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Meanwhile, Mass Layoffs Continue For America's Miners

Tyler Durden's picture




 

Earlier this month we reported that Patriot Coal, the second-largest coal miner east of the Mississippi, had filed for bankruptcy (again) due to “challenging market conditions.” 

Summarizing, a global supply glut (which, as we’ve shown is by no means confined to coal), cheap natural gas, and efforts to curb pollution have conspired to drive prices ever lower, creating an epic downturn in the coal market, exerting enormous pressure on producers. 

The latest casualty: nearly 2,000 workers at Murray Energy (where the mascot is a bald eagle).

Murray, the third-largest producer in the US, will layoff 21% of its employees with the majority of the cuts coming in West Virginia, which is staring down a $195 million budget gap thanks to the slide in coal prices.

Interestingly, CEO and founder Robert Murray is adding businesses just as fast as he’s subtracting employees in an effort to stay afloat by driving down the cost of production.

Of course, the acquisition spree is being funded by all manner of debt including three quarters of a billion in second-lien notes. Here’s WSJ:

Murray two months ago paid $1.4 billion for a controlling stake in Illinois basin miner Foresight Energy LP. The new company controls over nine billion tons of coal reserves, and can generate nearly 90 million tons of coal production annually—enough to supply 4% of the U.S.’s yearly electricity needs.

 

Murray, which already has roughly $1.9 billion in debt, said it would finance the purchase with new debt, including a new $1.6 billion term loan facility and approximately $860 million in second-lien senior secured notes. In late 2013, Mr. Murray paid $3.25 billion to buy five mines from Pittsburgh-based Consol Energy Inc.

How is all of this likely to turn out? Poorly and with thousands more lost jobs and thus thousands more Americans set to be "Liesman'd" out from the BLS's official numbers so the US can perpetuate the "recovery" narrative. 

Don't believe us? Just ask Robert Murray himself:

“We have the absolute destruction of the coal industry. If you think it’s coming back, you don’t understand the business — or you’re smoking O.P. — because it’s not going to come back.”

 


 

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Fri, 05/22/2015 - 12:27 | 6121850 Luckhasit
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after reports of our man. with one of those development banks, smoking crack, i wouldnt be surprised.

Fri, 05/22/2015 - 12:48 | 6121929 CrazyCooter
CrazyCooter's picture

I have said this for a while, and I have no idea how the timing works out, but when NatGas surpluses finally go *POOF* due to a collapse in free money to fund fracking, coal will come back around. Cheap gas has displaced coal demand.

In fact, I think coal supplies are actually tighter than most realize.

The big players are going to consolidate and bk liabilities so they have clean assets when prices get around to bouncing back. Electricity is one of the last things folks give up prior to being homeless, so the demand is always going to be there.

Regards,

Cooter

Fri, 05/22/2015 - 13:26 | 6122067 Flakmeister
Flakmeister's picture

Aside from the PRB, coal mining is dying because the quality of the domestic reserves are plummeting. Just like shale, they are scraping the bottom of the barrel with expensive extraction techniques and they simply cannot compete with cheap Aussie reserves...

Fri, 05/22/2015 - 13:35 | 6122109 CrazyCooter
CrazyCooter's picture

Not sure why you got a downvote ... your right.

However, once fracked natgas dries up, the BTUs have to come from somwhere to keep the lights on ... and I suspect that will be coal at higher (extraction) prices (costs).

Regards,

Cooter

Fri, 05/22/2015 - 13:47 | 6122158 Flakmeister
Flakmeister's picture

Wind and solar are already eating coal's lunch...

Face it, the 19th century was a fun ride, but its time is over...

Fri, 05/22/2015 - 14:10 | 6122260 silverer
silverer's picture

Wind and solar.  Really?  I'd be interested if the government changed the rules a bit.  Like not allowing any states to say it's against the law to disconnect from the grid (Like that solar heaven shithole Florida).  Oh, you thought you'd get your power for free?  I'm glad they do all they can to make it affordable, like adding a 35% tax to imported panels so the payback never happens.  And I'm really happy that the extra power you produce is like trying to sell small pox blankets at a flea market with a sign on them saying they are infected with small pox.  Got extra power?  Too bad, your power company doesn't want it.  This wind and solar has absolutely NOTHING TO DO WITH ANYTHING.  It's just COMMUNISM in the process of fucking us over.  If the gubmint really wanted it to work, they'd: 1)  Let you off the grid to be self-sufficient, and no tax on the power.  2) Let you sell the extra power you produce and don't use at the market price.  3) Stop fucking over manufacturers that want to sell you panels at an affordable price.  Think it's a great deal?  My friend in town covered his roof with them.  He said he has no electric bill, but he won't recover the cost for 45 years.  I don't call that a great deal.

