Authored by Dave Forest via OilPrice.com,
One of the biggest energy stories this year has been Russia’s Rosneft buying India’s Essar Oil - giving the Russian company a firm grip on one of the world’s biggest emerging oil and gas markets.
And this past week, that story got more complex. With Rosneft striking another big deal — drawing in another heavyweight energy nation.
China.
Having warned in the past that "the system is dangerously unacnhored," former chief economist of the Bank for International Settlements, William White, told Bloomberg TV overnight that the current situation "looks very similar to 2008," adding that OECD sees "more dangers" today than in 2007.
Pretty soon, China bears will be as rare as the Giant Panda.
At least that’s what Bloomberg suggested in a story about how Chinese markets have continued to defy proclamations that country’s economy would soon collapse in an avalanche of bad debt, exposing rampant corporate fraud. Or that a rash of outflows and the pressure of short sellers would force a massive yuan devaluation. Or that the exposure of rampant fraud and abuse in its corporate sector would tank local markets, which rely heavily on shady investment products.
Little more than a day after Equifax disclosed that hackers had infiltrated its cybersecurity systems and “compromised” the personal data of 143 million Americans, the company was hit with its first class-action lawsuit, which alleged that the company could’ve prevented the breach if hadn’t instead opted for negligent cost-cutting.
That suit, seeking $70 billion, was filed by Mary McHill and Brook Reinhard in a Portland, Ore. court.
Authored by Nick Giambruno via InternationalMan.com,
Public pensions are a financial time bomb... and I see two ways to profit from the explosion.
In the US, unfunded public pension liabilities have surpassed $5 trillion. And that’s during an epic stock and bond market bubble.
Predictably, the government’s go-to “solution” is already making matters worse.
At first, distressed states simply increase taxes.