By Analysts of Oil & Energy Insider: The Ukraine controls the transit of 90% of Russia’s natural gas to Europe and dependents on Russia for 60% of its own gas consumption. Russia is using its gas stranglehold on the Ukraine to gain control of its transit system. The EU is involved too. An epic struggle. But now, a deal with Turkey might usurp it.
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France Clamors for Currency War, Bundesbank Warns Of Housing Bubble
by Wolf Richter • • Comments Off on France Clamors for Currency War, Bundesbank Warns Of Housing Bubble
The euro, its dexterous management, the “whatever-it-takes” guarantees by ECB President Draghi, the trillions being shifted around to prop up banks and governments – all these efforts to keep the Eurozone duct-taped together have hit countries differently. Including France and Germany. They’re shooting at each other now, and hitting the ECB.
Texas Instruments CFO Admits: Stock Market Is Overpriced
by Wolf Richter • • Comments Off on Texas Instruments CFO Admits: Stock Market Is Overpriced
Stocks balloon, we’re incessantly told, because revenues are rising due to great products, ingenious strategies, or brilliant marketing; and because earnings are rising due to, well, if not rising revenues, then cost cutting, moving production overseas, squeezing suppliers…. But what if revenues sag and earnings plunge, not for a bad-hair quarter, but for years, and the stock still balloons?
Another Canadian Oil Train Derailment Punctuates The Crude Transportation Debate
by Oilprice.com • • Comments Off on Another Canadian Oil Train Derailment Punctuates The Crude Transportation Debate
By Rory Johnston, of OilPrice.com: Early Saturday morning, a 134-car freight train carrying crude oil and liquefied petroleum gas derailed and exploded outside of Gainford, Alberta. The third such CN derailment in the past month. And three months ago, the tragic Lac-Mégantic disaster claimed 47 lives and incinerated the center of the town.
Exponential Increase of US Gross National Debt 1972-2013 (Chart)
by Wolf Richter • • Comments Off on Exponential Increase of US Gross National Debt 1972-2013 (Chart)
Why I’m So Worried About Japan’s Ballooning Trade Deficit
by Wolf Richter • • Comments Off on Why I’m So Worried About Japan’s Ballooning Trade Deficit
Trade is one of the critical elements in Abenomics. Devaluing the yen would boost exports and cut imports. The resulting trade surplus would goose the economy. But the opposite is happening. And it isn’t happening in small increments, with ups and downs, but rapidly and relentlessly. It’s not energy imports. They actually dropped! It’s a fundamental shift.
Another Heap Of Wall-Street Hype and BS
by Wolf Richter • • Comments Off on Another Heap Of Wall-Street Hype and BS
Earnings estimates for Q3 have been crashing for a year. On October 1, 2012, our brilliant Wall Street analysts estimated that they’d leap 15.9%. As of Friday, these brilliant analysts have chopped their forecasts for the same brilliant quarter down to a measly growth of 2.1%. Stagnation! Now they’re hyping how companies are beating these crummy forecasts!
Dollar Destruction And Gold Over 47 Years – A Personal Story
by Johnnygeneric • • Comments Off on Dollar Destruction And Gold Over 47 Years – A Personal Story
David Stockman: Blackstone Double Dip
by Wolf Richter • • Comments Off on David Stockman: Blackstone Double Dip
The Wall Street machinery was back in business thanks to the Fed’s policies, David Stockman writes. When Extended Stay America exited bankruptcy, its new owner was, well, Blackstone – which had done the LBO. To underscore that speculators had returned to the scene of the strangulation, as it were, its partner in the deal was John Paulson’s hedge fund.
This Is What Happens When A Spanish Judge Sends A Senior Banker to Jail
by Don Quijones • • Comments Off on This Is What Happens When A Spanish Judge Sends A Senior Banker to Jail
By Don Quijones: Four months ago, Miguel Blesa, ex-CEO of failed Caja Madrid and senior member of the governing Popular Party, was in jail. Accused of felonies ranging from irregularities in Caja Madrid’s purchase of City National Bank of Florida to wrongful “appropriation of funds,” Blesa was not even granted bail by the judge. But now he is free, and the judge is in trouble.