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As One Of UK's Biggest Refineries Prepares For Shutdown, Drivers Concerned...
Back in 2007, BP sold its Coryton refinery, one of the largest in the UK, to Swiss refiner PetroPlus for $1.4 billion. Fast forward 5 years later where we find that shortly after PetroPlus filed for...
View ArticleChina: A Mixed Bag Turns Very Ugly
Wolf Richter www.testosteronepit.com 2010 was a magical year in China. Among the world records: 18 million new vehicles sold. Due to unprecedented stimulus, sales had skyrocketed 33% that year and...
View ArticleWhite House Hypocrisy And Trade Sanctions Against China
Wolf Richter www.testosteronepit.com Practically every car sold in the US contains Chinese-made components. But suddenly, in the middle of a heated presidential campaign, the Obama administration...
View ArticleFrontrunning: June 20
Prepare for Lehmans (sic) re-run, Bank official warns (Telegraph) Fed Seen Extending Operation Twist While Avoiding Bond Buying (Bloomberg) US Watchdog Hits at ‘Risky’ London (FT) G20 Bid to Cut Cost...
View ArticleFishy Economic Data and the China Crash
Wolf Richter www.testosteronepit.com An unrelenting, horrid wave of scandals about toxic ingredients in foods and medicines in China shows that regulators are unwilling and incapable of controlling...
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Re-Election Hopes? "It's Obama's Economy, Stupid!"
While it is seeming common knoweldge that the state of the economy has a significant bearing on the outcome of the presidential election in the US, Barclays notes that in the case of an incumbent...
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Crude Oil Market: A Perfect Bear Storm Despite the Euro Pop
By EconMatters Crude oil prices, along with world stocks, surged on Friday after euro zone leaders reached an accord on directly recapitalizing regional banks as well as measures to cut soaring...
View ArticleFrontrunning: July 4
Most Germans Reject Ceding Sovereignty to EU, Stern Poll Shows (Bloomberg) How Stockton went broke: A 15-year spending binge (Reuters) Manchester United Shoots for $100 Million IPO (WSJ)... with 4x...
View ArticleFrontrunning: July 5
Finland (which with Holland accounts for 50% of the Eurozone's AAA rated countries), just says "Ei" to stripping ESM subordination (Bloomberg) Libor Rate Scandal Set to Spread (WSJ) #ByeBarclays...
View ArticleClass Action Lawsuit Filed Against GM For Channel Stuffing
In a classic example of "speak of the devil", we were barely done with hitting save on our earlier article (in a series going back to 2011) describing the relentless (and innovative) machinations...
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Reinventing Crony Capitalism
Reinventing Crony Capitalism Part 1) Crony Capitalism in the USA (infographic) ~ Courtesy of Jaime at Capitalism Without Failure. Part 2) Reinventing Crony Capitalism: the Context of Geithner’s Obscene...
View ArticleFrontrunning: July 25
ECB's Nowotny - ESM banking license could be advantageous (Reuters) - just keep regurgitating headlines until they generate a short squeeze IMF Says China Downside Risks Significant as Growth Slows...
View ArticleWeekly Bull/Bear Recap: Jul. 16-20, 2012
Via Rational Capitalist Speculator, Bull + In Euroland, ECB’s Draghi warns the bears: “believe me, it will be enough” on resumed sovereign bond buying. Chatter of a banking license for the ESM is sure...
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The Channel-Stuffed GDP Report
Via Jeff Snider of Alhambra Investment Partners, I don't think there was much in the GDP report that wasn't expected, except durable goods. The decline in durable goods was comparable to Q2 2011,...
View ArticleThe Fed On Gold Price Manipulation
Lately various media outlets have been swamped with stories and allegations of precious metal manipulation ranging from the arcane, to the bizarre to the outright ridiculous. At issue is not that these...
View ArticleIs The Inexplicable American Consumer Rebelling?
Wolf Richter www.testosteronepit.com The strongest and toughest creatures out there that no one has been able to subdue yet, the inexplicable American consumers, are digging in their heels though the...
View ArticleThe German Economy Caves, And Eurozone Bailouts Take On New Dimension
Wolf Richter www.testosteronepit.com Last year, German exports rode to a new record, jobs were being created in massive numbers, real wages rose, housing and real estate boomed, the federal budget...
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Guest Post: A Matter Of Trust - Part Two
Submitted by Jim Quinn of The Burning Platform A Matter Of Trust - Part Two This is Part 2 of my three part series on trust. Part 1 addressed the history of bubbles and busts and the role trust plays...
View ArticleGuest Post: Who's Afraid Of Income Inequality?
Submitted by James E. Miller of the Ludwig von Mises Institute of Canada, Through decades of research, American neurobiologist James McGaugh discovered that as humans learn information and encounter...
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Used Vehicle Prices Plunge Signaling End Of Auto Party
As channel-stuffing shifted from the US (here) to China (here) and Europe (here), so the new vehicle sales data has disconnected from a number of realities. Whether it is economic growth or Ford's...
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