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The Market Sell-Off Is Accelerating Dow 13,965 -71 0.50% Nasdaq 3,180 -34 1.05% S&P 500 1,518 -13 0.85% GlobalDow 2,104 -13 0.61% Gold 1,566 -38 2.38% Oil 94.85 -1.74 1.80% The Spending Crunch Is Official: “We Are Confident There Is An Issue With The Consumer” Think the Walmart “disastrous” sales memo was a one-off event, which net of Walmart’s damage should be completely ignored (something the market has been perfectly happy to oblige with)? Then listen to a separate perspective on the US consumer, this time from [...] YAPHANK, N.Y. (CBSNewYork) — New York City and Long Island are following in New Jersey’s footsteps in instituting an odd-even gas rationing system. In an effort to ease long lines associated with the the fuel crunch taking place in New York City, Mayor Michael Bloomberg announced a rationing system will go into effect on Friday. Beginning at 6 a.m., those with license plates ending in an odd number will be able to buy gason odd [...]  NYC taxi firms run out of Gas “In New York City over 50 percent of stations are not able to sell gasoline and it could be up to 75 percent,” Could this be the thing that suspends the election ? or time to raise the Gasoline prices nationwide ! Gasoline crunch deepens, NYC taxi firms run out of fuel … “In New York City over 50 percent of service stations are not able to [...] Fareed looks at why the optimistic Republican Party of Ronald Reagan seems to have swapped places with the glum Democratic Party of the 1970s and 1980s. Today it is the Republican Party that often seems angry with America, Fareed says. Read the best-selling books by conservatives these days, watch Fox News or attend a Tea Party rally. They are filled with rage, often combined with a powerful nostalgia for an [...] Spaniards have taken to the streets in the capital Madrid to voice their anger at Germany’s role in blocking moves to share European sovereign debt. The rally was staged against Germany’s Chancellor Angela Merkel, who is currently on a visit to Spain as the fourth-largest economy in the eurozone is striving to tackle a debt repayment crunch and a bailout threat.
http://www.presstv.ir/detail/2012/09/06/260192/spaniards-slam-govt-economic-policies/ Mac Slavo
Our incumbent President says that things are getting better, jobs are being created, and America is on the road to recovery. His opponent, Governor Mitt Romney, says the opposite, but claims he has a plan that will turn things around and bring prosperity back. According to free market proponent Peter Schiff, it doesn’t matter who wins, because the crunch is coming – and it’s going to become apparent [...] Mac Slavo
Our incumbent President says that things are getting better, jobs are being created, and America is on the road to recovery. His opponent, Governor Mitt Romney, says the opposite, but claims he has a plan that will turn things around and bring prosperity back. According to free market proponent Peter Schiff, it doesn’t matter who wins, because the crunch is coming – and it’s going to become apparent [...] Sony will lay off some 1,000 employees within its mobile operation, or 15 percent of the unit’s staff. Most of the cuts will hit its headquarters in Sweden. The crunch among handset makers who are not Samsung and Apple continues apace. Today, Android OEM Sony announced that its loss-making mobile handset division Sony Mobile Communicationswould be laying out 15% of its workforce — 1,000 people approximately — as part of a bigger restructuring. It will [...] Italian banks’ purchases of the country’s sovereign debt rose to a record in June as concerns that Italy may be forced to seek a bailout discouraged foreign investors. Banks boosted their holdings of Italian government bonds by about 14 billion euros ($17 billion) in June to 316 billion euros, according to a Bank of Italy report today. Italian banks “have been holding the fort at government debt auctions in the absence of foreign investors,” said Nicholas Spiro managing [...] Foreign investment in Spanish public debt has decreased by 78.168 million in the first six months of the year, standing at 203.271 million euros, compared to 281.439 million which reached the end of 2011. This is a break of 27.7% over last year. According to the General Secretariat of the Treasury and Financial Policy,foreign investors piled at the end of June the 35.24% of the Spanish sovereign debt, compared to 50.48% which amounted last year. The largest decreases [...] A year and a half ago, we featured a presentation by Robert Hirsch, the author of the first major US government report on peak oil. Peak oil is the theoretical point in time when oil production peaks and begins to fall. He recently reiterated his argument at this year’s Association for the Study of Peak Oil conference in Vienna. Before he began his remarks, Hirsch made sure to clarify that while he still believes the world faces a [...] The funding crisis for mainland Chinese property developers is intensifying, ratings agencies say, with real-estate builders facing spiking borrowing costs and a limited ability to raise cash at a time when sales and economic growth are slowing. With Beijing still talking tough on keeping property prices in check, 2012 is likely to be a crunch year in the industry. Financially weak property developers “are likely to face a test of their survival [...] The busy shop floor at Miller Weldmaster Corp could make a great location for an Obama campaign ad. As workers assemble the family-owned company’s hot-air fabric welders, used to manufacture everything from inflatable rafts to truck tarps, it’s hard to know the recession of 2007-2009 ever happened. Ten clocks on the wall of the plant in Navarre, Ohio, show local time from Norway to New Zealand and tell Miller Weldmaster’s comeback story [...] by Tyler Durden
