Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-57350 Sat, 01 Aug 2015 18:26:54 GMT Equifax: Credit card debt surges in top 25 US metro areas (CONSUMERS BACK ON CREDIT CARD LIFE SUPPORT-DRIP!!) http://implode-explode.com/viewnews/2015-08-01_EquifaxCreditcarddebtsurgesintop25USmetroareasCONSUMERSBACKONCRE.html ... credit card debt while remaining subdued since the Great Recession suddenly made a 180 degree turn... Total outstanding credit card debt recently surged beyond the $900 billion mark...  And with the average nationwide interest rate of 14% that means spending hamsters are probably dropping tens of billions on interest costs alone...

Adjusting for inflation US household income is back to where it was nearly 30 years ago. So to keep up the pretense that things are perfectly fine with the middle class, people are spending money they don't have. This by the way, was at the core of the Great Recession.

]]>
iehi-feed-57349 Sat, 01 Aug 2015 18:21:42 GMT Three Years Ago This Coal Mine Was Worth $624 Million. Now It Sold for $1 http://implode-explode.com/viewnews/2015-08-01_ThreeYearsAgoThisCoalMineWasWorth624MillionNowItSoldfor1.html Production from Isaac Plains began in 2006 and continued through 2014, when it was closed. Its peak output was 2.8 million tons a year, with coal sold to steelmakers in Japan, South Korea and Taiwan. Stanmore said it would be responsible for A$32 million in rehabilitation costs linked to the mine.

The company plans to restart output at Isaac Plains at a reduced production rate. It sees "significant" synergies with its adjacent Wotonga deposit, only recently acquired and yet to be exploited. It's also secured a $42 million loan from Taurus Mining Finance Fund to help finance a return to production.

]]>
iehi-feed-57346 Sat, 01 Aug 2015 13:35:41 GMT Carlyle Fund Walloped in Commodities Rout (+scores of other commods. funds shut down) http://implode-explode.com/viewnews/2015-08-01_CarlyleFundWallopedinCommoditiesRoutscoresofothercommodsfundsshu.html Three years after private-equity giant Carlyle Group LP touted its purchase of a hedge-fund firm, a rout in raw materials has helped drive down holdings in its flagship fund from about $2 billion to less than $50 million, according to people familiar with the matter.

...

This week alone, commodity-trading firms Armajaro Asset Management LLP and Black River Asset Management LLC, a unit of agricultural conglomerate Cargill Inc., said they are closing funds. Several other firms that managed billions of dollars already have closed their doors, including London-based Clive Capital LLP and BlueGold Capital Management LLP. Large money managers including Brevan Howard Asset Management LLP and Fortress Investment Group LLC have wound down commodity strategies...

Assets under management at commodity hedge funds have fallen 15%, to $24.1 billion, since their peak in 2012, and nearly 30 firms out of 250 have shut down since that year, according to industry consultant HFR Inc. Commodity firms lost money for three years in a row before 2014, HFR said.

...

Christopher Nygaard and Drew Gilbert, who co-founded Vermillion in 2005 and sold a majority equity stake in the firm to Carlyle in 2012, left at the end of June, according to people with knowledge of the firm's operations. Vermillion is retreating from prior investments in oil, natural gas, coal, iron ore and agriculture, and traders and strategists involved in managing those strategies are leaving, these people said.

]]>
iehi-feed-57345 Sat, 01 Aug 2015 13:31:38 GMT OPEC Shale War Leaves Big Oil Companies as Surprise Victims http://implode-explode.com/viewnews/2015-08-01_OPECShaleWarLeavesBigOilCompaniesasSurpriseVictims.html iehi-feed-57339 Fri, 31 Jul 2015 22:53:17 GMT What paying fast food workers a living wage would do to the price of a Big Mac http://implode-explode.com/viewnews/2015-07-31_WhatpayingfastfoodworkersalivingwagewoulddotothepriceofaBigMac.html iehi-feed-57335 Fri, 31 Jul 2015 21:34:04 GMT This "Living Legend" Just Called the Bottom in Commodities; Canadian House Bubble Vulnerable http://implode-explode.com/viewnews/2015-07-31_ThisLivingLegendJustCalledtheBottominCommoditiesCanadianHouseBub.html iehi-feed-57331 Fri, 31 Jul 2015 20:25:41 GMT Societe Generale's Albert Edwards: Get ready to relive the 2008 crisis http://implode-explode.com/viewnews/2015-07-31_SocieteGeneralesAlbertEdwardsGetreadytorelivethe2008crisis.html In a research note on Thursday, Edwards said that China's intervention to stabilize its volatile stock market was part of a larger global story, in which "rock bottom" interest rates and large fiscal deficits in the western world were pushing the global economy towards a fall.

