Low wages, mounting student debt and rising rents in the trendy urban centers where millennials prefer to live leave young people with little to spend on luxuries like an iPhone, or tickets to Fyre Festival pt. II. So, since millennials can’t seem to buy anything outright, payment companies are partnering with businesses to offer financing options for goods that, in the past, would’ve gone straight on the credit card, according to MarketWatch.
With interest rates ranging from 0% to 30%, compared with the average rate of 17% on credit cards, millennials are increasingly financing purchases from airplane tickets to luxury bedsheets with loans from payment companies like PayPal and Affirm. Indeed, millennials’ seeming inability to pay for anything outright has caused revolving debt in the US to balloon past $1 trillion. Continue reading
Russian scientists and local oil field services companies claim to have created a technology for thermochemical gas fracturing that could be an alternative to hydraulic fracturing and could increase oil production by between 1.7 and 6 times, Russia’s news agency RIA Novosti reports, citing the University of Tyumen’s press service.
In hydraulic fracturing, rocks are fractured with high-pressure injection of fluids, while the new breakthrough technology, as claimed by Russian scientists and media, is creating chemical reactions in the strata that contain oil. Continue reading
A certain Michael Andrew is the former global director of accounting at KPMG. He’s also the present generalissimo of Australia’s Black Economy Taskforce.
The stated mission of this “taskforce” sets it among the angels — to combat terrorism, narcotics, tax dodging.
Cash is of course the coin of these evil realms. Continue reading
Forty years ago, in the wake of the Arab oil embargo that made the United States acutely aware of just how dependent its economy was on imported crude, the government set up the Strategic Petroleum Reserve in a bid to make sure there were no repeats of the painful shortages the embargo caused.
Now, there are about 700 million barrels in the SPR. The U.S. is producing 9.42 million barrels daily, as of the week ending August 4th, a figure that is set to continue rising as shale producers keep on pumping more. Imports as of last week averaged 7.8 million barrels daily, with the four-week average at 8 million bpd. This means that the SPR holds crude oil equal to 40 days of local production plus imports. Continue reading
Beijing: China has expressed “grave concern” at the Trump administration’s probe into whether China steals intellectual property and discriminates against US technology companies.
After Mr Trump signed a presidential order to start the probe, which could lead to sanctions, China’s commerce ministry hit back saying the United States “should not become a destroyer of the multilateral rules” of world trade. Continue reading
The need to change is becoming more obvious than ever
The world is edging closer to the final moments after which everything will be forever changed. Grand delusions, perpetuated over decades, will finally hit the limits of reality and collapse in on themselves.
We’re over-budget and have eaten deeply into the principal balances of all of our main trust accounts. We are ecologically overdrawn, financially insolvent, monetarily out past the Twilight Zone, consuming fossil fuels (as in literally eating them), and adding 80,000,000 net souls to the planet’s surface — each year! — without regard to the consequences.
Someday there will be hell to pay financially, economically, and ecologically as there simply isn’t any way to maintain these overdrafts forever. Reality does not renegotiate. Its deal terms aren’t compromisable.
For those who have the neural plasticity to actually see what’s happening around us, the changes are already here, blatant and frightening. Younger folks, with their fresher eyes and fewer ties to the past, can see them a lot easier than their elders.
QUESTION: Mr. Armstrong; I attended the Paris conference of the BIS when you were the keynote speaker. You delivered a forecast that was probably too far ahead for its time. You said the euro would go through and it would first drop but then peak with deflation in 2008 after the markets crash from 2007. You elaborated saying currency rises during a crash when people run to cash. You also said the euro would then decline for 13 years into 2021 before a new system will emerge.
That stuck in my mind and I watched it fall then rally into 2008 and the crash of 2007 you forecast some 10 years in advance. My question is simply this. You said, if I remember correctly, that the dollar would soar thereafter and we would see another monetary crisis as we did in 1985. Is this your Monetary Crisis Cycle you will reveal in Orlando?