Fri, 05/22/2015 - 15:18 | 6122281 Flakmeister
Flakmeister's picture

Yawn...

Edit: Equating solar/wind with communism clearly indicates you are a bloviating fool...not that it was not already obvious...

Fri, 05/22/2015 - 15:59 | 6122669 TeethVillage88s
TeethVillage88s's picture

I looked at Wind like 14 years ago. I found some states had strong voter support for green energy discounts and forced buying of the extra energy they produce.

Wisconsin was helping farmers with this under Jesse Ventura. They helped cut some of the tax categories you would be exposed to. Farmers wanted to lease land for Wind Turbines. But the state, most states tax purchase of equipment, tax production, tax the sale of energy, and on and on.

There were more than a few states that required energy companies to buy back extra energy you produce and even hook up to your equipment.

Sat, 05/23/2015 - 19:31 | 6125550 Jumbotron
Jumbotron's picture

Who cares about rwcovery of cost?  You are going to piss away that much money in beer, baubles, and other shit in your lifetime.  Might as well buy some freedom.

Fri, 05/22/2015 - 14:21 | 6122312 Jack Burton
Jack Burton's picture

I thought a few months back I read about some big layoffs and shut down in Australian coal country. I would need to research it, but I was sure that OZ is in the grip of a coal slowdown too. China demand slipped.

Fri, 05/22/2015 - 10:58 | 6121476 Payne
Payne's picture

One of Soro's buddies ??  or Buffet's ?    How do you know he is lying because he is talking.  

Fri, 05/22/2015 - 11:32 | 6121634 KnuckleDragger-X
KnuckleDragger-X's picture

Not Buffet, his BNSF coal trains make a lot of money, at least until the EPA finishes the job.....

Fri, 05/22/2015 - 10:57 | 6121477 kowalli
kowalli's picture

Obama fulfilled his first promise to kill coal industry

Fri, 05/22/2015 - 11:03 | 6121502 NoDebt
NoDebt's picture

And all those union coal miners supported him because he has a D next to his name.  Not just once, but twice (less so the second time, but still).

They have to be the stupidest fucking people on the planet.

Fri, 05/22/2015 - 11:09 | 6121527 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

Obama fulfilled his first promise to kill coal industry

You forgot about the unspoken promise to kill all American industries. He is well on track to complete the task.

Fri, 05/22/2015 - 11:24 | 6121570 cnmcdee
cnmcdee's picture

In Every Case the solution is to De-Commoditize yourself.  Learn to live comfortably without money or debt and they will have no control over you.

 

Price of fuel doubled : I don't care as I do not buy hardly any...

Electricity prices doubled : It's ok I lowered my standard of living and went off grid and went solar.

Healthcare costs increased 50% : Ok??.. I eat healthy, take care of myself, cured my toothache with coconut oil.

Wages dropped : It's alright we grow our own garden and our food costs are way down.  We got out of that giant house that was killing our incomes and bought an older run down home for cash.  Now the bank is fucked because we have cut them out of the the loop.

 

 

 

 

Fri, 05/22/2015 - 11:30 | 6121620 lunaticfringe
lunaticfringe's picture

Cured a toothache with coconut oil? Yea sure, called Malibu Rum. Fucking nutters. Coconut oil. Still lmao. 

 

Fri, 05/22/2015 - 18:51 | 6123134 acetinker
acetinker's picture

Dunno about coconut oil and toothaches, but I do know that a toothache is merely symptom, not a cause.

That said, fucking nutters use flouride-laden toothpaste because the ADA says it's good for them.  The question that's never asked is who, exactly is it good for?

https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rj...

Flourosis- it's good for the dentists.

edit: spelling (typing) error.

Fri, 05/22/2015 - 11:26 | 6121603 Bangin7GramRocks
Bangin7GramRocks's picture

These guys can all work at the SHAK!

Fri, 05/22/2015 - 14:25 | 6122326 Jack Burton
Jack Burton's picture

Natural gas finds killed coal. Markets work, who would burn coal when a gas pipe line can run to your business or industry? Fracking gas and conventional gas finds have been off the charts. Coal is 1800's! This party politics, when both are the same, is really a bore. Markets work, they kill useless shit like coal, and replace it with clean cheap natural gas. My town was once heated by coal, their were giant coal yards at the waterfront where the ship unloaded. Markets have decided that we now burn natural gas, a pipeline came down from Canada by in the 60's, and nobody has burned a lump of coal here since. WHy should we?

