Austerity is over, proclaimed the IMF this week. And no doubt attributed that to the ‘successful’ period of ‘five years of belt tightening’ a.k.a. ‘gradual fiscal consolidation’ it has, along with its econo-religious ilk, imposed on many of the world’s people. Only, it’s not true of course. Austerity is not over. You can ask many of those same people about that. It’s certainly not true in Greece.
One should not assume that anyone is actively striving for a crash. But, in view of the negotiations – set to begin in 2018 – on a European fiscal union (implying systematic transfers from the EU’s north to its south), it wouldn’t hurt if Germany and the Netherlands knew what would happen if they did not sign a possible treaty.
Johnnie Mac Sells, 52, the owner of a suburban St. Louis nursing home where 60 residents had to be rescued after food ran out and trash piled up, has pleaded guilty to federal charges for stealing $667,000 from Medicaid and spending it on strippers, gambling and other things.
Less than two months after Wags made waves around Wall Street with a viral Bloomberg story about the first "subprime" pet rental company, the predatory lender which charged as much as a 70% APR has filed for bankruptcy.
“The national government, through the central bank, is going to try to swap gold held as reserves for dollars to stay in power unconstitutionally,” according to the letter signed by National Assembly President Julio Borges.
Despite having made its bond payment due last week, Venezuela’s state oil company, PDVSA, remains in fire financial straits, with virtually no funds or liquidity, and regardless of the close Russia-Venezuela ties, a Russian state-run shipping company has taken a tanker of PDVSA crude "hostage" in the Caribbean over $30 million worth of unpaid shipping fees.
The world’s biggest aluminum producer, China Hongqiao Group, is in trouble locked in a feud with its accountant over fraud allegations that have forced it to not only suspend trading of its shares and seek a bailout from Beijing, but to warn of “serious effects” if nothing is done, including “regional systemic financial risks” and “dramatic social unrest.”
Bondholders confirmed that Venezuela's state-owned oil company PDVSA made principal and interest payments of $2.2 billion today, avoiding default yet again despite what Vice President Tareck El Aissami called a "ruthless economic war" being waged against the Maduro government. That's the good news, the bad news is that PDVSA has $62 billion more in principal and interest due over the next few years.
More than 50 years ago, President Dwight Eisenhower warned us not to let the military industrial complex endanger our liberties or democratic processes. We failed to heed his warning. Wake up, America. There’s not much time left before we reach the zero hour.
As OPEC begins to discuss extending the cut, in part to combat a flood of U.S. supply, Venezuela’s role in the world oil market amplifies. Convincing a financially weak quasi-dictatorship to slow down the production of its country’s primary economic asset is a tough sell.