When BlackRock CEO Larry Fink grumbled about “way too much optimism” in the markets, he wasn’t kidding. An entire mindset is benchmarking today’s record metrics against the splendor of 2000 and 2007: not to warn, but to prove that this time it won’t end in tears.
By Daniel Graeber: Shell is already steeped in its Alaska offshore debacle. Now its new boss admitted that fracking in the US, after a huge investment, is a money-losing business.
By Don Quijones: “We have to fight corruption in order to build a new model of more sustainable and fairer growth,” pontificated the CEO of BBVA, a Spanish TBTF bank.
By Dan Dicker, Inside Investor: The release from the Strategic Petroleum Reserve took down the price of oil in the US, but not in the rest of the world, and didn't impact Russia. New measures are bandied about - ludicrous attempts by the government to flex some muscle.
The first official warning shot was fired before an all-out assault on the dollar system begins. Not by a Putin advisor that can be brushed off, but by Alexey Ulyukaev, Russia’s Minister of Economy and former Deputy Chairman of the Central Bank. A major escalation.
By Bryan Taylor, Chief Economist, Global Financial Data: Which country has the dubious distinction of suffering the worst bear market in history? It's still going on right now.
By Eva Galperin and Danny O'Brien, EFF: Russia has escalated its use of its Internet censorship law to target news sites, bloggers, and politicians under the slimmest excuse of preventing unauthorized protests and enforcing house arrest regulations.
It starts here: evictions in San Francisco hit the highest level since 2001, when the dotcom bubble was disintegrating. Everything these days gets benchmarked against the last bubbles: the dotcom bubble that blew up in 2000, the housing bubble that blew up in 2007.
By James Farro: Who knew what about the “surprise” release from the Strategic Petroleum Reserve? Because the news was leaked to a chosen few, days in advance.
It took a while. But it had to come, the public warning shot – after some ferocious lobbying behind closed doors. No one in Germany is allowed to get in the way of the sacrosanct exporters. The German economy, to the chagrin of neighboring countries, is based on them.
By John Ward: I understand from Whitehall sources that Bank of England Governor Mark Carney “does not believe the UK recovery is real.” Amazing how sometimes a sympathetic voice emerges to tell you, you’re on the right track. Now, in an odd manner, it's confirmed.
By David Stockman: The Fed and other central banks have planted time bombs all over the global financial system with their money printing spree. Now comes Yellen who speaks of bubbles as a “misalignment of asset prices” and professes not to espy any on the horizon.
I’m a coffee lover, and this is getting personal: our latte, espresso, or just plain good coffee is going to bite fiercely into our already mauled pocket book. In one crazy chart.
By Don Quijones: When it comes to dodgy landlords, few have it quite as bad as the tenants of a number of housing projects in Spain who were notified that the government had sold their units to an innocent-sounding investment fund called Cibeles.
By Renee Parsons: I’ve never missed George Carlin, a biting political satirist and a comic of clear-eyed integrity, as much as last week when some of the most utterly preposterous political pronouncements have been foisted upon the American public as gospel truth.
What Caused The Glorious Jump In Household Wealth (In One Insanely Good Chart) And Who Will Blow It Up Again?
The stock market has soared for five years, risks have ballooned, home prices have jumped. Gains built on the quicksand of endless liquidity and a lackluster economy. “Irrational exuberance” is back in the Fed's vocabulary. As the Fed’s Fisher said, it may end “in tears.”
By Nick Cunningham, OilPrice.com: ExxonMobil had a rotten week: a string of bad news from seething hotspots around the world, just as rising costs and flat output raise questions about the firm’s trajectory.
By Aaron Layman: All US home builders are dealing with the same problem…affordability. They’re now seeing the consequences of the Fed’s Catch-22: depressed sales.
By Valentin Mândrăşescu: Washington’s defaulting on an agreement with Russia about Ukraine’s future, and the prospect of NATO troops in Ukraine, convinced Putin and much of the Russian elite that there’s no point in negotiating with the US. Big risks lie ahead.