The Automatic Earth

Debt Rattle April 17 2015

Apr 172015

April 17, 2015 Posted by Raúl Ilargi Meijer at 9:21 am Finance Tagged with: Banks, Beijing Put, China, derivatives, Finland, Germany, Greece, Grexit, housing, migrants, sovereign bonds, Ukraine 3 Responses »

Jack Delano Myrtle Beach, S.C. Air Service Command Technical Sergeant Choken 1943 • The REAL Issue With a Grexit/Greek Default is Derivatives (Phoenix) • Grexit Dangers Mount: Yanis Varoufakis Warns Of ‘Liquidity Asphyxiation’ (AEP) • Germany: Has Any Country Ever Had It So Good? (Bloomberg) • Greece To Raid Coffers As IMF Dashes Hopes Of Resolving Crisis (Telegraph) • Greece Deal Appears Distant Amid Deadlock In Reform Talks (Kathimerini) • Finland: ‘Not As Bad As Greece, Yet, But It’s Only

Is May 9 The Grexit Date?

Apr 172015

April 17, 2015 Posted by Raúl Ilargi Meijer at 12:48 am Finance Tagged with: debt, ECB, Grexit, IMF, payments, Syriza, Troika, Tsipras, Varoufakis 4 Responses »

Lewis Wickes Hine Boys working in Phoenix American Cob Pipe Factory 1910 Yes, more Greece, ever more Greece. Well, the focus is still very much there. It’s not the only topic, obviously, China warrants interest too, certainly with things like Tyler Durden quoting Cornerstone Macro as saying China’s true economic growth rate was just 1.6% in Q1 2015, not the official government number of 7%. Never trust anyone, especially a government, that consistently meets or beats its predictions. With housing

Debt Rattle April 16 2015

Apr 162015

April 16, 2015 Posted by Raúl Ilargi Meijer at 9:07 am Finance Tagged with: bonds, car loans, China, Draghi, ECB, endgame, Greece, Grexit, Growth, pope, rate hike, Schaeuble, student loans 12 Responses »

NPC Sidney Lust Leader Theater, Washington, DC 1920 • Greece In ‘Slow-Death Scenario’ Amid Defaults Fears (CNBC) • IMF Knocks Greek Debt Rescheduling Hopes (FT) • The Endgame For Greece Has Arrived (Zero Hedge) • Why The Grexit Is Inevitable – How About May 9th? (Raas Consulting) • UBS Says Europe Risks Bank Runs On Grexit (Zero Hedge) • Fed’s Bullard Says Rate Hikes Are Needed For Coming ‘Boom’ (MarketWatch) • Warren Says Auto Lending Reminds Her Of Pre-Crisis Housing

Debt Rattle April 15 2015

Apr 152015

April 15, 2015 Posted by Raúl Ilargi Meijer at 9:28 am Finance Tagged with: China, GDP, Japan, layoffs, liquidity, migrants, nuclear, Syriza, timebomb, UK, welfare 2 Responses »

George N. Barnard Federal picket post near Atlanta, Georgia 1864 • China GDP Tumbles To Lowest In 6 Years Amid Dismal Data (Zero Hedge) • China Walks $264 Billion Tightrope as Margin Debt Powers Stocks (Bloomberg) • Hong Kong’s Peg to Instability (Pesek) • ‘Timebomb’ UK Economy To Explode After Election – Albert Edwards (Guardian) • IMF Fears ‘Cascade’ Of Woes As Fed Crunch Nears (AEP) • Prudential Chief Echoes Dimon Saying Liquidity Is Top Worry (Bloomberg) • Syriza Against

The Weak Suffer What They Must: Yanis and the End of Europe

Apr 142015

April 14, 2015 Posted by Raúl Ilargi Meijer at 9:41 pm Finance Tagged with: budget, EU, euro, eurozone, Finland, Greece, healthcare, poverty, Varoufakis 4 Responses »

The Weak Suffer What They Must: Yanis and the End of Europe

DPC French Market, New Orleans 1910 From southern Europe to the far north, matters are shifting, sometimes slowly, sometimes faster. There are moments when it seems all that goes on is the negotiations over the Greek dire financial situation and its bailout conditions, but even there nothing stands still. The Financial Times ran a story claiming Greece is about to default on is debt(s), and many a pundit jumped on that, but there was nothing new there. Of course they

