It looks like it is going to be another chaotic week for global financial markets. On Sunday, news that Iran plans to dramatically ramp up oil production sent stocks plunging all across the Middle East. Stocks in Kuwait were down 3.1 percent, stocks in Saudi Arabia plummeted 5.4 percent, and stocks in Qatar experienced a mammoth 7 percent decline. And of course all of this comes in the context of a much larger long-term decline for Middle Eastern stocks. At this point, Saudi Arabian stocks a... (more)
For the first time ever, the Baltic Dry Index has fallen under 400. As I write this article, it is sitting at 394. To be honest, I never even imagined that it could go this low. Back in early August, the Baltic Dry Index was sitting at 1,222, and since then it has been on a steady decline. Of course the Baltic Dry Index crashed hard just before the great stock market crash of 2008 too, but at this point it is already lower than it was dur... (more)
It was another day of utter carnage on Wall Street. The Dow was down another 364 points, the S&P 500 broke below 1900, and the Nasdaq had a much larger percentage loss than either of them. The Russell 2000 has now fallen 22 percent from the peak, and it has officially entered bear market territory. After 13 days, this remains the worst start to a year for stocks ever, and trillions of dollars of stock market wealth has already been wiped out globally. Meanwhile, junk bonds continue their col... (more)
United States President Barack Obama delivered just his final State of the Union address – but unfortunately the facts don’t serve his fictional narrative.
Stefan Molyneux and Peter Schiff go through Obama’s address and discuss the state of the economy, the stock market crash, misleading unemployment numbers, the illusion of job creation, Federa... (more)
Amid stock market panic in China, many of the country's most prominent billionaires are disappearing without a trace. This week, Zhou Chengjian, the chairman of the clothing company Metersbonwe became the most recent wealthy Chinese businessperson to go missing. Metersbonwe said in a statement on Thursday that it would be suspending its shares on the Shenzhen Stock Exchange and that the... (more)
With more financing in place, the world’s tallest skyscraper is moving forward.
Recent media reports indicate that the final segment of financing has been obtained for the $1.2 billion Jeddah Tower project in Saudi Arabia. This is the financing that would be necessary to bring the project to record heights. Media reports also show that the structure has risen to more than seventy-five meters (246 feet) and construction is proceeding at an uninterrupted pace.
Over the past year, Puerto Rico's financial problems have received national attention. Not only is the territory mired in high unemployment, but their government is also buried under a mountain of debt. Officials have desperately tried to keep the situation under control, and have pleaded with Congress to let them restructure their debt, but to no avail.
Now Puerto Rico is going to ring in the New Year by defaulting on a portion of $1 billion in bonds that are due next Monday.... (more)
The government in Baltimore is quietly relocating poor minorities from the inner city to rich white neighborhoods in the suburbs. They say explicitly they're doing it "under the radar" because it gets people angry, lol. - Chris
While Washington seems obsessed with trying to humiliate China's President Xi Jinping and make him lose face, sending warships into Chinese territorial waters in the South China Sea just days after Obama's White House meeting with President XI, and other provocative acts, Britain's government is taking advantage of the growing cleft between Washington and Beijing. They are cleverly moving to develop a prominent role in what they see as emergence of the Chinese currency, the Renminbi (RMB), as a ... (more)