All

Housing Bubble 2 Already Collapsing for the 99%

by Wolf Richter •  • Comments Off on Housing Bubble 2 Already Collapsing for the 99%

This is precisely what shouldn’t have happened but was destined to happen: as prices are soaring, only luxury home sales are growing … 1% of the market! Something has to give.

Exxon, BP Defy Obama; Extend Partnership with Russia

by Oilprice.com •  • Comments Off on Exxon, BP Defy Obama; Extend Partnership with Russia

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.

Winner Accuses French Government of “Massive” Election Fraud

by Wolf Richter •  • Comments Off on Winner Accuses French Government of “Massive” Election Fraud

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.

For Love Nor Money: The Bank That Nobody Wants To Buy

by Don Quijones •  • Comments Off on For Love Nor Money: The Bank That Nobody Wants To Buy

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.

World Trade Suddenly Slumps (Just Forget ‘Escape Velocity’)

by Wolf Richter •  • Comments Off on World Trade Suddenly Slumps (Just Forget ‘Escape Velocity’)

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.

Cloud Wars: Now Even the CIA Slams IBM’s Technology

by Wolf Richter •  • Comments Off on Cloud Wars: Now Even the CIA Slams IBM’s Technology

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.

China’s Oil Giant At Center Of Corruption Probe

by Oilprice.com •  • Comments Off on China’s Oil Giant At Center Of Corruption Probe

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.

This Happened Twice Before, And Each Time Stocks Crashed

by Wolf Richter •  • Comments Off on This Happened Twice Before, And Each Time Stocks Crashed

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.

Argentina Fesses Up: Price of Milk Doesn’t Lie, But Politicians Do

by Contributor •  • Comments Off on Argentina Fesses Up: Price of Milk Doesn’t Lie, But Politicians Do

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?