Banksy Steve Jobs, son of a Syrian immigrant 2015 • Russia Calls Saudi Bluff, Plans $40 Oil For Seven Years (AEP) • December 16, 2015 – When The End Of The Bubble Begins (Stockman) • Stocks Are More Overvalued Now Than At 2000 And 2007 Peaks (MarketWatch) • As Commercial Real-Estate Prices Soar, Fed Weighs Consequences (WSJ) • Why The Junk Bond Selloff Is Getting Very Scary (MarketWatch) • Carl Icahn: Junk Bond Market A ‘Keg Of Dynamite’ (CNBC) •
Read More...
John Vachon Billie Holiday at the Newport Jazz Festival Jul 1954 • Warning: Half Of Oil Junk Bonds Could Default (CNN) • Junk Fund’s Demise Fuels Concern Over Bond Rout (WSJ)
Read More...
Unknown GMC truck Associated Oil fuel tanker, San Francisco 1935 • If It Owns a Well or a Mine, It’s Probably in Trouble (NY Times) • Credit Card Data Reveals First Core Retail Sales Decline Since Recession (ZH) • America’s Middle Class Meltdown (FT) • Chinese Devaluation Is A Bigger Danger Than Fed Rate Rises (AEP) • China Swallows Its Mining Debt Bomb (BBG) • China’s Plan to Merge Sprawling Firms Risks Curbing Competition (WSJ) • Billions of Barrels of
Read More...
Dorothea Lange Refugees: Drought hit OK farm family on way to CA Aug 1936 • When It Rains It Pours as China Unleashes Commodity Torrent (BBG) • Oil Producers Prepare For Prices To Halve To $20 A Barrel (Guardian) • Anglo American To Slash Workforce By 85,000 Amid Commodity Slump (Guardian) • OPEC Provides Economic Stimulus Central Bankers Can’t or Won’t (BBG) • Copper Meltdown Burning Miners Is Boon to Builders as Costs Sink (BBG) • Iron Ore in $30s
Read More...
Poached baby gorilla, Virunga Park Anglo American, a British company, and one of the world’s biggest miners, and a ‘producer’ (actually just a miner, how did those two terms ever get mixed up?!) of platinum (world no. 1), diamonds, copper, nickel, iron ore and coal, said today it would scrap dividends AND fire 85,000 of it 135,000 global workforce (that’s 63%!). Anglo is just the first in a long litany line we’ll see going forward. Commodities ‘producers’ are being completely
Read More...
NPC Tank truck with plow clearing snow, Washington, DC 1922 • Commodities Rout Deepens As Chinese Trade Data Signal Weaker Demand (Guardian) • China November Exports Down -6.8%, Imports -8.7% (Reuters) • Anglo American Scraps Dividend As Shares Fall 71% So Far This Year (BBG) • OPEC Forces Re-Rating Of Oil Majors (BBG) • Peter Schiff: ‘The Whole Economy Has Imploded; Collapse Is Coming’ (SHTF) • We Are Shrinking! The Neglected Drop In Gross Planet Product (VoxEU) • Beijing Issues
Read More...
Tyrone Siu|Reuters Deflation As yet another day of headlines shows, see the links and details in today’s Debt Rattle at the Automatic Earth, deflation is visible everywhere, from a 98% drop in EM debt issuance to junk bonds reporting the first loss since 2008 to corporate bonds downgrades to plummeting cattle prices in Kansas to China’s falling demand for iron ore and a whole list of other commodities. The list is endless. It is absolutely everywhere. And it’s there every
Read More...
DPC Cuyahoga River, Lift Bridge and Superior Avenue viaduct, Cleveland, Ohio 1912 • Emerging Market Debt Sales Are Down 98% (BBG) • BIS Warns “Uneasy Calm” In Global Markets May Be Shattered By Fed Hike (ZH) • BIS Argues For Tighter Monetary Policy In Spite Of ‘Uneasy Calm’ (FT) • Corporate Bond Market Hit By Rates Fears (FT) • Junk Bonds Set For First Annual Loss Since Credit Crisis (WSJ) • Japan’s Current Recession To Prove An Illusion (FT) •
Read More...
Yannis Behrakis Iranian immigrant at Greece-FYROM border 2015 • Swiss To Vote On Private Banks’ License To Create -Electronic- Money (FT) • Finland Plans To Give Every Citizen An €800 A Month Basic Income (Quartz) • These Ain’t Your Grandfather’s “Jobs” (David Stockman) • ECB Lowered Stimulus Ambitions After Hitting Opposition (Reuters) • Paralysed OPEC Pleads For Allies As Oil Price Crumbles (AEP) • China’s Consumers Have a Long Way to Go (BBG) • Pursuing Transparency, Pope Orders External Audit
Read More...
Yannis Bahrakis Witnessing the refugee crisis 2015 Perhaps the best way to show what a mess Europe is in is the €3 billion deal they made with Turkey head Erdogan, only to see him being unmasked by EU archenemy Vlad Putin as a major supporter, financial and who knows how else, of the very group everyone’s so eager to bomb the heebees out after Paris. It could hardly have been more fitting. That’s not egg on your face, that’s face
Read More...