During the crisis of 2007-2008, there was fair bit of discussion of the so-called Minsky Moment, when an economy that has built a house of cards of speculation and over-leveraged “Ponzi units” (creditors that could never make good on their commitments, and are viable only by finding new suckers to give them new debt to […]
Read more...By L. Randall Wray, a Professor of Economics at the University of Missouri-Kansas City who writes at New Economic Perspectives WASHINGTON, 7 NOVEMBER 2017*. Yesterday Speaker of the House Dennis Kucinich was sworn in as President, replacing President Jeb Bush, who had fled to Riyadh, Saudi Arabia, aboard Air Force One seeking asylum in his […]
Read more...From an employee of a New Orleans community clinic, via reader Doug: I wanted to write to tell you how appreciative (though not surprised, of course) I was to see that your boss made a trip down to the Gulf to see the complete disaster that has unfolded here. We, and especially our partners in […]
Read more...The geyser of oil and less than cheery news on the Gulf oil spill continues unabated. The news updates of the day include: Reports from a Congressional briefing that suggest, as many have speculated, that the mud was removed despite heavy gas output, a warning sign, with BP admitting its workers may have made a […]
Read more...This is just a snippet (and this message is per the request of Lambert Strether, who has a post of his own up and trying to get further information from other Deepwater Horizon live cam bloggers or watchers): Major changes happening at BP Disaster site: http://monkeyfister.blogspot.com/2010/05… There have been several major eruptions of the seabed […]
Read more...Simon Schama tonight warns in the Financial Times that revolutionary rage is close to the boiling point in Europe and the US : Historians will tell you there is often a time-lag between the onset of economic disaster and the accumulation of social fury. In act one, the shock of a crisis initially triggers fearful […]
Read more...It isn’t hard to see that the lack of decent information about how serious the Deepwater Horizon oil spill is is almost certainly due to obfuscation on the part of BP. The puzzling part is how BP can fantasize that it ultimately gains from this conduct, and why the Obama Administration tolerates it. The frustration […]
Read more...By Jan Kregel, former professor of economics at Università degli Studi di Bologna and Johns Hopkins,m and currently a senior scholar at The Levy Economics Institute and Rob Parenteau, CFA, sole proprietor of MacroStrategy Edge, editor of The Richebacher Letter, and a research associate of The Levy Economics Institute A week ago eurocrats launched their […]
Read more...It’s starting to fell like 2007 and 2008 all over again: banks suddenly cautious about lending to each other, with the stress spilling into other markets. Per Bloomberg: The cost to hedge against losses on European bank bonds is 63 percent higher than a month earlier. Investment-grade corporate debt sales in the region plummeted 88 […]
Read more...Reader Scott pointed me to this video on Bloomberg featuring Royal Bank of Scotland’s Bob Janjuah. He has he has more company in his sober views than usual (Jim Rogers and Nouriel Roubini, among others).
Read more...So far, just a headline at the Wall Street Journal: “BP Suffers Setback in Installing Containment Dome” and merely a “Breaking News” listing. From its e-mail alert: Hydrate build-up stalled placement of the containment dome over gushing oil. The BP executive of the dome said, “I would say it has failed.” Scanning other news services; […]
Read more...The only moderate reduction in market havoc on Friday has all eyes on the European officialdom. Will they mount a credible enough plan over the weekend to buy them a bit of breathing room so they can come up a better salvage operation for the euro experiment? The odds are against both steps in the […]
Read more...From Reuters: BP has given up on efforts by underwater robots to close valves on a failed blowout preventer at the site of a massive oil leak in the U.S. Gulf of Mexico, an executive said on Friday. “We’ve essentially used up all those options,” Doug Suttles, chief operating officer for BP (BP.L) (BP.N) said […]
Read more...We’ll know in due course, now that an investigation is underway, why the equity markets in the US went into complete freefall for about twenty minutes, with the Dow dropping 998 points. Per Bloomberg: Larry Leibowitz, chief operating officer of NYSE Euronext, said trades sent to electronic networks fueled the drop. While the first half […]
Read more...By Marshall Auerback, a fund manager and investment strategist who writes for New Deal 2.0. Many market analysts, commentators and economists claim to be having a hard time finding a metric in which the US is in better financial shape than Greece. Ken Rogoff, for example, recently warned that a Greek default would usher in […]
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