Fri, 05/22/2015 - 11:35 | 6121648 lunaticfringe
lunaticfringe's picture

It wasn't just coal miners that voted for this fuckstick. The FS Army enmasse' 

Got sympathy? No, fresh out. 

Fri, 05/22/2015 - 11:41 | 6121675 GMadScientist
GMadScientist's picture

I'll give 4:1 odds you're collecting a check of some kind.

Fri, 05/22/2015 - 20:16 | 6123299 lunaticfringe
lunaticfringe's picture

I make no apologies nor do I hide where my income is derived. In other words, I'm not ashamed. Like SS- I had no option to opt out of the state retirement system. You can't compare what was once a liquid and fully funded system with a system 30 years later- bankrupted by politicians. It's just not a square comparison. But for sure, make sure you throw us all in the same box.

Fri, 05/22/2015 - 14:01 | 6122225 silverer
silverer's picture

Let's see if they still support him as enthusiastically for his third term bid.

Fri, 05/22/2015 - 16:35 | 6122797 NumNutt
NumNutt's picture

Actually in West Virginia they did not vote for Obama (I can't speak for the other key coal producing states). The state actually went republican in the last two presidential elections, and in the last election more seats in the WV state government went to conservatives then ever before. Shit Obama was scared shitless to come to WV to campagne, he would have never left. No love for him in that state.  I hope when all these coal miners start getting really cold and hungery they remember who did this to them, and go to Washington DC (District of Criminals) and hold a couple Ukrainian stile riots/demonstrations. That will get their attention, fuck Obama, and fuck the EPA....

Fri, 05/22/2015 - 11:01 | 6121493 Dr. Engali
Dr. Engali's picture

One of the few campaign promises El Presidente kept.

Fri, 05/22/2015 - 11:04 | 6121503 NoDebt
NoDebt's picture

That and "fundamentally transforming the country."  I can't think of a third.

Fri, 05/22/2015 - 11:07 | 6121517 Dr. Engali
Dr. Engali's picture

True, he did say that. But what should we expect coming from this guy?

 

http://goo.gl/Ou3Nrg

Fri, 05/22/2015 - 11:21 | 6121577 Farmer Joe in B...
Farmer Joe in Brooklyn's picture

Sorry, but I don't observe the trite pledge of allegiance at public events either. 

Once we restore the country and its founding values, I will again solute the flag. But not a moment sooner.

Fri, 05/22/2015 - 11:44 | 6121689 Dr. Engali
Dr. Engali's picture

That's fine an understandable, but you aren't running for president either.

Fri, 05/22/2015 - 11:01 | 6121498 Occams_Chainsaw
Occams_Chainsaw's picture

We coaled some folks....

Fri, 05/22/2015 - 11:09 | 6121509 undercover brother
undercover brother's picture

No surprise since one of Obama's missions via the EPA is to destroy the coal mining industry and put 4 million people out of work.  Does he have a replacement energy source?  NO.  Does he have new jobs for those people?  NO.  He's just another self-righteous liberal elite in a position of power and with a personal agenda, who thinks he knows what's best for everyone else.  Thankfully he'll be gone in 2 years and with a little luck, the next person will undo the damage he's caused.

Fri, 05/22/2015 - 11:14 | 6121556 Mike Honcho
Mike Honcho's picture

Luck?  Kidding right?  Cosmic intervention is required.

Fri, 05/22/2015 - 11:19 | 6121573 The Chief
The Chief's picture

His masters determined his path for him. Kill coal to replace with Nat Gas...perpetuating the shale myth. It also provides lots o' fiat to the likes of GE, who gets to replace those aging coal facilities with brandy new gas-turbines at $35-40 Million a pop.

Wonder why that poisonous insect Immelt can be found firmly attached to the balls of Obama like a ramora? Now you know...amongst other reasons. However, the parasite and the host often have a mutually beneficial relationship...Obama gets lovely media coverage from the villians at NBC.

All I have to say is "Buy Mitsubishi" and fuck the gangsters at GE and Siemens. Soon Mitsubishi will be owned by the Chinese.

 

 

Fri, 05/22/2015 - 14:00 | 6122220 silverer
silverer's picture

Let's hope that he changes his mind during this third term to let up on the coal industry a bit...