We have been pounding the table that 2012 will be a replica of 2011 since before January 1: after all the central planners’ script book has only so many pages. Sure enough, here is yet another indicator. Job gains remain anchored in the low cost labor sectors of the economy – retail, temporary, leisure, and hospitality – a pattern, as Bloomberg Brief points out, that has characterized growth during [...] www.telegraph.co.uk The European Central Bank (ECB) said loans to the real economy fell in February, scotching claims that radical long-term refinancing operation (LTRO) would stem the crisis. Open Europe’s Raoul Ruparel said: “The LTRO has succeeded in avoiding a severe funding crunch…[But] it does not tackle the underlying lending risks which the banks are still keen to avoid, particularly with the looming recession in Europe.” As Spain faces a general strike on Thursday, [...] he Libyan state oil company NOC said it will export almost 1.4m barrels a day (b/d) next month as key oil fields come back on stream. The announcement came after Saudi Arabia said it had boosted output to a near record level of 9.87m b/d in January and stood ready to cover any shortfall as European sanctions against Iran bite deeper. “I want to assure you that there is no shortage of [...] Earlier we described why it is clear that the Fed will need to print exponentially to fill the void of the crunch in consolidated credit money but why does Bernanke remain so hedged and guarded in his optimism when the market is tearing bears’ arms-and-legs off and every talking head from here to Tokyo is claiming we have reached the nirvana of self-sustaining recovery (with, we note one such reconstituted deal-maker claiming “we don’t need [...] Pressures on Earth’s ecosystem are now so great that future generations could be doomed to falling living standards, the OECD said on Thursday in a report looking to the mid-century. “Providing for a further two billion people by 2050 and improving the living standards for all will challenge our ability to manage and restore those natural assets on which all life depends,” it warned. “Failure to do so will have serious consequences, [...] From breitbart: The debt-wracked eurozone needs to build “the mother of all firewalls” to prevent the crisis spreading throughout the bloc, the head of the OECD said on Saturday ahead of a crunch G20 meeting. “We still have to build the mother of all firewalls,” Angel Gurria, Secretary General of the Organisation for Economic Cooperation and Development, told bankers ahead of the gathering of top ministers and central bankers. “To be strong, we have to have a thick [...] ZerHedge article covering this http://www.zerohedge.com/news/refinery-crunch-europe And a press release from Petroplus http://investors.petroplusholdings.com/phoenix.zhtml?c=157968&p=irol-newsArticle&ID=1643071&highlight=
by Louis James of Casey Research What Gold Supply Crunch? We have reported on changes in global gold demand, from booming investment demand in Asia to European and US debt concerns that have re-solidified gold’s long tenure as the ultimate safe-haven asset for turbulent times. In fact, with investment demand from private and institutional buyers continuing to grow and central banks increasing their gold reserves, total demand reached a record US$57.7 billion in [...] JB Slear weighs in for SD readers this morning on the fear gripping the PM market today, the liquidity crunch, and Roubini’s call that we’ll never see G2K. 0. IMF does not buy sovereign debt. It makes loans to sovereigns and with highest seniority. This idea has also been completely squelched by ECB head Draghi’s most recent conference stating EZ NCB’s will not be involved (think about it: it deliberately bypasses ECB’s monetary system and European treaty). 1. Europe’s collateral crunch is a lot larger than just sovereign debt. Moving this little bit around different balance sheets would change nothing. In fact, they [...] by ZH To better comprehend the chaos that is currently viciously circling in European funding markets, its critical to understand the difference between ‘linear’ collateral needs and the highly non-linear self-destroying re-pledging collateral crunch that is about to occur. Perry Mehrling, of INETeconomics, does a good job of explaining, in his chalkboard-style video, the three lending-based demands for collateral among the European banks and their central banks (Interbank, National Central Bank, and TARGET-2). [...] The eurozone banking system is on the edge of collapse as major lenders begin to run out of the assets they need to keep vital funding lines open. By Harry Wilson, Banking correspondent (Telegraph) Senior analysts and traders warned of impending bank failures as a summit intended to solve the European crisis failed to deliver a solution that eased concerns over bank funding. The European Central Bank admitted it had held meetings about providing emergency [...] The markets have been reacting this morning to the news of a joint ECB and IMF plan to save the eurozone. According to Bloomberg: A European proposal to channel central bank loans through the International Monetary Fund may deliver as much as 200 billion euros ($270 billion) to fight the debt crisis, two people familiar with the negotiations said. Here’s how the plan would work: Under the proposal, national central banks would recycle funds [...] |
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