Less than a week after declaring that China’s economy is headed for an economic “day of reckoning” thanks to its twin asset bubbles (real estate and equity), short-seller Carson Block said he’s starting to believe there are “real problems with Canada” – particularly the country’s dangerously overvalued housing market.
Last month, we pointed that one of wall street's largest underwriters of auto debt was suddenly slashing their own holdings of auto loans while simultaneously ramping up the issuance of auto securitization facilities thereby pawning off the risk to 'suckers' who have no idea they're jumping in front of yet another financial freight train (see "Deja Vu: JPM Slashes Auto Loans For Their Own Book; Ramps Up ABS Issuance For The Suckers").
Back on February 27, when bitcoin was trading in the mid-teens, we wrote "Step aside bitcoin, there is a new blockchain kid in town."
Via Horseman Capital's Russell Clark,
“The upshot of this is that gold looks better than treasuries. However, it should be pointed out that this does not mean gold is a buy. It only states that gold could do better than treasuries in these market conditions.”
News that Goldman purchased some $2.8 billion in Venezuela bonds issued by state oil company PDVSA and until recently held by Venezuela's central bank - at a 30% discount to market, paying 31 cents on the dollar or around $865 million in notional - quickly set off a firestorm of angry protests, in which Goldman was accused of making money from other people's misery (even though the story of Goldman's involvement in Venezuela's debt is hardly new, as we reported in 2014 in "How Goldman Sachs Became Broke Venezuela's Loan Shark"