Fri, 05/22/2015 - 11:17 | 6121546 Mike Honcho
Mike Honcho's picture

One campaign promise he kept.

 

*I see Dr. already got this one.

 

Got a hunch the gov insider, campaign friendly power plants are EPA exempt on a page 14,561 rule technicality.

Fri, 05/22/2015 - 11:15 | 6121560 buzzsaw99
buzzsaw99's picture

that sucks for west virginia they aren't made of money like some stereotypical scumbag ny banker

Fri, 05/22/2015 - 11:16 | 6121565 GMadScientist
GMadScientist's picture

If you can't mine coal, just mine coal-miners asses instead, eh?

Fri, 05/22/2015 - 11:43 | 6121684 Hongcha
Hongcha's picture

OT but related ... the old wing of the SF Bay Bridge was sold for scrap a few years ago to some Chinese buyer ... dismantlement of the old bridge has ground to a halt and sat for months ... several times a week I pass the relic ... I get the feeling the Chink dealer just said, "no mas, business is slow" ... it's an object lesson, as they say.

Plus one to Buzzsaw for not only using "stereotypical" in a sentence but spelling it correctly.

Plus one to bangin7gramrocks for his monicker.

Fri, 05/22/2015 - 11:48 | 6121718 Spectre
Spectre's picture

If Mr. Murray declares Coal is now over, why is it in the last few years has he financed Billions to buy more reserves of coal ???

Fri, 05/22/2015 - 12:42 | 6121913 bonin006
bonin006's picture

Either he thinks it is coming back, at least partially, and he would like to pick up assets for pennies on the dollar before that happens, or he is wasting a lot of money.

Fri, 05/22/2015 - 16:46 | 6122823 NumNutt
NumNutt's picture

The answer is simple: because China needs it....

Fri, 05/22/2015 - 11:54 | 6121746 Chuck Knoblauch
Chuck Knoblauch's picture

The Gloal Empire is rising.

Fri, 05/22/2015 - 11:54 | 6121747 Chuck Knoblauch
Chuck Knoblauch's picture

The Gloal Empire is rising.

Fri, 05/22/2015 - 11:57 | 6121762 NoWayJose
NoWayJose's picture

Cheap houses -- as long as you want to live in Coal Country.  Got some great music, if you can stand the funny tasting water...

Fri, 05/22/2015 - 12:01 | 6121776 NoWayJose
NoWayJose's picture

Well, at least the US will have more coal left iin the year 2100 when the rest of the world runs out of fossil fuels...  Only problem will be that no one will left that remembers how to mine it!

Fri, 05/22/2015 - 12:02 | 6121777 patb
patb's picture

If he wants to buy into a dying industry, i can suggest some buggy whip manufacturers.

 

Coal is dying because coal demand is dying because electricity demand is dying.

cheap natgas and cheap PV are crushing coal.

 

 

Fri, 05/22/2015 - 13:28 | 6122075 Flakmeister
Flakmeister's picture

this is directly related to what I said above...

Fri, 05/22/2015 - 13:58 | 6122211 silverer
silverer's picture

Umm... cost of regulation.  It's substantial...

Fri, 05/22/2015 - 14:50 | 6122413 TeethVillage88s
TeethVillage88s's picture

Maybe it is government guarantees that are expensive. Like guarantee funds flow and profitability.

I guess Coal ash is very toxic with heavy metals and heavy rain and flooding move around the toxic sludge/mud.

Looks like a bunch of Wealthy people in the Tennessee Valley had damage to homes, sewers, water systems... and some poor people too. A tone of Lawsuits has taken place.

Who paid the tab?? TVA is a private corporation and Energy Company first built by the Federal Government I'm guessing.

Total-Tennessee Valley Authority Outlays 2014 = $46.6 Billion
Total-Tennessee Valley Authority Outlays 2013 = $65.8 Billion (what is happening here)
Total-Tennessee Valley Authority Outlays 2011 = $38 Billion
Total-Tennessee Valley Authority Outlays 2009 = $32.7 Billion
Total-Tennessee Valley Authority Outlays 2007 = $19.4 Billion
Total-Tennessee Valley Authority Outlays 2005 = $20.9 Billion
Total-Tennessee Valley Authority Outlays 2003 = $13.9 Billion
Total-Tennessee Valley Authority Outlays 2001 = $11.3 Billion
Total-Tennessee Valley Authority Outlays 2000 = $8.3 Billion
Total-Tennessee Valley Authority Outlays 1998 = 9 Billion

Total past 10 Years Federal Funding Tennessee Valley Authority =$265.9 Billion

Or Tennessee Valley Authority could just be great buddies with Congress and K Street.

