvent Subtract their immense debts and they have negative net worth, and therefore the market value of their stock is zero. To understand why the financial dominoes toppled by the Covid-19 pandemic lead to global insolvency, let’s start with a household example. The point of this exercise is to […]
Soaring Canadian Insolvencies Cripple Local Banks
Soaring Canadian Insolvencies Cripple Local Banks Banks in Canada are starting to feel the pain of deteriorating credit quality, just weeks after we reported that insolvency filings had skyrocketed in almost all Canadian provinces. Toronto-Dominion Bank and Canadian Imperial Bank of Canada both just posted ugly first quarter results that included higher provisions for loan losses as a key contributor […]
ECB Takes “Unprecedented” Step Of Putting Italy’s Banca Carige In Administration
ECB Takes “Unprecedented” Step Of Putting Italy’s Banca Carige In Administration Investors who had hoped that the resolution of Italy’s budget showdown with the EU would mark an end to a volatile period for Italian bonds and stocks were disappointed Wednesday when fears about an Italian banking crisis reemerged after the ECB appointed a slate […]
It’s official: the Federal Reserve is insolvent
It’s official: the Federal Reserve is insolvent In the year 1157, the Republic of Venice was in the midst of war and in desperate need of funds. It wasn’t the first time in history that a government needed to borrow money to fight a war. But the Venetians came up with an innovative idea: Every […]
Money Manager: ‘The Chaos Coming To The Markets Is Here’
Money Manager: ‘The Chaos Coming To The Markets Is Here’ Money manager Michael Pento says that profound chaos surrounding the economy is coming. The insolvency is becoming clear, and soon, we will no longer be able to sweep the problem under the rug. Sitting down with USA Watchdog’s Greg Hunter, Pento discussed the chaos people […]
On Closer Inspection, Debt of Bankrupt Spanish Construction Firm Grows Four-Fold
On Closer Inspection, Debt of Bankrupt Spanish Construction Firm Grows Four-Fold What happens if cases like this prove to be the rule rather than the exception? Spain appears to have a brand-new Abengoa — the imploded energy giant whose fabulous accounting tricks pushed creditors into a black hole — on its hands: Isolux was until recently a […]
The Municipal Debt Crisis Begins
The Municipal Debt Crisis Begins I have previously reported that about 50% of German municipalities are insolvent. This is a global trend and we are witnessing it in the United States as well. The North Rhine-Westphalian Association of Cities has called for help from the future German federal government as the building crisis among financially weak […]
Illinois on the Brink of Bankruptcy
Illinois on the Brink of Bankruptcy The Hunt for Taxes The pension crisis is brewing and the one state that appears to be heading toward a complete bankruptcy is Illinois. Clients should not own ANY debt from Illinois, be it city, municipal, or state. Just get out before the curtain falls. The Illinois Constitution plainly states […]
Big Banks Caught Using Credit Default Swaps To Destroy Nations
Big Banks Caught Using Credit Default Swaps To Destroy Nations At the beginning of 2010, readers were presented with what was (at the time) merely a theory. The Big Bank crime syndicate was engaged in the serial manipulation of credit default swaps, in order to (among other things) destroy the economies of entire nations. It’s one of […]
The Great Greek Bank Robbery
The Great Greek Bank Robbery ATHENS – Since 2008, bank bailouts have entailed a significant transfer of private losses to taxpayers in Europe and the United States. The latest Greek bank bailout constitutes a cautionary tale about how politics – in this case, Europe’s – is geared toward maximizing public losses for questionable private benefits. […]
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 […]
Here’s What Happens When Central Banks Go Broke
Here’s What Happens When Central Banks Go Broke On Friday, in “Is Mario Draghi About To Go Full-Kuroda? RBS Says ECB Could Buy Stocks,” we took a closer look at what the ECB’s options are when it comes to implementing further easing measures come December. As a reminder, Mario Draghi telegraphed either another depo rate […]
Europe’s Banks – Insolvent Zombies
Europe’s Banks – Insolvent Zombies The Walking Dead Now that Europe’s fractionally reserved banking system has been regulated into complete inertia, it is a good time to assess the current bottom line, so to speak. We should mention here that there are essentially two ways of dealing with the banking system. One is to introduce […]