I, and a few others from that conference, have bought tickets. I hope to shake your hand this time for a job well done for they would not have tried to stop you forecasting if you were like everyone else who are usually wrong. Continue reading
– Every era, every century, every generation has its massive technological disruption
– Taxi drivers being “disrupted” by technology of Uber
– History shows how “middle men” frequently made redundant
– Skill set of many professionals today can be replicated by machines and technology
– Technology may make lawyers, accountants, architects and doctors redundant
– We risk “cannabalising ourselves” with internet and emerging technologies
Once the Portuguese had opened up the passage to India via the Atlantic, the old Silk Roads, the commercial superhighways of the medieval ages from China to Istanbul, were gradually downgraded in global commerce. Economically, the Earth shifted on its axis from Asia to the Atlantic. This was the great disruption.
It took a while, but the commercial earthquake triggered by the Portuguese heading around Africa in 1497 and sailing triumphantly into the port of Calcutta in India is impossible to understate. So much changed, from slavery to mass manufacturing, from the conversion of England’s peasants to proletarian workers and, more traumatically, the mass expropriation of native lands, stemmed from the commercial imperative to trade as much stuff as possible in as many countries as possible.
Rudy Penner, the former director of the Congressional Budget Office and the person described by MarketNews international as “one of Washington’s most respected fiscal policy experts”, told MNI Wednesday in an exclusive interview that he expects a “very scary” fall 2017 due to fiscal issues, with market-disrupting battles ahead on both the debt ceiling and fiscal year 2018 spending. Penner directed the CBO under president Reagan, worked at high level posts in the White House budget office, and the Council of Economic Advisers. He is currently a fellow at the Urban Institute and sits on the board of the Committee for a Responsible Federal Budget. Continue reading
Having battled through the travails of an ever-tightening sanctions regime and a prolonged economic downturn, which in most cases led to a freezing up or lowering of expenditures and the adoption of a very risk-averse investment strategy, Russian companies are now destined to embark upon a new expansion, this time in the Middle East. With the recently imposed U.S. sanctions further impacting Russia’s ability to form partnerships with Western majors, Iran, Iraq and possibly even Syria will become the new hub of Russian oil-related investments. Immensely rich in oil, yet lacking the funds necessary to exploit it, virtually unsanctionable for any potential cooperation with Russian companies (even sanctions vis-à-vis Iraq are implausible given the ongoing fight against the Islamic State) and brought ever closer together politically on the back of recent developments in the region, the Middle East-Russia axis is bound to get stronger with time. Continue reading
Exports outweigh imports in February, April, May: EIA
The U.S. has been a net exporter of natural gas for three of the first five months of 2017, according to a note released by the EIA. This is historically significant, as February, April and May are so far, the only months in which the U.S has been a net exporter of natural gas since 1958. Continue reading
Yesterday, China vowed to fulfill its duties as part of the United Nations’ latest effort to curb North Korea’s nuclear intentions… but we’re not convinced.
The U.S.-sponsored Resolution 2371, which passed with unanimous support from all 15 UN council members on Saturday (Aug. 5), was drafted with the purpose of hitting Kim Jong Un’s regime where it will hurt the most: trade.
Specifically, the latest batch of North Korea sanctions will bar North Korean exports of several key commodities – including lead, lead ore, iron, iron ore, coal, and seafood. These restrictions, in turn, will deny the country an estimated $1 billion in exports annually – equivalent to about one-third of its total trade with the outside world per year. Continue reading
Vladimir Putin is sowing division within the United States to keep America from becoming the next energy superpower. Continue reading
Quoted by Reuters, Ryabkov said that “we will of course intensify work related to import substitution, reduction of dependence on U.S. payment systems, on the dollar as a settling currency and so on. It is becoming a vital need.” The reason for that is that “the US is using its dominating role in the monetary and financial system to impose pressure on foreign business, including Russian companies.”