Fri, 05/22/2015 - 13:57 | 6122205 silverer
silverer's picture

And now a word from the president: "I'd like to thank all those in the mining industry and the unions for their full support which helped get me elected.  Thank you.  Thank you very much."

Fri, 05/22/2015 - 14:10 | 6122255 TruthBeforeAll
TruthBeforeAll's picture

Our company makes parts for a certain big yellow mining tractor manufacturing company. This notice was posted on our information system last week. I work second so I get to be surprised when I go in in an hour or so as to whether I'll still be working next week or not. Happy Friday!

http://i.imgur.com/8vf6qyf.png

Fri, 05/22/2015 - 14:26 | 6122333 Jack Burton
Jack Burton's picture

The Iron Ore miners are dropping like flys around here. 2,100 fired this month! Two mines closed. Prices low, demand in the crapper!

Fri, 05/22/2015 - 14:43 | 6122384 TeethVillage88s
TeethVillage88s's picture

Guess I don't know much about mining. Ore probably related to US Steel Layoffs supposed to be 9,000.

April 30 , 2015- Update: US Steel - Layoff Notices Rise to 9,000

-

http://www.standard.net/Business/2014/12/13/Coal-provocateur-gorges-on-m...

Murray Energy to pay $1.4B to acquire control of St. Louis-based ...Murray Energy Corp. said it is acquiring a controlling interest in St. Louis-based Foresight Energy.
The deal, the companies said, establishes the “premier coal mining company in the United States.”
www.stltoday.com/ business/ local/ murray-energy-to-pay-b-to-acquire-control-of-st/ article_ca9ade47-f80a-5648-a672-06094e5f02ed.html -

12 states sue the EPA over proposed power plant regulations - LA ...
www.latimes.com/business/la-fi-epa-lawsuit-20140805-story.html

Prior to the collapse, the Crandall Canyon Mine had received 64 violations and $12,000 in fines, magnitudes similar to other mines of this size in the United States.[3][10][11] He says that the safety violations were trivial and included violations such as not having enough toilet paper in the restroom.[3] However, some news agencies reported troubling violations at other of Murray's operations. CNN specifically cited Murray's Illinois Galatia mine, which had almost 3,500 safety citations in the prior two and a half years.[12]

Fri, 05/22/2015 - 14:44 | 6122393 kchrisc
kchrisc's picture

The Zionist owners of the DC US have plundered the American country just about as much as could be expected. Therefore they have engineered a run up in the dollar to facilitate an "exit" to Europe and the euro. They have also engineered a huge oil price drop that will destroy a large swath of the American oil industry. This will accompany the already in the works destruction of the coal industry via regs.

As each firm in the American oil and coal industries goes tits up, the Zionist's banksters and Zionist big-oil firms will be waiting right there to scoop up the assets in foreclosure and otherwise.

Ultimately, Zion, from their new base of operations in Europe, will have control of America's energy resources to be used in Europe while we Americans extract the energy for peanuts and starve and freeze.

Ditto the agriculture industry.

Liberty is a demand. Tyranny is submission..

Fri, 05/22/2015 - 15:12 | 6122500 TeethVillage88s
TeethVillage88s's picture

I would like to know more about this if possible.

" Therefore they have engineered a run up in the dollar to facilitate an "exit" to Europe and the euro."

We all can look about and remember the collapse of the Housing Market in Hawaii and California... this could be added to any strategy developed in the 1990 after the collapse of the USSR.

Also we remember the Collapse of Huston and other Oil Dependent Cities in the 1980s and the collapse of those Housing markets.

US Trade Collapse started prior to Ronald Reagan as charted out in our Current Account Balance... that is ongoing

Mining, Logging, Drilling is the current collapse, but we don't have that many employee in these businesses.(maybe a million workers)

Lots of jobs in Trade, Transportation, but often not be the best quality or full time jobs.

Trade, Transportation & Utilities

http://research.stlouisfed.org/fred2/series/USTPU (Recovered at 26.3 Million) All Employees: Trade, Transportation & Utilities

Goods producing Industries:
http://research.stlouisfed.org/fred2/series/USGOOD (19.5 Million down from 25 Million) All Employees: Goods-Producing Industries

** It seems perhaps the USA was planned to be a bubble by the European Powers that Be ** And now they are happy we look more like the UK in current account balance and debt levels.

