By Nick Cunningham: ExxonMobil, BP, Total, and other oil majors are doubling down in Russia despite moves by the West to isolate Russia; they just signed mega-contracts with state-owned Russian oil companies – sanctions be damned.
Election results for the European Parliament mortified the French political class, as this universally despised layer is called in France. But now the winner has the gall to accuse the government of “having rigged the vote by the most odious means” to prevent its victory.
By Don Quijones: The Spanish government is desperately trying to offload one of the bailed out, nationalized, and supposedly fully restored banks. The problem: no one wants it.
While the US economy, and by extension the world economy, is desperately waiting for escape velocity to finally kick in, world trade has descended into a very unpropitious slump.
Our spoiled American tech heroes yearn to get those big-fat contracts with the Intelligence Community. But it seems IBM is far better at financial engineering than actual engineering.
By John Ward: Incalculable risk.... The biggest reason remains exactly the same: derivative commitments. Everyone’s ignoring the elephant in the corner with body odor issues.
By Ky Krauthamer: Grins were on the faces of CNPC executives as they celebrated a blockbuster 30-year deal for Russian gas. For some, however, those grins might turn to grimaces; CNPC has been caught up in a series of highest profile corruption investigations.
In 2000 and 2007. The consequences were spectacular. Now, it happened a third time in fifteen years. And it’s forming an increasingly terrifying chart.
By Lee Adler: Actual, nominal retail sales grew at the robust annual rate of 4.8% after posting the best April performance since 2009. But we're in treacherous waters.
By Stefan Mudry: During upheavals that cause our system to collapse – this is what you’re preparing for with a Bug Out Location – lacking pesticides, fertilizers, and energy for irrigation and equipment will reduce food production. And then what?
By Sam Pothecary, Argentina: It said the economy shrank for the first time since 2012. This is confusing to us who live here: Does that mean it had been growing for years of peso devaluations, soaring inflation, unemployment, strikes, rising poverty and crime?
By Adi Kamdar: Stephen Colbert, host of Comedy Central's The Colbert Report, lampoons Amazon's absurd new patent on photography in front of a white background (brief video).
Boeing got more orders in the first quarter than archrival Airbus. So at the ILA Berlin Air Show, Airbus CEO Fabrice Brégier spoke up against this ridiculous injustice. True to his Frenchness, he exhorted the ECB to do what central banks are supposed to do.
The equation might not have gone so horribly awry if each class of graduates had seen their incomes skyrocket in line with their student debt. But that’s a crummy joke in America.
By James Murray: 30 years ago, if you’d told me I’d go to a fast-food joint, order on a tablet, and eat a machine-made burger, I would have said, "No way." And today?
By Don Quijones: “I don’t think the government will want this to go to the courts, as it won’t benefit anyone.”
“People thought sanctions were about visas for oligarchs wanting to visit Disneyland. But they are much more important.”
Home prices in San Francisco hit $945,000 in February, 16% above the prior peak. But momentum stocks, which the city is addicted to, are crashing. With terrible results.
By David Stockman: The monetary plumbers keep banging money market rates to zero, thereby ignoring what the money market rate really is in a financialized, debt-ridden system: the price of hot money, the single most important price in all of capitalism.