Debt Rattle April 14 2015

Apr 142015

April 14, 2015 Posted by Raúl Ilargi Meijer at 7:51 pm Finance Tagged with: China, Greece, lawns, migrants, militarism, Shale, student loans, True Finns, water 3 Responses »

NPC Walker Hill Dairy, Washington, DC 1921 • The Shocker Crushing The Economy Revealed (Zero Hedge) • China’s Economy: Hard Landing Or Welcome Rebalancing? (Guardian) • The Risks Behind China’s Silk Road Growth Gamble (CNBC) • Citi Analysts Call The ‘End Of The Iron Age’ (CNBC) • Shale Oil Boom Could End in May After Price Collapse (Bloomberg) • Scrap Fossil Fuel Subsidies, Bring In Carbon Tax – World Bank Chief (Guardian) • The New Militarism: Who’s The Real Enemy?

Debt Rattle April 13 2015

Apr 132015

April 13, 2015 Posted by Raúl Ilargi Meijer at 10:16 am Finance Tagged with: Australia, BIS, China, collapse, copper, exports, Greece, housing bubble, London, New Zealand, oil 3 Responses »

George N. Barnard Nashville, Tennessee. Rail yard and depot. 1864 • China’s March Exports Shrink 15% Year-on-Year In Shock Fall (Reuters) • China’s March Exports Come In Far Worse Than Expected (WSJ) • China’s Trade Collapse Raises Fears Of Growth Slowdown (Telegraph) • World Bank Warns Of Hit To Australia As Chinese Growth Falters (AAP) • China’s Stock Surge May Very Well End In Tears (MarketWatch) • The $9 Trillion Short That’s Seen Sending the Dollar Even Higher (Bloomberg) •

Debt Rattle April 12 2015

Apr 122015

April 12, 2015 Posted by Raúl Ilargi Meijer at 9:14 pm Finance Tagged with: Anonymous, China, GE, income tax, migrants, Nikkei, Stiglitz, universe, Varoufakis 3 Responses »

Byron Street haberdashery, New York 1900 • Top 20% of US Earners Pay 84% of Income Tax (WSJ) • Stocks Surge: Nikkei Tops 20,000, Europe Hits 15-Year High (Reuters) • Eurozone Officials Shocked By Greece’s Stance, Says German Newspaper (Reuters) • Yanis Varoufakis and Joseph Stiglitz (INET) • ECB Sees Risks In Greece’s Planned Home Foreclosure Law (Reuters) • Druckenmiller: This Could End ‘Very Badly’ (CNBC) • GE Plan Opens Escape Path From Fed Too-Big-To-Fail Label (Bloomberg) • New Zealand

Debt Rattle April 11 2015

Apr 112015

April 11, 2015 Posted by Raúl Ilargi Meijer at 7:08 pm Finance Tagged with: agriculture, drought, euro, Greece, pope, ruble, WWII 2 Responses »

G. G. Bain Goose Creek, houses on the water, Jamaica Bay, Long Island 1910 • Euro’s Reserve Status Jeopardized As Central Banks Dump Holdings (Blooomberg) • Why The Euro Could Fall Even Further (CNBC) • Putin’s New Problem Is The Strong Ruble (Bloomberg) • Greece: The Next Deadline Approaches (CNBC) • Greek Finance Minister Steers Debt Talk His Way (NY Times) • 100,000 Italians Sign Petition For Eurozone Exit Referendum (RT) • PetroChina Overtakes Exxon Mobil To Become World’s Biggest

The American Consumer Will Never Be Back

Apr 112015

April 11, 2015 Posted by Raúl Ilargi Meijer at 7:42 am Finance Tagged with: America, Bernanke, Bloomberg, consumer, debt repayments, savings, spending 10 Responses »

The American Consumer Will Never Be Back

Harris&Ewing Inauguration of air mail service, Washington, DC 1918 That title may be a bit much, granted, because never is a very long time. I might instead have said “The American Consumer Won’t Be Back For A Very Long Time”. Still, I simply don’t see any time in the future that would see Americans start spending again at a rate anywhere near what would be required for an economic recovery. Looks pretty infinity and beyond to me. However, that is

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