Here Comes The Next Crisis: Up To 30% Of All Mortgages Will Default In “Biggest Wave Of Delinquencies In History”
And unfortunately this time the crisis will be far worse…
Tag: default
Why the Coming Wave of Defaults Will Be Devastating
In an economy based on borrowing, i.e. credit a.k.a. debt, loan defaults and deleveraging (reducing leverage and debt loads) matter. Consider this chart of total credit in the U.S. Note that the relatively tiny decline in total credit in 2008…
Why Even a Modest Disruption Will Shatter the Status Quo
Consider this clipping from the August 1932 San Francisco Chronicle newspaper: “Reduction of salaries of municipal employees and limitation of city positions to only one member of a household will be sought by (Supervisor) Adolph Uhl in two amendments to…
IMF to change its lending rules for Ukraine – WSJ
‘The International Monetary Fund will go ahead with the promised $17.5 billion loan to Ukraine even if Kiev defaults on its $3 billion debt to Russia due in December, reports The Wall Street Journal. Current IMF policy forbids it loaning to countries that default on other governments. In 2013, Russian President Vladimir Putin and then […]
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Maintaining the Illusion of Stability Now Requires Ever-Greater Extremes
On the surface, everything still looks remarkably stable in the core industrial economies. The stock markets in Japan, Germany and the U.S. are only a few percentage points off their highs, and we’re constantly assured that inflation no longer exists…
Greece crisis: Referendum exposes a gaping hole at the heart of the European Union – its lack of genuine legitimacy
‘And now for Greece’s moment of truth. Or not, as the case may be. The effectively bankrupt country, its economy paralysed and its banks set to run out of cash on Monday, goes to the vote in a referendum that may determine its continuing membership of the euro, as well as the fate of Prime […]
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Greek prime minister refuses to call off bailout referendum and accuses Europe of attempting to ‘blackmail’ the country into accepting terms in TV address
‘Greek Prime Minister Alexis Tsipras has vowed to press ahead with his plan to put austerity measures to voters after European creditors rebuffed its latest proposal for a new aid program. But finance ministers were still discussing the country’s situation and nothing seemed set in stone. Many European officials had ruled out any deal with […]
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The Global Template for Collapse: The Enchanting Charms of Cheap, Easy Credit
According to polls, the majority of Greek citizens want the benefits of membership in the euro/EU and the end of EU-imposed austerity. The idea that these are mutually exclusive doesn’t seem to register. This is the discreet charm of magical…
America’s Greece: Puerto Rico Can’t Pay Its Massive Public Debt
‘Puerto Rico has long been one of the most impoverished territories in the United States. With over 40% of the population living under the poverty line (almost twice as high as Mississippi, the poorest state), and an unemployment rate of over 12%, they’ve been in a recession since 2006. But their financial problems don’t stop […]
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Collapse, Part 1: Greece
The theme this week is collapse. It’s a big, complex topic because there are as many types of collapse as there are systems. Some systems appear stable on the surface but collapse suddenly; others visibly decay for decades before finally…
‘West’ is Not the Charity Business: There’ll Be Hell to Pay for Ukraine
‘While Kiev declares that it would not repay Russia’s $3 billion loan or even seize Russia’s assets in Ukraine, such moves may deal a heavy blow to the very foundations of international law, US economist […]
Poroshenko signs law allowing moratorium on Ukraine’s foreign debt payment
‘The Ukrainian parliament approved the bill, which could affect repayment of the country’s $3-billion debt to Russia on May 19. Russian President Vladimir Putin said earlier the bill de facto was an announcement of a […]
Greece unable to pay June IMF installments: Minister
‘Greek Interior Minister Nikos Voutsis says the country will not be able to pay the next installments of a huge debt to the International Monetary Fund (IMF) scheduled for early next month. “The four installments […]
When Europe Gets Greece’s Jingle Mail: Dealing with Default
The costs and consequences of Greece exiting the Eurozone may well dwarf the financial losses triggered by Greece’s default. The term Jingle mail originated in the great popping of the housing bubble 2008-2011. It refers to defaulting homeowners mailing the…