"QE (quantitative easing) will be stepped up to such a pace that you will hear the roar of the printing presses from Mars," Edwards said. "I have not one scintilla of doubt that the western central banks have set us up for an even bigger version of the 2008 Great Financial Crisis."

... Given his forecast step up in money-printing, Edwards said that gold, which tends to perform well during periods of high inflation, was a "must-have" safe-haven investment.

]]>
iehi-feed-57326 Thu, 30 Jul 2015 13:34:59 GMT Fed Is Not Just Behind The Curve, It's Driving The Bus Over The Cliff | The Wall Street Examiner http://implode-explode.com/viewnews/2015-07-30_FedIsNotJustBehindTheCurveItsDrivingTheBusOverTheCliffTheWallStr.html iehi-feed-57320 Wed, 29 Jul 2015 23:04:14 GMT What You've Heard About Gold and Interest Rates is Dead Wrong http://implode-explode.com/viewnews/2015-07-29_WhatYouveHeardAboutGoldandInterestRatesisDeadWrong.html real inflation rate....]]> iehi-feed-57318 Wed, 29 Jul 2015 22:57:50 GMT US, EU May 'Give Up' Ukraine to Seek Russian Political Support http://implode-explode.com/viewnews/2015-07-29_USEUMayGiveUpUkrainetoSeekRussianPoliticalSupport.html iehi-feed-57313 Mon, 27 Jul 2015 16:08:44 GMT French farmers block Spanish and German borders in foreign food protest http://implode-explode.com/viewnews/2015-07-27_FrenchfarmersblockSpanishandGermanbordersinforeignfoodprotest.html iehi-feed-57301 Sun, 26 Jul 2015 13:21:38 GMT Pepe Escobar, The Eurasian Big Bang http://implode-explode.com/viewnews/2015-07-26_PepeEscobarTheEurasianBigBang.html iehi-feed-57300 Sat, 25 Jul 2015 15:49:00 GMT China's Global Ambitions, With Loans and Strings Attached (Ecuador) http://implode-explode.com/viewnews/2015-07-25_ChinasGlobalAmbitionsWithLoansandStringsAttachedEcuador.html cleartext version of the article.]]> iehi-feed-57298 Sat, 25 Jul 2015 15:30:43 GMT Hedge Funds Are Holding First-Ever Gold Net-Short Position http://implode-explode.com/viewnews/2015-07-25_HedgeFundsAreHoldingFirstEverGoldNetShortPosition.html iehi-feed-57284 Thu, 23 Jul 2015 21:34:58 GMT Monday's Gold Rout Came From (DRUMROLL...) New York, Not Shanghai! http://implode-explode.com/viewnews/2015-07-23_MondaysGoldRoutCameFromDRUMROLLNewYorkNotShanghai.html iehi-feed-57279 Thu, 23 Jul 2015 13:05:46 GMT Gibson's Paradox Returns: Gold And Inflation Not Destined To Fall As Rates Rise http://implode-explode.com/viewnews/2015-07-23_GibsonsParadoxReturnsGoldAndInflationNotDestinedToFallAsRatesRis.html iehi-feed-57271 Wed, 22 Jul 2015 13:51:24 GMT Speculators smash gold as dollar squeeze tightens; China Under-Reports (TELEGRAPH GETS ITS GOLD-FOIL HAT!!) http://implode-explode.com/viewnews/2015-07-22_SpeculatorssmashgoldasdollarsqueezetightensChinaUnderReportsTELE.html Spot prices slumped by more than 4pc to $1,086 an ounce in overnight trading after anonymous funds sold 57 tonnes of gold in Shanghai and New York, choosing the moment of minimum market liquidity in what appears to have been a synchronized strike intended to smash confidence.

...

A division of the People's Liberation Army mines gold and transfers the metal to the Chinese finance ministry, acting outside normal commercial channels. The government also buys gold directly from Chinese producers. This is an internal transaction and is therefore not necessarily recorded in China's external reserves.

There is suspicion that China is talking down its true gold holdings as it prepares to join the big league as part of the International Monetary Fund's currency basket (SDR)'

]]>
iehi-feed-57270 Tue, 21 Jul 2015 21:47:28 GMT In landmark move, China opens up interbank bond market http://implode-explode.com/viewnews/2015-07-21_InlandmarkmoveChinaopensupinterbankbondmarket.html iehi-feed-57260 Tue, 21 Jul 2015 18:10:38 GMT The Case of China's Missing Gold http://implode-explode.com/viewnews/2015-07-21_TheCaseofChinasMissingGold.html iehi-feed-57257 Mon, 20 Jul 2015 21:27:29 GMT Gold And Silver Shortages Become Acute -- GLD Is Being Looted Again http://implode-explode.com/viewnews/2015-07-20_GoldAndSilverShortagesBecomeAcuteGLDIsBeingLootedAgain.html