The debtors’ merry-go-round - Interactive overview of debt in the world’s biggest economies
China’s Economy “Bottoming Out”? – Not So Fast!
While China’s equity index continues to plumb new depths, the macro data of the past two weeks has been the crutch for US equity bulls losing faith in the fiscal cliff negotiations - growth is up, investment is up, and inflation is down – with analysts hailing the news as evidence that the [...]
Report: Asian Credit Boom Planting Seeds for Next Financial Crisis
via Money News:
The current Asian credit boom is much like the credit explosion in Ireland and the Baltic countries in their run up before the 2008 financial crisis, the report warns. The situation is particularly dangerous in Hong Kong, Vietnam and China.
In China, an increase in lending has prompted a strong increase in its manufacturing.
In Vietnam, the country’s property bubble is [...]
by Phoenix Capital Research
As I noted previous articles, Spain has essentially three options:
1) Spain goes the “Greek route” of agreeing to austerity measures in exchange for bailouts (which will implode the economy).
2) Prime Minister Rajoy refuses to impose austerity measures and is removed/ replaced by an EU technocrat who is pro-austerity measures (like Italy experienced last year)
3) Spain defaults/ leaves the EU.
Thus far Spanish Prime Minister Rajoy has opted to [...]
The State Department has gone into full-blown crisis mode, organizing a round-the-clock effort to coordinate the U.S. government’s response to the expanding attacks on U.S. embassies in the Middle East and North Africa.
“The State Department has stood up a 24-hr monitoring team to insure appropriate coordination of information and our response. In addition, our consular team is working with missions around the world to protect American citizens and issue appropriate public [...]
Gold’s London AM fix this morning was USD 1,638.75, EUR 1,244.68, and GBP 1,014.83 per ounce. Yesterday’s AM fix was USD 1,632.00, EUR 1,240.97 and GBP 1,014.42 per ounce.
Silver is trading at $30.85/oz, €23.43/oz and £19.10/oz. Platinum is trading at $1,550.00/oz, palladium at $671.25/oz and rhodium at $1,350/oz.
Gold fell $3.80 or 0.23% in New York yesterday and closed at $1,638.20/oz. Gold has been trading mostly sideways in Asia and within [...]
But Spain’s €1.1TRILLION economy is seen as being too big to bail out
Economy minister admits country is about to plunge back into recession
British banks lose combined £2billion in market value over fears
European financial markets remain calm over growing fears
Fears are rising that Spain will be the next member of the eurozone to beg for a financial bailout – after the interest it pays on its 10-year government bonds rose to [...]
LOS ANGELES (KABC) – Los Angeles’ top budget analyst has a warning for city leaders. He says the city could be headed for bankruptcy.
City Administrative Officer Miguel Santana says the city’s costs are growing faster than its revenue.
His 52-page report predicts the city will run more than $300 million in the red through 2015. The report recommends a mix of cost-cutting and revenue generating steps to avoid bankruptcy. Suggestions include using [...]
Such is the severity of the situation in Italy.
Here’s Deutsche Bank’s Colin Tan talking about the same thing that everyone else is talking about:
Its not inconceivable that we could be in full crisis mode by the end of this week. The situation with Italy feels increasingly like one that has little chance of materially improving until some
extreme pressure is put on someone to act. It may not come to a [...]
From Peter Tchir of TF Market Advisors
The Evolution and Recycling of the Debt Crisis
2007 was the year of the individual. Largely sub-prime mortgages.
2008 saw the shift from the individual crisis to problems at the bank level
2009 started with banks in full crisis mode, but ended the year with a brief vacation from worrying about insurmountable debt
2010 saw the beginning of the sovereign debt crisis
2011 has seen the sovereign debt crisis [...]
If you’re simply looking at their public statements, Wall Streeters seem to be alarmed about the debt crisis, but don’t appear to be sliding into panic mode.
In fact, they’re just really good actors.
Across the financial sector, many are preparing for a debt doomsday scenario, in which the U.S does in fact default, the New York Times reports.
Firms are “taking steps to reduce the risk of holding Treasury bonds [...]
By TOM HAYS
NEW YORK —
A law enforcement official says the FBI has opened an investigation into allegations that media mogul Rupert Murdoch’s News Corp. sought to hack into the phones of Sept. 11 victims.
The official spoke Thursday on condition of anonymity because he was not authorized to speak publicly.
New York City-based News Corp. has been in crisis mode.
A rival newspaper reported last week that the company’s [...]
According to the National Bureau of Economic Research, the U.S. economy stopped falling in June of 2009. This implies that business conditions bottomed out some 15 months ago and have been improving ever since. See full story on NBER.
Hello? The real world would beg to differ with this call. If what we have experienced since June 2009 is a recovery, many would shudder to [...]