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The Nigeria Labour Congress says it will declare a one-day national warning strike over the refusal of the Federal Government to reduce the electricity tariff.   NLC President Ayuba Wabba said this while addressing newsmen during the Central Working Committee meeting of the congress on Wednesday in Abuja.   On 29th January, the NLC led […]

When we last checked in on everyone’s favorite Latin American socialist paradise, Venezuela, President Nicolas Maduro’s opponents “had gone crazy.” Or at least that’s how Maduro described the situation in a “thundering” speech to supporters at what he called an “anti-imperialist” rally in Caracas in mid-March. Meanwhile, thousands of demonstrators had been holding counter-rallies calling […]Read More

Following three consecutive weeks of increases in initial jobless claims, which pushed the series to its highest level since the start of February, according to the BLS the last week saw a 9K decline in the number of claimants which dropped from 276K to 267K. This was fractionally below the 270K expected print, and suggests […]

Submitted by Mike “Mish” Shedlock of MishTalk Department of Education Wonders “Why 40% of Student Borrowers Don’t Make Payments”; Blame Bush (Seriously)! Over 40 percent of those in student loan programs have stopped making payments. Many borrowers have never made any payments. The department of education (a useless body that I would eliminate in one […]Read More

By Richard Breslow, a former FX trader and fund manager who writes for Bloomberg Mood swings have been fluctuating so quickly they resemble rapid-eye-movement rather than the expected ebb and flow of a normal market, such as it is in a QE world. On Monday S&P 500 futures made a year-to-date high. On Tuesday we […]

Long before negative interest rates shifted from the monetary twilight zone into the mainstream (with some 30% of global government bonds now trading with a subzero yield), one organization wrote a report warning about the dangers of NIRP. The NY Fed. Back in 2012, NY Fed staffers wrote “If Interest Rates Go Negative . . […]

Watching the European collapse over the past 6 years has been mostly an exercise in futility, during which unelected bureaucrats throw everything at an unsolvable problem just to maintain the “dream” a little longer, punctuated with moments of sheer, delightful absurdity. This was one of those moments. After yesterday’s shocking Dutch referendum outcome, in which […]

As of this moment, various European banks but most prominently Deutsche Bank… … as well as Credit Suisse and RBS, have been crashing back to lows hit in early February and then all the way back to the March 2009 “the world is ending” lows.  We commented on this yesterday using, ironically enough, a note […]

How very ironic. Over the weekend, just hours before the Panama Papers were released, we wrote a post that took “A Look Inside Iceland’s Kviabryggja Prison: The One Place Where Criminal Bankers Face Consequences.” And then, minutes later, the Panama Papers were disclosed by the ICIJ, which had a clear target: to “expose” the “circle […]Read More

Once again, US equities have given up the ‘great’ jobs report gains and are plunging fast with The Dow sufferung its worst day in 6 weeks. FX markets are turmoiling (USDJPY <108) and bond yields are collapsing to on-month lows. European and US banks are tumbling as despite Dimon’s bottom and the coordinated ease-fest of […]Read More

Submitted by David Stockman via Contra Corner blog, Even by The Donald’s standards his 95 minute long interview with the Washington Post was remarkable. He let loose so many stray shots as to leave the establishment press clucking in a chorus of disbelief. It undoubtedly started with the stink bomb he lobbied at the ” all is […]Read More

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