A “positive spiral effect?” Lenders are closing their eyes, sales are soaring, risks are piling up, auto loan balances jumped 15% in 12 months to an all-time high, and repossessions in the subprime segment more than doubled.
By Dennis Miller: How much does it take to keep up with inflation? Inflation feeds the illusion of wealth, but it is just that: an illusion. If your income does not keep up, you are getting poorer by the day.
By Bianca Fernet, Argentina, The Bubble: In 2012, Argentina introduced a 15% tax on credit card purchases made in foreign currency. Which turned into 20%. And now, after promising not to raise it again, the government raised it to 35% and closed the last legal window to acquire dollars at the official rate.
One of the few rebellious Fed heads, Richmond Fed President Jeffrey Lacker, fired a salvo when testifying before the House Judiciary Committee. He hit Wall Street risks covered by implicit government guarantees in the size of America’s GDP.
By John Daly, Oilprice.com. A product of the Keystone XL pipeline delay is that crude from the Alberta oil sands is refined in the Midwest, generating slag heaps of petroleum coke, or “petcoke,” whose airborne particles has local residents up in arms.
Tally: 7 deaths, 90 injuries from shootings, stabbings, tramplings, fights, pepper sprayings.... “Only in America people trample each other for sales exactly one day after being thankful for what they already have,” a tweet explained. It’s been tough for retailers too.
In Eurostat’s “harmonized” unemployment rates for EU Member States, Austria is the glory land for job seekers: 4.8% unemployment, in first place, a universe apart from Spain (26.7%) and Greece (27.3%). But this “harmonized” rate is bologna. Austria is facing a growing crisis.
By Llewellyn King, executive producer, host, “White House Chronicle” on PBS. The US government and Texas oil man George Mitchell forged a partnership so effective that it has changed the world.
By Don Quijones: While many Spaniards may spit bile and venom at the merest suggestion of Catalonian autonomy, they would do well to ask themselves what happened to their own national sovereignty. How is it, for example, that Spain is taking orders on virtually all economic matters from men in black dispatched from Brussels and Frankfurt?
Japan’s new economic religion of printing yourself out of trouble works. For the elite. This is a lesson learned from the Fed. But how are workers and consumers faring? And by implication the real economy?
By Marin Katusa, Chief Energy Investment Strategist: The world changed: Iran made a deal with the US, Russia, China, the UK, France, and Germany. Forget the nuclear weapons program. There’s only one thing on the minds of these six countries: oil.
By Don Quijones: Two years ago, Mariano Rajoy rode a wave of public anger to victory in Spain’s general election. The man who could never win anything was suddenly gifted the closest any politician can hope to get to absolute power in an ostensibly democratic society.
The first thing I noticed after I’d removed the glossy brochure from the envelope was the crisp $5 bill. I’m a sucker for free money. After peeling it off the letter, I started reading. It was from Google and involved a lot more money – in return for just about all my private data.
By Doug French, Casey Research: In March, 2009, under pressure from Congress, the Financial Accounting Standards Board, a private-sector organization, motivated banks to become the worst slumlords and neighbors imaginable.
By Rory Johnston, OilPrice.com: Iran has the world’s fourth largest oil reserves and second largest natural gas reserves. Any news affecting its place in the international system – such as the tentative deal reached on Sunday – is sure to affect global energy markets.
Stock market bubbles – they allow investors to make the mostest the fastest – don’t happen in a vacuum. They happen in a context. But this time, the context is different. Very different.
By Jeff Clark, Senior Precious Metals Analyst: Can you name a commodity that is in a supply deficit where production and scrap material can't keep up with demand? Two? There aren't very many. But when you do find one, you might be on to a good investment.
Suddenly, there’s a solution to France’s economic crisis. Unlike the cacophonous clamor from the far right to drop the euro, this one is attractively presented with graphs and in terms that even a French politician might understand. And it’s not contaminated by partisanship.