And...It's Gone

(The refinery that is)
Thursday, June 19, 2014, 10:26 AM

Just a few hours ago, amid the reports of fighting in and around the Baiji refinery in northern Iraq, there were plenty of assurances that the main Iraqi forces were in complete control. » Read more



Off the Cuff: Vacuum of Leadership

Where have all the Churchills gone?
Thursday, December 5, 2013, 2:21 AM

In this week's Off the Cuff podcast, Chris and Mish discuss:

  • Raising taxes until morale improves
    • Europe's misguided approach to its woes
  • Tough medicine for underfunded pensions
    • Detroit bankruptcy may be a key precedent
  • Manipulation & fraud
    • Two things the TBTF banks get away with
  • Vacuum of leadership
    • A defining crisis of our time
Daily Digest

Image by david.nikonvscanon, Flickr Creative Commons

Daily Digest 11/14 - Spain's Solar Police To Kick In Doors, Ultrabright Rechargeable LED Lamps

Thursday, November 14, 2013, 10:03 AM
  • Campaign 2016: The Dumb Season Starts Early
  • Christy Clark: B.C.'s LNG Plants Will Do World A Clean-Air Favour
  • Home heat map tool good for wallets, earth: U of C experts
  • Trans-Pacific Partnership Chapter Released By WikiLeaks
  • Spain's solar police to kick in your door
  • Here’s why central banks are REALLY cheapening their currencies: Rickards
  • Gold & Silver vs. Hope & Change. Place Your Bets!
  • Stock Market Forecast 2014 Crash or Rally? Drone Wars and the Nuclear Apocalypse
  • Ultrabright Rechargeable LED Emergency Lamp
  • Tough Choices in “An Embarrassment of Riches”
  • New Report Finds US Ethanol Mandate is Destroying the Environment
Daily Digest

Image by digitalmoneyworld, Flickr Creative Commons

Daily Digest 9/14 - Without Knowledge of the Past There is No Future, Rationale For Owning Gold

Saturday, September 14, 2013, 9:47 AM
  • Without Knowledge of the Past There is No Future
  • Rationale For Owning Gold In The Coming Deflationary Bust
  • Saudis join Twitter campaign for higher pay
  • Stephen Hawking's on the team - but why no Bruce Willis? World’s biggest brains get together to work out how to save us all from the end of the world
  • U.S. and Russia Reach Deal to Secure Syria’s Chemical Arms
  • An Adage Adjustment for Investors at Retirement
  • Judge Blocks Shipment of Oil Equipment Through Idaho Forest
  • E.P.A. Is Expected to Set Limits on Greenhouse Gas Emissions by New Power Plants

Alasdair Macleod: Europe is a Hot Mess

Its banks are the weak point in the global financial system
Sunday, July 28, 2013, 9:42 AM

It's almost August, the month everyone in Europe takes off on holiday to forget their troubles. This year may be different, though, as not only can many not afford a vacation, but Europe's troubles loom so large that forgetting them won't be easy... » Read more


Where Will the Minsky Moment Occur?

Which country will start the next crisis?
Tuesday, June 25, 2013, 4:36 PM

Executive Summary

  • Spain: after tens of €billions in bailouts, its banks still need more
  • Germany: its largest banks are ridiculously levered
  • France: its banks are deteriorating fast with the sinking French economy
  • UK: bail-ins are now on the table

If you have not yet read Part I: Europe's Precarious Banks Will Determine the Future available free to all readers, please click here to read it first.

Spain and Bankia

The true state of the Spanish economy (i.e., it is in depression) should be uppermost in our minds when we consider recent developments at Bankia, the Spanish mortgage bank formed only thirty months ago out of the wreckage of Spain’s regional mortgage banks. Bankia underwent a subsequent bail-out only a year ago and has been a continuing disaster, as shown by the share price in the chart below.

Having fallen from an adjusted €106 to only 68 cents as recently as last November, the share price tells us that Bankia is simply bust. The new G20 bail-in rules cannot have helped Bankia hold on to its deposits; the only deposits left should be those of the small depositors prepared to rely on government insurance.

The Cyprus bail-in precedent has undoubtedly made Bankia’s position worse than it would otherwise be. At March 31st Bankia... » Read more


Europe's Precarious Banks Will Determine the Future

Ticking time bombs
Tuesday, June 25, 2013, 4:09 PM

Crying Wolf?

It is easy to get the impression that the naysayers are wrong about Europe. After all of the predictions of Armageddon, ten-year government bond yields for Spain and Italy fell to the 4% level, France (which is retreating into old-fashioned socialism) was able to borrow at about 2%, and one of the best-performing bond investments has been until recently – wait for it – Greek government bonds! Admittedly, bond yields have risen from those lows, but so have they everywhere. It is clear, when one stands back from all the usual euro-rhetoric, that, as a threat to the global financial system, it is a case of "panic over." » Read more

Daily Digest

Image by Images_Of_Money, Flickr Creative Commons

Daily Digest 6/5 - Portugal 'Should Leave Euro', Beef Prices At Record High

Wednesday, June 5, 2013, 8:39 AM
  • EPA: The United States needs $384 billion in drinking-water infrastructure improvements
  • Argentina May Tax Revenue Rises 27.4% on Year to ARS77.8 Billion
  • Portugal 'should leave euro': best-selling economist
  • Portugal's biggest unions band together for general strike
  • Italian businessmen drop trousers to protest hounding by taxman
  • Many Probationers Go Unsupervised Because of Budget Cuts
  • Cost cutting: Spain's national police buy own bullet-proof vests
  • Chicago Public Schools new pension headache
  • Illinois Losing Rally as State Fails to Fix Pension: Muni Credit
  • China gold imports to keep growing after hitting record high
  • Disney hikes some park prices to over $90
  • Beef Prices Hitting Record High for Summer
  • Gold Imports by India Seen Falling as Central Bank Widens Curbs
  • State of Florida to increase yellow light minimums following 10 News Investigation into red-light camera intersections
Daily Digest

Image by PhotoJunkie!, Flickr Creative Commons

Daily Digest 6/2 - The High Cost Of Unemployment, Devastating OK Storms Continue

Sunday, June 2, 2013, 9:38 AM
  • Get Far Away From USA ... Its Collapse Will Be Messy: Jeff Berwick
  • U.S. judge orders Google to turn over data to FBI
  • Why Didn't the SEC Catch Madoff? It Might Have Been Policy Not To
  • The High Cost Of Unemployment
  • Unemployment Hits Record High in Euro Zone
  • Deadly Storms in Oklahoma Bring Flooding and More Tornadoes
  • Fracking Tests Ties Between California ‘Oil and Ag’ Interests

Off the Cuff: Turbulence Ahead!

Rising bond yields are an ugly portent
Thursday, May 30, 2013, 10:01 AM

In this week's Off the Cuff podcast, Chris and Mish discuss:

  • Weakness in U.S. Treasurys
    • The mother of all powder kegs
  • The Japan Bug
    • Finally finding its windshield
  • The Pain in Spain
    • A preview of what's coming to the rest of the EU
  • The Odds of a Euro breakup
    • Getting higher all the time