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“Stock market tremors are an early warning sign of economic crisis. Like Britain’s riots, recent market mayhem is symptomatic of a much wider problem…
“Years of quantitative easing has fed an asset price bubble of monumental proportions… Since the banking system went belly up in the financial crisis of 2008-10, non-bank forms of finance have ballooned, and today account for around half of all UK and global financial sector assets.”
https://www.telegraph.co.uk/business/2024/08/11/stock-market-tremors-early-warning-financial-crisis/
“The killjoy’s guide to how the financial turmoil might screw up your life…
“…according to S&P Global Intelligence’s Wattret: “We’re moving into a period that we haven’t been in for decades… We should still expect conditions to be more volatile going forward. It’s going to be a bumpy ride.””
“Hedge Funds Smell Blood as Lenders Turn on Each Other…
“So-called “creditor on creditor violence” has never been as rampant as now… With many businesses desperate to lower crushing interest costs, they’re becoming cutthroat. Pitting one set of creditors against the rest, to try to snag the best possible refinancing terms, is the order of the day.”
“US junk loan funds suffer biggest outflows in 4 years.
“US junk loan funds suffered their biggest outflows since early 2020 [ie pandemic era] during the recent plunge in global financial markets, as investors fretted about the impact of a potential economic slowdown on highly indebted companies.”
https://www.ft.com/content/97811b4d-e245-4322-8a0e-5ac215d822ab
“Survey: Half of American cardholders now carry credit card debt, many with no plan to pay it off…
“The cost of carrying credit card debt is high. Even so, more Americans — 50%, according to new Bankrate survey data — are carrying a balance today than they have been since March 2020.”
“BREAKING: US credit card serious delinquency rates jumped to 7% in Q2 2024, the highest level since 2011.
“Since 2022, delinquencies of 90+ days have more than DOUBLED. At the same time, auto loan serious delinquencies surged to 3%, their highest in 14 years.”
https://x.com/KobeissiLetter/status/1822658622452576712
“A recession in America by 2024 looks likely…
“By their standards, America’s next recession will almost certainly be milder and more pedestrian. But because the world economy, asset markets and America’s politics are all fragile, it may yet have nasty and unpredictable consequences.”
https://www.livemint.com/economy/a-recession-in-america-by-2024-looks-likely-11723383115390.html
“Real estate insolvencies in Canada set to surpass levels of global financial crisis.
“Residential property developers are facing rising insolvencies as they struggle with higher borrowing and construction costs – and industry experts warn the trend is likely to worsen as interest expenses remain elevated.”
“Britain has lost respect for the police, the Home Secretary has claimed in the wake of the riots.
“Yvette Cooper pledged to restore the public’s faith in the law as she warned would-be rioters that the streets would be flooded with police this week.”
“‘People just like rioting’: why swift justice may blur real motivations behind UK rampage.
“Dr Hannah Quirk, a reader in criminal law at King’s College London, said that history has shown that “people just like rioting … some have really nasty motives and some are just vulnerable and get caught up in it”.”
“Germany’s Economy Is Now Seen Barely Growing at All in 2024. Economists in survey predict 0.1% growth in 2024…
“Germany faces the prospect of hardly any growth this year in the wake of the economy’s surprise second-quarter contraction, according to economists.”
“Huge lithium-mining protest triggers crisis meeting in Serbia.
“Tens of thousands of protesters marched through the capital of Belgrade on Saturday to demonstrate against the opening of what could become one of the largest lithium mines in Europe.”
https://www.politico.eu/article/huge-lithium-mining-protest-triggers-crisis-meeting-in-serbia/
“Geopolitical Tensions Are Transforming the Rare Earth Market.
“China’s dominance in the rare earth market is gradually declining as other countries ramp up production. Western governments are incentivizing domestic rare earth production to reduce reliance on China and mitigate supply chain risks.”
“European gas traders shun Ukraine storage after Russian attacks.
“European traders this summer are using only a fraction of Ukraine’s vast natural gas storage, following Russian attacks that drove up risks, depriving the war-torn country of scarce revenues. Ukraine has the largest underground storage facilities in Europe…”
https://www.ft.com/content/139ae32f-41b6-4ce4-b691-c0cc36d200fd
“Ukrainian troops have advanced up to 30km inside Russia, in what has become the deepest and most significant incursion since Moscow began its full-scale invasion of Ukraine in February 2022…
“Foreign ministry spokesperson Maria Zakharova accused Kyiv of “intimidating the peaceful population of Russia”.”
https://www.bbc.co.uk/news/articles/crkm08rv5m0o
“How North Korea’s tactical missile deployment aggravates risks of nuclear use.
“North Korean leader Kim Jong Un made a show of delivering over 250 tactical ballistic missile launchers to “frontline units” this week, but NK Pro analysis shows that the DPRK already began deploying the modern missile system over a year ago, a troubling development that raises the risk of nuclear use on the peninsula.”
