By John Galt August 15, 2011 – 22:45 ET The rally in world equities might seem to be providing a sigh of relief to investors and some governments world wide as a sign of calm and confidence might be returning to the markets but reality is, as always, found in the credit markets. This time the destination for a safe haven has been diverted from the Swiss currency and into Swiss bond futures. The 3 month Euroswiss futures for September 2011 have surged so much…
By John Galt August 15, 2011 – 22:15 ET Here we go again, with the official China Securities Journal reporting that ¥4.6 trillion or about $719 billion in local government debt due this year and next. This has been estimated by the authorities to be approximately 43% of total troublesome debt according to an article in Business China today. From the same article, RMB 4.6 tln of Chinese Local Government Debt Due in 2011-2012 (Click to read in full), it would appear that some aspects…
By John Galt August 15, 2011 – 21:45 Uh,oh…Germany is getting a wee bit ticked about bailing out the weak sisters in this unfortunate political union. Ambrose Evans-Pritchard outlines this in his latest UK Telegraph column. Click on the title below to read the nightmare of European devolution in full. Germany’s Angela Merkel faces eurobond mutiny
By John Galt August 15, 2011 – 21:35 ET The UK Telegraph has the most bizarre story I have read in a long, long time in tomorrow’s print edition: Navies seek “pirate cultural adviser” (Click on the title to read in full) From the story by Colin Freeman: It must rank as one of the most unusual recruitment adverts ever placed, even by the standards of the European Union: the search is on for a “pirate cultural adviser” to help naval commanders understand the foes…
By John Galt August 15, 2011 – 21:20 ET I’ll let Obama from July 3, 2010 in this YouTube video from the Associated Press and the headline and summary from Bloomberg tonight say everything that needs to be said. Evergreen Solar Files for Bankruptcy Owing $485.6 Million By Steven Church – Aug 15, 2011 3:58 PM ET Evergreen Solar Inc. (ESLR), a maker of electricity generating solar panels, filed bankruptcy with plans to sell itself at an auction in order to pay creditors owed $485.6…
By John Galt August 15, 2011 – 21:15 ET At the request of some of my listeners I have elected to post up the nightly “Woo-Woo” report with the strangest, most conspiratorial stories of the day as my vast news sources around the world do tend to bring up the news of the bizarre which one day might well be the norm. Without further ado, simply click on the titles to view each story at their original source in all their glory. Obesity and debt…
By John Galt August 15 2011 – 07:00 ET I noticed once again the big hoopla with the rumor the Swiss National Bank may or may not have started regarding the pegging to the Euro and the “sudden” price move in the USD/CHF cross. A quick look at the charts should give even the most casual observer the obvious observation that a 20% correction is more than warranted regardless of the rumor and 30% would not be a surprise. At this point in time, 70.70…
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