The UK’s Guardian newspaper, of Edward Snowden leaks fame, just published a good overview of the world’s recent financial missteps titled The world economic order is collapsing and this time there seems no way out. Some excerpts: The heart of the economic disorder is a world financial system that has gone rogue. Global banks now […]


Big Banks, Serious Trouble

It turns out that the world of ZIRP/NIRP isn’t the banking paradise that some thought it would be. See Why The Big Banks Want Higher Interest Rates. Whether the problem is with low interest rates themselves or the fact that rates still aren’t low enough to ignite a new credit boom is not clear. What […]

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We Aren’t Nearly As Worried About The Middle East As We should Be

What’s the opposite of a gift that keeps on giving? A mistake that keeps metastasizing. Which pretty much sums up the US role in the Middle East. Beginning with the CIA’s 1953 overthrow of Iran’s democratically elected president and continuing through the multiple regime changes and invasions of recent years, various American governments have behaved […]

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Can You Imagine The Fed Raising Rates In This World? Everything Going Wrong At Once Edition

After the markets failed to embrace its most recent interest rate dither, the Fed dispatched pretty much its entire PR team to make sure we understood that rates would rise Next Month For Sure. Then everything kind of fell apart. Emerging market capital flight accelerated… Is this the mother of all warnings on EMs? (CNBC) […]

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Panic Is Spreading, Part 1: Surge in Junk Bond Defaults Imminent

One of the early signs that a cycle is about to turn down is disorder in junk bonds. That’s because the companies that issue such bonds are by definition financially and/or operationally weak and therefore ultra-sensitive to changes in their environment. A modest drop in, say, consumer spending or the price of wind turbines will […]

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