The Automatic Earth

Debt Rattle June 5 2015

Jun 052015

June 5, 2015 Posted by Raúl Ilargi Meijer at 9:19 am Finance Tagged with: bubble, ceasefire, debt, defiance, game theory, Greece, IMF, migrants, propaganda, rewilding 4 Responses »

Russell Lee Tracy, California. Gasoline filling station 1942 • In Greek Debt Puzzle, the Game Theorists Have It (NY Times) • Greece Misses IMF Payment In Warning Shot, Showdown With Europe Escalates (AEP) • A Speech of Hope for Greece (Yanis Varoufakis) • EU/IMF Lenders Demand Asset Sales, Pension Cuts In Greek Proposal (Reuters) • Greece’s IMF Repayment Delay Smacks Of Both Desperation And Defiance (Guardian) • Greek Finance Ministry: German WWII Debt €280 To €340 Billion (Kathimerini) • Stay

Debt Rattle June 4 2015

Jun 042015

June 4, 2015 Posted by Raúl Ilargi Meijer at 10:12 am Finance Tagged with: bonds, creditors, default, EU, food, Greece, inequality, integration, rout, Tsipras 1 Response »

G.G. Bain Political museums, Union Square, New York 1909 • It’s Wealth Inequality That Drags Down The Economy (WaPo) • US Companies Owe $1.267 For Every Dollar Of Earnings (Bloomberg) • BofA Explains How the Bond Rout Could Turn Into a Bloodbath (Bloomberg) • Bond Rout Wipes Out 2015 Gain as Traders Fret Even Leaving Desks (Bloomberg) • Bond Slump Deepens as Europe Shares Slide With Metals, Oil (Bloomberg) • Wall Street Sounds Bond Warning as Holdings Shift Sparks Concern

How To Spot A Bubble

Jun 032015

June 3, 2015 Posted by Raúl Ilargi Meijer at 2:02 pm Finance Tagged with: assets, bubble, central bank, GDP, hoarding, QE, spending, velocity of money 17 Responses »

Jack Delano Mike Evans, welder, Proviso Yard, Chicago & North Western RR 1940 We’ve been entertaining ourselves to no end the past couple days with a ‘vast array’ of articles that purport to provide us with ‘expert’ opinion on the question of whether we are witnessing a bubble or not. Got the views of Goldman’s David Kostin, Robert Shiller, Jeremy Grantham, Jeremy Siegel, Howard Marks. But although these things can be quite amusing because while they’re at it, of course,

Debt Rattle June 3 2015

Jun 032015

June 3, 2015 Posted by Raúl Ilargi Meijer at 10:06 am Finance Tagged with: bubble, China, damage, debt, EU, gas, Greece, oil, poverty, spending, TPP 1 Response »

Harris&Ewing Childs Restaurant, Washington, DC 1918 • IMF Economists Say Some Countries Can ‘Just Live With’ High Debt (Reuters) • Fed Mouthpiece Jon Hilsenrath Furious “Stingy” US Consumers Don’t Spend (ZH) • Goldman Sachs to Companies: Stop Buying Back Your Stock (Bloomberg) • Pension Payments Are Starving Basic City Services (SacBee) • Europe and Greece: The Damage Is Done (Bloomberg) • Greek Standoff Takes Another Twist as Dueling Plans Are Drafted (Bloomberg) • Tsipras To Meet EU’s Juncker As Greece

Debt Rattle June 2 2015

Jun 022015

June 2, 2015 Posted by Raúl Ilargi Meijer at 9:49 am Finance Tagged with: bubble, Fed, god, Great Depression, Greece, Nash, oil, pensions, QE, stocks, velocity of money 5 Responses »

Lewis Wickes Hine Berrie pickers, Seaford, Delaware. ‘Seventeen children and five elders live here’ 1910 • Velocity of Money Below Great Depression Levels (Martin Armstrong) • From Whence Cometh Our Wealth – Labor Or Printing Press? (David Stockman) • Fed’s QE Policy Helped Most Where Needed Least (MarketWatch) • The Winners and Losers of the Fed’s QE • “The Fed Has Been Horribly Wrong” Deutsche Bank Admits (Zero Hedge) • Easy Access to Money Keeps US Oil Pumping (WSJ) •

