A New World LNG Order: Ambrose Evans-Pritchard writes for The Telegraph: The United States is poised to flood world markets with once-unthinkable quantities of liquefied natural gas as soon as this year, profoundly changing the geo-politics of global energy and posing a major threat to Russian gas dominance in Europe. "We anticipate becoming big players, and I think we'll have a big impact," said the Ernest Moniz, the US Energy Secretary. "We're going to influence the whole global LNG market." Status of LNG Terminal Approvals and Proposals: The Geopolitics of LNG: The World of … [Read more...]
The Monday Melee: China Losing Control?
China Stock Exchange Goes Vertical: As the Chinese stock market goes vertical, and its housing market stagnates near record lows, the government’s solution is the same medicine that hasn't worked in Europe, Japan or the United States, more debt. China’s First Developer Default: Kaisa Group Holdings, a Chinese real estate developer has defaulted on two of its dollar-denominated bonds. The company failed to pay $52 million it owed last month, and wasn’t able to come up with the money by the end of the grace period that ended on Monday. Kaisa develops large residential properties and … [Read more...]
The Monday Melee: Iron Fadin’
Iron Ore Prices Dropping Fast: The price of iron ore has dropped dramatically since its peak in February of 2011. Imports to China's Tianjin Port have seen a price decline of 66.5%. Producers Facing Loss: According to ANZ Research, many iron ore producers are facing losses if they continue production. ANZ states, "BHP and Rio are the lowest-cost producers and are the only ones making decent profits at the current price. Brazil’s Vale is marginal and analysts say Fortescue is now losing money (which Fortescue disputes)." Mining in the Pilbara: … [Read more...]
Dire costs of easy Fed now and later: Jim Grant
CNBC: Closely followed market watcher Jim Grant disputes the argument that there's no harm in the Federal Reserve keeping interest rates near zero percent—calling for the cost of borrowing money to be determined by the free market. … [Read more...]
VIDEO: Warsh: How Markets are Calling Fed’s Bluff
From CNBC: The markets have been "absolutely spoiled by the Federal Reserve" and its accommodative monetary policy since the depths of the 2008 financial crisis, former Fed Gov. Kevin Warsh said Tuesday. Warsh, a distinguished visiting fellow at the Hoover Institution, was a Fed governor from 2006 to 2011. He was appointed by President George W. Bush. … [Read more...]
The Monday Melee: Incomes Grow Slower
Long Term Personal Income Trend Not Looking Great In February, Personal Income growth continued, but at a slower pace for the second month in a row. Growth rates are still far from their historical average of 6.8% per year, and for the last two months have fallen further away from that average. Personal Income growth has regularly been below 6.8% per year since the 1980s. Some States Faring Better than Others Quotable: "I'm living so far beyond my income that we may almost be said to be living apart." - E.E. Cummings Educated … [Read more...]
Gold Tested Again, Passes
Over the last week gold retested prices near $1150/ounce and continued to find support at that level. Since then prices have risen to $1192.88/ounce. Emerging markets Kazakhstan and Tajikistan both increased their purchases of gold in February. Putting downward pressure on the price has been India’s failure to cut the import duty on gold. A cut on the duty was expected and its failure to materialize hurts Indian demand for gold. Meanwhile in China, the government is fostering greater interest in gold by allowing a major expansion of gold mining and trading in the Middle Kingdom. But most vital … [Read more...]
The Monday Melee: The Grid
Quotable: "Electricity is really just organized lightning." - George Carlin Why We're Better Together: Community micro-grids backed by power storage devices like Tesla batteries may be on the horizon. These small power networks could be more reliable than traditional continent spanning grids. But until costs are reduced dramatically and bugs are worked out, traditional grid networks will remain a much more efficient way to distribute power. Massive grids allow a reduction in overall generating capacity by linking areas where peak demands happen at different times. The IEA shows here that … [Read more...]
Even the Bulls Know the Market is Rigged
CNBC: Ed Yardeni, President of Yardeni Research, shares his view of Fed guidance on the U.S. economy. The markets are all rigged, he says, due to the influence of central bankers. … [Read more...]
5.4 Million Homeowners Still ‘Underwater’
CoreLogic released a report today in which it found that 5.4 million homeowners are still underwater in their mortgages, meaning they have negative equity value in the home. In other words, they owe more on their mortgage than the value of the home itself. Another 10 million mortgaged properties are what CoreLogic calls “under-equitied,” meaning they have less than 20% equity. Despite these dire numbers, nearly 1.2 million U.S. borrowers regained equity in 2014, and the value of homes remaining in negative equity increased by $7 billion in the fourth quarter of 2014. As you can see on … [Read more...]
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