By Don Quijones: The Spanish magistrate Elpidio Silva is just about the only judge in the Western hemisphere to have sent the CEO of a bailed-out too-big-to-fail bank to jail. Turns out, that was huge mistake.
Vietnam and China are in a red-hot standoff in the South China Sea over China’s oil rig in Vietnam’s 200-mile exclusive economic zone. But inaction in Congress has boxed the US into a corner.
Petrobras is the world’s most indebted and least profitable oil major. It has $114.3 billion in debt. Production stagnates. Its shares have lost half their value since 2010. It’s embroiled in scandals. And President Dilma Rousseff is on the hook.
In 2000, China had $1 trillion of credit market debt outstanding – a figure which has now soared to $25 trillion. No economic system can remain stable and sustainable after undergoing a 25X debt expansion in only 14 years.
By Don Quijones: Europeans are pushing back against the EU Super State. Tired of being treated as lab rats in a dysfunctional economic and political experiment, a large minority will vote for euroskeptic parties in the nearing European elections.
By Don Quijones: “Spain’s banks are back on track,” the Spanish Banking Association announced to great fanfare. That’s the official story. But these banks reported financial results that “bear no relation to reality.”
Q1 GDP growth is trending at a tepid 1.5%. But don’t worry. It’s the weather! Wall Street is predicting “escape velocity” for the fifth spring-summer in a row. Why? Because it’s already priced into the stock market!
“Professional bullying from administrators to run both a pill mill and a needle jockey business was tremendous. I resisted the entire time. But god, it wore me out.”
By Don Quijones: With more back channels and revolving doors to governments around the world, Monsanto is used to getting its way. But now it faces an outright rebellion.
By Cassandra: In the South of the Eurozone, people feel crushed, their future sacrificed on the altar of the Holy Euro. I’m in the Netherlands, so north of the Great Divide. We’re not suffering as much as the people in Greece, Spain, and Portugal. Not yet.