“South Korea and US will start summer military drills next week to counter North Korean threats…
“The drills could trigger a belligerent response from North Korea, which portrays them as invasion rehearsals and have used the allies’ military cooperation as a pretext to advance the development of nuclear weapons and missile systems.”
https://www.independent.co.uk/news/south-korea-ap-seoul-kim-jong-un-japan-b2594869.html
“Dozens of Rohingya fleeing Myanmar killed in drone attack.
“A drone attack on Rohingya fleeing Myanmar killed many dozens of people, including families with children, several witnesses said, describing survivors wandering between piles of bodies to identify dead and injured relatives.”
“Bangladesh’s chief justice resigns after fresh protests at Supreme Court.
“Chief Justice Obaidul Hassan handed in his resignation on Saturday, two days after Bangladesh’s new interim government led by Nobel laureate Muhammad Yunus was sworn in.”
“Will Pakistan unrest dampen China’s belt and road ambitions?
“…Despite Pakistan’s efforts to bolster security at China’s repeated request, the situation seems to be deteriorating, with a surge in unrest and violence targeting key Chinese projects under the Belt and Road Initiative, according to observers.”
“Pakistan Crisis | 74% Of Urban Pakistanis Struggling Financially: Sharp Increase From Last Year, Study Reveals…
“A recent survey reveals that a staggering 74 per cent of the urban population in Pakistan is currently grappling with financial difficulties, marking a notable increase from May 2023, when 60 per cent of households reported struggling…”
“Nearly 1.8 million Afghan refugees return home in past 12 months [most unwillingly]…
“A total of 1,779,603 Afghan refugees have returned to their homeland from Pakistan, Iran, and other countries over the past 12 months, the country’s Ministry of Refugees and Repatriation reported on Sunday.”
https://english.news.cn/20240812/38e3224aa7dc4f3586194503a8ebd711/c.html
“Executions surge as Iran uses Israel tensions as cover for crackdown at home…
“On Wednesday, the regime carried out its largest mass execution in more than two decades, putting 29 prisoners to death in a single day… Activists believe the actual number is significantly higher, as many families are forced to remain silent by pressure from the regime.”
“Iran Missile Unit Conducting Military Drills Near Iraqi Border.
“A missile unit of Iran’s military is conducting exercises near the Iraqi border to “improve the combat readiness” of its forces in the area, the state-run Islamic Republic News Agency reported.”
“An airstrike on a vehicle in eastern Syria near the porous border with Iraq killed at least five fighters from pro-Iran units, two security sources in the region told Reuters…
“Swathes of Syria’s eastern border with Iraq are controlled by armed groups aligned with Iran and who fought on behalf of Syria’s armed forces throughout the country’s civil war.”
“‘Maybe there is a sniper watching us’: Tensions run high on Israel’s deserted border with Lebanon.
“For 10 months, a violent, unstable status quo has held but it could at any point give way to a much wider war. In Israel’s deserted north, tensions are high.”
“US orders strike group to accelerate deployment to Middle East amid fears of Iran attack on Israel…
“The US secretary of defence, Lloyd Austin, ordered the Abraham Lincoln strike group to accelerate its deployment to the region, while at the same time announcing the deployment of a guided missile submarine, after speaking with his Israeli counterpart Yoav Gallant.”
“Israeli leaders keep saying the quiet part out loud…
“Smotrich is not as much of an outlier as some U.S. officials wish… The [far-right faction of Netanyahu’s cabinet] view of the war is uncompromising and brutal, and their contempt for the Palestinians living in Israel’s midst is not veiled.
https://www.washingtonpost.com/world/2024/08/12/israel-gaza-smotrich-starvation-crimes/
“Sudanese consultations with US on peace talks conclude without agreement, Sudan official says.
“Sudan’s consultations with the U.S. concluded without reaching an agreement on whether a delegation representing the army or the government will participate in peace talks in Geneva on Aug. 14, the head of Sudan’s delegation said on Sunday.”
“Zambia Closes Border With Congo, Blocking Key Copper Trade Route…
“The move follows protests in Congo that flared after the government of that country banned certain beverage imports from Zambia, ZNBC reported. Mulenga didn’t provide a time-frame on how long the government will keep the border closed.”
“Africans tell rich nations to honor aid promises…
“Speaking during a U.N. meeting on Africa’s development needs, Africa Union Chairman and Tanzanian President Jakaya Kikwete said he was concerned the financial turmoil in global markets would escalate, but rich countries had made aid promises to Africa that they should keep.”
“Armed Conflict in Indonesia’s Restive Papua Province Intensifies.
“Separatist struggles in Papua, Indonesia’s restive resource-rich easternmost province, 3,500 km across the Banda Sea from Jakarta, have been burning almost since the former Dutch colony was declared part of the country…”
https://www.asiasentinel.com/p/armed-conflict-indonesia-papua-intensifies
“New wars, old wars, famine, panic everywhere. So much for a quiet August…
“The world this month is experiencing an extraordinary peaking of volatility, instability and insecurity, unprecedented in recent times. It’s scary, it’s shocking, it’s a wild ride.”
