Watch Brexit, the Movie, to understand why Britain might just leave the EU — and why other members should leave as well. Meanwhile, the Saudis are apparently out of money, the bricks and mortar retailers are out of customers and Wall Street bankers are looking at mass unemployment. Brutal times for obsolete institutions!
Macy’s reports horrendous earnings and Italian banks finally reveal their non-performing loans. Share prices plunge accordingly. China, meanwhile, admits that it’s over-leveraged and promises to stop borrowing. In other words, wherever you look, a global slowdown is coming and a massive currency devaluation will soon be the only politically feasible solution.
This is a tale of changing environments and the organisms that are, as a result, dying off. First, consider the bricks and mortar retailers. Amazon, the dominant online seller of virtually everything, reports a spectacular quarter with soaring sales and (fairly new for them) strong profits. But in a world of flat consumer spending, where […]
The drumbeat of bad (and sometimes just plain weird) news has risen lately — but today’s batch stands out. Here’s a small sampling: US jobless claims were higher than expected, and continue the rising trend of the past few weeks. US layoffs surged to a six month high, while asset write-downs are up worldwide. Among […]
The big retail chains are generally seen as pretty good barometers of the health of “the consumer.” And since — in today’s late-cycle debt-binge pseudo-capitalism — the consumer drives the economy, the numbers coming out of the aforementioned retail chains should be cause for worry. First Macy’s got our attention: Macy’s Sounds a Holiday Alarm, […]