German might be a superior model to look at. UK seems under developed despite their strong trade or limited manufacturing.

Still I can't imagine the US Deconstructing it's Military even as it purchases more services and weapons from foreign nations. Apparently we have outsourced our weapons and security to UK, France, Israel, many Germany, South Africa, Austrilia for Mine resistant vehicles.

Fri, 05/22/2015 - 15:16 | 6122517 Flakmeister
Flakmeister's picture

Perhaps the correct interpretation is that the hypothesis in question, a pump and dump of the dollar with a flight to the euro, is completely misguided and simply projection on the part of the above poster....

In other words, they were full of shit...

Fri, 05/22/2015 - 15:49 | 6122637 TeethVillage88s
TeethVillage88s's picture

Killing the golden goose seems like a bad idea.

However we see People in Govt, lobbying, law, banking willing to do whatever they have to for career advancement and wealth. The human emotions of greed, envy, jealousy, with criminal inclinations toward fraud and conflict of interest (embezzlement).

- English Bankers must have seen wealth in the American Colonies, knew of gold and silver found in the new world
- They would want monopolies, control over one currency, harsh banking terms for interest on loans
- They would position themselves to be part of the new government even back to 1781
- Land for Free is a great advantage for producing wealth

So fast forward, a wealthy class is created with steel, railroads, mining, lumber, oil, agriculture, Robber Barons are supper rich monopolists that become bankers themselves and network with the European Experts.

Why kill the golden goose. Personal Gain. Youthful foolishness and greed. A need for power, control, status, wealth, and titles. After Industrialization and the Rise of Unions for Worker Rights... Labor becomes too expensive.

So you go offshore or get slaves or indentured servants.

Produce has been imported to the USA from cheap labor markets for 150 years. Nothing new to outsourcing.

Yes, there are pockets of wealth and US consumer markets are still valuable. But it is just clean-up now. Killing the golden goose is acceptable to people that live for 100 years and can Relocate around the world with their wealth. After all there are no capital controls on wealthy people in the USA. So the question Why kill the golden goose is not a problem to answer. Not after Gramm-Leach-Blibley and 15 years of Pillaging the USA including two big wars.

The wealthy are just like Royalty in the USA, there is no one who will stop them. Just look who owns the US Debt, Property, and the flow of Trade money.

- To Bad we don't have Honest Brokers in DOJ, FBI, SEC, FINRA, FTC, GAO, CBO, FED, Treasury, OCC, FSOC, BCFP, CFTC, FDIC, FHFA, SIPC

Believe Household Debt is now $14 Trillion, so FRED Data is actually not yet up to date... Plus $18 Trillion Federal Debt, Plus total Debt of $60 Trillion(they revised it downward last year for some reason).

Households and Nonprofit Organizations; Credit Market Instruments; Liability, Level
2014:Q4: 13,496.88 Billions of Dollars
http://research.stlouisfed.org/fred2/series/CMDEBT

Total US Debt (2014:Q1: 58.7 Trillions of Dollars) All Sectors; Credit Market Instruments; Liability, Level
http://research.stlouisfed.org/fred2/series/TCMDO

Federal Debt Held by Foreign & International Investors as Percent of Gross Domestic Product, 2014:Q4: 34.75940 Percent of GDP,
http://research.stlouisfed.org/fred2/series/HBFIGDQ188S

Current Account Balance: Total Trade of Goods for the United States©, 2013: -703,911,000,000 US Dollars,
Sum Over Component Sub-periods (2013 was last data),
http://research.stlouisfed.org/fred2/series/BPBLTD01USA637S

http://www.bea.gov/newsreleases/international/intinv/iip_glance.htm (wow huge trend, $31 Trillion in Foreign Property in USA vs $24 Trillion)

Bank Private Credit to GDP for United States
2011: 55.47615 Percent (Data spans from 1961 to 2011, Bubble is clear in 2003)
http://research.stlouisfed.org/fred2/series/DDDI01USA156NWDB

If we have been in a Credit Bubble for 10 years what does that mean about their intentions?? Rape Obviously. But they Obviously don't care about the Damage of Crashes one after another with increased complexity from shadow backing, derivatives, complicated Instruments, and over manipulation of markets even in the face of the 2008 Global Financial Crisis.

Fri, 05/22/2015 - 14:56 | 6122438 Son of Loki
Son of Loki's picture

Job creation is a China thing. Too bad Merika's missing out.

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