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Conoco Phillips’ $34 billion writedown makes me bullish
I read about ConocoPhillips taking a massive $34 billion writedown and my first reaction was glee. Why? This type of draconian response demonstrates that the glut of oil we now see will soon be a deficit.
The oil patch is notoriously…
Zimbabwe: The 100 Trillion Dollar Note
The new $100,000,000,000,000 note is now out in Zimbabwe. It is worth 23 Euros ($30)
Baltics: Violence from an Argentina-style collapse
The riots on the streets of Vilnius and Riga in the Baltics are not being covered in the least in the U.S. media (Hat tip Ken). I believe they should because, as with Greece, the social unrest we are witnessing in those countries is the…
Is Japan next on the road to quantitative easing?
News in Japan has been particularly grim. Industrial production has plummeted, exports are in free fall and banks are simply not lending as excess reserves pile up. As a result, Japanese share prices threaten to revisit lows that bring the…
Bank of America: Bailout hides huge bank subsidy deep in press release text
Marshall Auerback here. I wanted to add a few thoughts to the discussion about recent events in U.S. banking. Below is the Federal Reserve press release on the Bank of America bailout. Here are the most important words from the release:…
Countrywide is the real problem at Bank of America
Now that the government has bailed out Bank of America, I want to remind you that this Bank is a serial acquirer and that the Merrill acquisition is not the only boneheaded move by Bank of America.
Links: 2009-01-16 – Banks, Ireland, and Africa
There is a lot of news out there so I have broken the links up into distinct sections. But, I have three topics of particular note today. They are banks, Ireland and Africa. Let's start with banks.
Everyone has heard what is going on at…
U.S. CPI: Lowest since 1954 – deflation here we come
The United States Department of Labor released its monthly data on inflation today at 8:30AM. The data showed that inflation rose only 0.1% over the last year, the lowest reading since 1954. I should note that oil and food prices continue…
Peter Schiff: “Government is a burden on the economy”
Peter Schiff is that market wizard people were laughing at just a year ago because of his extreme views. Well, things have turned out much as he has indicated they would. So, now he has a captive audience. And what is he saying?…
Ireland nationalizes Anglo Irish bank
The Irish government scrapped a planned recapitalization of Anglo Irish Bank and moved straight to full nationalization. While some may view this as a necessary move to shore up a troubled institution, I see this as ominous news because…