“Bitcoin’s hashprice, a crucial metric that measures the revenue miners earn per unit of computing power, fell to an all-time low of $40 per unit per day on August 8, 2024.
“This decline is notable not only for its severity but also because it surpasses the lows experienced during the 2022 crypto winter. During that period, hashprice had bottomed out at $60 per unit, reflecting the severe challenges faced by miners amid a tumultuous market environment… it could create additional downward pressure on Bitcoin’s market price.”
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You can read the previous “Economic” thread here. I’ll be back tomorrow with a ”Climate” thread.
I can’t wait for the US football season to start so that I can turn myself in to an Oestereich for several months.
Curt, I am guessing you were autocorrected auf deutsche Weise and meant “ostrich”?
At half time, you can entertain yourself with blogs like C & E and Sonar 21
https://sonar21.com/ukraine-tries-to-go-nuclear-and-sets-itself-on-fire/
Can’t unsee the Iran mass hanging photo.
Each one of us here, for what we say and believe, could be the folks murdered by the authorities.
Yes, there is death and destruction in so many of these thumbnail photos proffered by Pan-O, and perhaps we are spared the direct photographic evidence of massacred bodies by high tech bombing from rich countries, but we should know it’s all luck and circumstance, however fleeting, that keeps us intact today.
“It’s all luck and circumstance” keeping us intact. TRUTH. Mass murder in Ukraine, Gaza and elsewhere paid for by my (Americans’) taxes. 🤬😱 I admit I am pretty worn down but obviously also unbelievably lucky at the moment.
US to provide $3.5bn more in military aid to Israel amid war on Gaza
Part of the military aid package will go to an Israeli army unit accused of serious rights abuses of Palestinians in the occupied West Bank.
10 Aug 2024
The United States will send an additional $3.5bn to Israel to spend on US-made weapons and military equipment, the Department of State has said, as the deadly war in Gaza continues into its 10th month and amid claims of widespread Israeli military abuses in the occupied Palestinian territory.
A State Department spokesperson said on Friday that the department had notified Congress on Thursday that the Biden administration intended to release billions of dollars worth of foreign military financing to Israel.
…..In addition to the other Billions funnelled to other areas in conflict
There was a recent write up about it but can’t recall the article..
The US military industrial complex prefers limited local wars that are controllable and manageable, considering it n longer can win a major actual war
The US is no longer the good guy any longer….
Yeah, crane booms as gallows. Very clever! They say necessity is the mother of invention.
Makes the Nazis look like amateurs . I’ll never forget seeing a drawing made from memory. A mass hanging by German soldiers in WWII. Retribution for the death of one of their own. One soldier on a ladder would climb high enough to tie a bit of rope around a lamppost. Another soldier would kick, drag and scream at the next victim until they too climbed another ladder, hands tied behind their back, high enough to be hanged.
The soldiers didn’t stop until they ran out of rope.
I did vacillate a little over that photo. I don’t want to shy away from gritty realities but then I don’t want to upset people unnecessarily…
Boy, I haven’t been to the Guardian in a while, but the headlines there sure are reading like some sort of apocalyptic shit-show. I’ve gotten used to seeing such incredibly grim news here at C&E, but the Guardian?
Am I jaded? Probably. I don’t really bother looking at mainstream media anymore. I was probably the last person in Juneau to hear about yet another flood on the Mendenhall. I always have to wonder how misinformed the people I’m talking to are. Or just plain uneducated.
Shortly after moving to a rural area of the Oregon coast I was informed by a local that I shouldn’t use such big words because where they come from people get punched in the face for that.
“Very Game of Thrones. Very Trump.” I’m no Trump fan, but it’s as if the Biden administration has not been an absolute nightmare with it’s love of WAR, censorship, Big Pharma whoring, and more.
“Poverty, lack of opportunity and official corruption roil the global street.” Then talks about Kenya and Africa. As if the US MIC (military industrial complex) has had nothing to do with all this.
“A growing propensity among authoritarian leaders to ignore international law and the UN charter is another common factor. Russia’s unprovoked invasion of sovereign Ukraine is a cautionary example.” Are you fcking kidding me? Amerika consistently votes against UN or ICJ ceasefires and condemnation of Israel’s genocide. And keeps on sending bbbbillions to Israel. (But good thing America doesn’t need that money domestically, right?)
“Unprovoked”? Again, Amerika had nothing to do with this, in their version. Wouldn’t want to educate the Guardian’s loyal readers, now would we?
The article does go on to condemn some of the horrors against Palestinians, but somehow doesn’t get around to holding Amerika accountable for its total enablement.
This is why I (like many of my fellow C & E readers) as much as possible don’t read MSM, unless it’s to laugh or get pissed off about all the lies.
“…demonstrate against the opening of what could become one of the largest lithium mines in Europe.” But it’s OK to leave mines, around the globe, open as long as it doesn’t interfere with all the technology I desire, both services & products. BTW we are going to finance everything, “with no plan to pay it off…” because we are deserving.
We will see how this works out when the masses can’t see the bigger problem at their front door.