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Discussing the function and malfunction of the global monetary order and its consequences on finance, economics, politics and society.
According to the Energy Information Administration, the national average price for gasoline was $4.26 per gallon at the end of April and it...
We know how central bankers are just itching to raise policy rates and all over the world, led primarily by those in Europe. The hawkishness...
Will this week’s economic data be enough to keep central bankers from chasing oil prices with rate hikes? Europe was barely positive. Canada...
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We know when Walmart or Dollar General are doing well, those are not good signs for the health of the consumer economy, particularly when it...
European banks just told the ECB they are tightening lending standards by the most since 2023. At the same time, the pick up in loan demand...
A week ago, the UAE said it was in consultation with the US government trying to arrange a dollar swap line. Since then, Treasury Secretary...
Interest rates going up. Oil prices big problem. The stock market kept soaring, but even though the S&P 500 gained 20% that year more stocks...
Back in April 2020, oil prices went negative after the futures market underestimated just how much demand had collapsed, causing chaos as ma...
Underscoring the global nature of private credit and the credit cycle, one of India’s biggest borrowers has announced it will be delaying pr...
The global economy is being set right up for a brutal summer, according to the latest incoming data. Manufacturing is up right now, but the...
European consumer sentiment is in "free fall", in the European govt's own words. DHL’s CEO warned the world is heading for a quote tipping p...
Countries REALLY don't want to go to DC and ask for a dollar swap line. One nation just did (according to WSJ) and it is one of the most cri...
Interest rates in China’s bond market are aggressively declining, more at the short-term maturities. It’s a classic bond bull case, which me...
Banks are taking more steps to distance themselves from the growing private credit bust. They’re revaluing private credit assets that have b...
The good news is the IRS is reporting about a 10% rise in average income tax refunds. However, the initial data is showing most Americans ar...
The IMF is getting nervous. Nervous to the point its chief economist just said the world is already drifting toward their newly minted adver...
You know who can’t stop talking about the private credit bust? The big bankers. Jamie Dimon is constantly in the media almost too happy to s...
Chinese banks are now trapped which is why China has finally entered an era of full-blown extend and pretend. It’s been on the edge of it fo...
With talks between the US and Iran falling apart, there will be renewed focus this week on the Strait of Hormuz, getting it open and restori...
Repo fails spiked to more than $415 billion. Treasury bill prices are jumping. Prices. US bank dealers are using their record government bon...
Target is throwing in the towel on its previous losing strategy. Like many businesses, it tried to raise prices only to find its customers g...
Several countries across Asia are confirming they experienced major dollar funding losses last month amidst a cash crunch on surging demand...
Airports are canceling flights right now due fuel shortages and fears they will worsen. Airlines are including those in the US are already r...
Jamie Dimon, the head of the country’s largest bank, wrote his annual shareholder letter accompanying the firm’s annual report. Filled with...
Almost four hundred thousand American workers dropped out of the labor force in March, setting yet a new low in labor participation. Why? Th...
Oil prices are absolutely soaring...AND CRASHING. Yes, at the same time. The main US petroleum benchmark surged by a whopping $11.42 a barre...
First, we have our "subprime is contained" moment from the Fed. Second, the run on Blue Owl is "unprecedented." Third, and more important th...
Thanks to Monarch for partnering with me! Start your free trial and get 50% off your first year of total money clarity using my link https:/...
The question everyone should be asking themselves right now, this second, is why isn’t oil $130 per barrel? Today. Right now. When you look...
Bond rates have completely reversed course and are falling again despite oil prices that haven’t budged. This is a clear warning that centra...
Many top European bankers did not do themselves any favors when pressed on the private credit bust, preferring to hide behind semantics or d...
It’s only been a little less than a month, but the economic and financial fallout from the Iran conflict is already taking shape as we searc...
The oil shock has moved way beyond merely being a price problem. The blockage at Hormuz has already created a very real physical shortage of...
Another major development in private credit crisis - yes, it is a crisis now. Moody's downgraded a $13 billion KKR co-managed private credit...
Blackstone’s $83 billion BCred fund just reported its first monthly loss due to actual credit problems. However, it’s never credit losses th...
Global financial markets are all over the place. We’ve talked about commodities being crushed, getting liquidated due to serious and underap...
Liquidations, not mere selling. There's more going on behind the scenes than you think. Critical metals being liquidated means a growing wor...
Sales of newly built homes crashed by a massive 17.6% in January, with a 44% drop in the Northeast and 34% slide in the Midwest. Of course,...
McDonalds is doing it again as the economy is now in a race against time. The fast food giant is creating a $3 value deal after having broug...
It was maybe inevitable that the oil shock would lead to a dollar shock especially around Asia. The sudden, sharp rise in oil prices is esse...
Meta Platforms is reportedly considering laying off over 20% of its workforce. The company didn’t confirm anything, but it also didn’t deny...
Deutsche Bank. Wells Fargo. Both global systemically important banks are sitting here watching their stocks get pounded in the same way as B...
A simply brutal reminder from Canada about the real state of the global economy. The Canadians backed up the US payroll number for February,...
Now it’s Morgan Stanley’s turn. Yesterday it was Cliffwater. Before that BlackRock and Blackstone. Of course Blue Owl. Morgan Stanley’s $8 b...
It is beginning to look more and more like a slow-motion shadow bank run. Yet another massive fund hit with largescale withdrawals. Not only...
We’ve been covering the macro housing bust for some time, and while it’s still there another major problem has come up and for the same reas...
Chaos at the Asian open last night with uncontrolled panic buying sending oil prices up to as high as $120 per barrel. Thankfully, they back...
Not one but two negative payrolls. That’s what we got from the latest update on the employment situation, a double dose of flat Beverage ami...
Chaos in the energy patch sent both prices and spreads exploding. It was the latter - the blowout in spreads - that is now the most concerni...