Debt Rattle June 1 2015

Jun 012015

June 1, 2015 Posted by Raúl Ilargi Meijer at 10:26 am Finance Tagged with: China, derivatives, Draghi, liquidity, migrants, money creation, QE, Shale, swap, TBTF, timebomb, Tsipras 1 Response »

Lewis Wickes Hine Whole family works, Browns Mills, New Jersey 1910 • QE For The People: Monetary Policy For The Next Recession (Bloomberg) • The Liquidity Timebomb – Monetary Policies Create Dangerous Paradox (Roubini) • Bond Dealers Enfeebled as Liquidity Breakdown Boosts Derivatives (Bloomberg) • Top US Fund Managers Attack Regulators (FT) • Banks Are Not Intermediaries Of Loanable Funds – And Why This Matters (BoE) • Alexis Tsipras: The Bell Tolls for Europe (The Automatic Earth) • Defiant Tsipras

Alexis Tsipras: The Bell Tolls for Europe

May 312015

May 31, 2015 Posted by Raúl Ilargi Meijer at 5:00 pm Finance Tagged with: Europe, Greece, institutions, Tsipras 11 Responses »

Alexis Tsipras: The Bell Tolls for Europe

Jack Delano Brockton, Mass., Enterprise newspaper office on Christmas Eve 1940 This is a letter From Greek PM Alexis Tsipras in today’s Le Monde. I have little to add, his eloquence needs few comments at this moment. One thing is certain: the negotiations will never be the same. And neither will Europe. Straight from the Prime Minister’s offical website: : Alexis Tsipras: On 25th of last January, the Greek people made a courageous decision. They dared to challenge the one-way

Debt Rattle May 31 2015

May 312015

May 31, 2015 Posted by Raúl Ilargi Meijer at 10:44 am Finance Tagged with: collapse, currency war, Delhi, Fed, FIFA, GDP, migrants, pope, QE, subsidies, Ukraine Comments Off

Jack Allison “Utopia Children’s House, Harlem, New York.” 1938 • There’s A Currency War Going On And The Fed Can’t Play (CNBC) • When Betting on QE Suddenly Goes Wrong (WolfStreet) • For The Fed, It’s The Rebound That Matters (MarketWatch) • What Bubble Vision Doesn’t Get About Q1’s Punk GDP Numbers (Stockman) • Why the Bank of Japan Can’t Stop a Sudden Collapse of the Yen (WolfStreet) • China Central Bank: We Want ‘Healthy’ Stock Market (Reuters) • What

Debt Rattle May 30 2015

May 302015

May 30, 2015 Posted by Raúl Ilargi Meijer at 10:48 am Finance Tagged with: austerity, birth rate, brainwashing, China, FIFA, forex, Greece, IMF, inequality, margin debt, recovery, superpower 2 Responses »

Arnold Genthe San Francisco, “Grant Avenue at Sacramento Street.” 1930 • Big Banks Run Everything: Austerity, The IMF (Salon) • Investors Helpless Against Wall Street’s Secret Brainwashing Machine (Farrell) • US Economy Shrank 0.7% in First Quarter as Trade Gap Jumped (Bloomberg) • Margin Debt Breaks Out: Hits New Record 50% Higher Than Last Bubble Peak (ZH) • No Recovery Has Seen This Many Dips Since The 1950s (MarketWatch) • The Desperate Plight of a Declining Superpower (Michael T. Klare)

The Pressure Just Shifted from Greece to the US and EU

May 292015

May 29, 2015 Posted by Raúl Ilargi Meijer at 2:32 pm Finance Tagged with: ECB, ELA, eurozone, GDP, Greece, IMF, Target2, US 2 Responses »

The Pressure Just Shifted from Greece to the US and EU

Walker Evans Saint Charles Street. Liberty Theatre, New Orleans 1935 With the 3rd US Q1 GDP print coming in at -0.7% (-3% if not for inventories), perhaps the media spotlights – and lively imagination – can move away from Greece for a few weeks. The US has enough problems of its own, it would seem. For one thing, its Q1 GDP is now worse than Greece’s. Of course its debt is also much higher, just not to the IMF and

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