Implode-Explode Heavy Industries news feed Tracking the many faces of the global credit implosion. en-us iehi-feed-57623 Wed, 02 Sep 2015 12:53:04 GMT Alibaba Is the Canary in China's Coal Mine iehi-feed-57622 Wed, 02 Sep 2015 12:44:39 GMT SocGen: Half-Hearted Capital Controls Are Coming to China iehi-feed-57617 Tue, 01 Sep 2015 20:31:19 GMT Beijing's incompetence is now China's biggest problem iehi-feed-57614 Tue, 01 Sep 2015 20:05:37 GMT Packed trains reach Germany as refugee visa checks are waived Packed trains have arrived in Austria and Germany after Hungarian police suddenly allowed migrants camped around Budapest rail stations to leave the country without visa checks.

As men, women and children -- many fleeing Syria's civil war -- continued to arrive from the east, Hungarian authorities let thousands of undocumented people travel on towards Germany, the favoured destination for many. The European Union member -- part of the bloc's passport-free Schengen zone -- had previously insisted that EU rules prevented them from letting people without visas travel onwards to the west.

But see also Chaos in Budapest train station amid Europe's migrant crisis, and on a particularly happy note, Icelanders call on government to take in more Syrian refugees (over 12,000 Icelanders have volunteered to take in refugees).

iehi-feed-57613 Tue, 01 Sep 2015 17:38:28 GMT Murder Rates Rising Sharply in Many U.S. Cities ... many top police officials say they are seeing a growing willingness among disenchanted young men in poor neighborhoods to use violence to settle ordinary disputes.

... with at least 35 of the nation's cities reporting increases in murders, violent crimes or both, according to a recent survey, the spikes are raising alarm among urban police chiefs. The uptick prompted an urgent summit meeting in August of more than 70 officials from some of the nation's largest cities. A Justice Department initiative is scheduled to address the rising homicide rates as part of a conference in September.

... Less debated [than the race-hate theory] is the sense among police officials that more young people are settling their disputes, including one started on Facebook, with guns.

... "That is not a situation that can be solved by policing," Superintendent Harrison said. "It speaks to a culture of violence deeply ingrained into a community -- a segment of the population where people are resolving their problems in a violent way."

... "I have to find a way for these young kids to understand that they have a stake in society," said Mr. Barrett [the Mayor of Milwaukee], who has met with pastors, community leaders and others to discuss the killings.

... "Everybody's struggling out here, trying to stay afloat, with no jobs, no opportunities," said Bethann Maclin, whose 13-year-old daughter stays mostly inside these days. "The violence won't end. Where do you start?"

iehi-feed-57611 Tue, 01 Sep 2015 17:20:08 GMT Third Greek Bailout Suddenly In Jeopardy: Creditors Warn Cash May Be Delayed If Elections Don't Go As Desired According to Market News, "Greece's international creditors may delay the first review of the country's bailout until November, multiple EU sources told MNI Tuesday, pushing talks on potential debt relief further down the road as Greece prepares for snap national elections on September 20."

And just in case it was not clear that Greek sovereignty is now entirely conditional on the Greek people voting precisely as the Troika requires, and for a continuation of the austerity terms delineated in the 3rd Greek bailout, MNI reports that "officials will also stress that any new government that emerges from this month's poll must meet the current bailout terms in order to release the E3 billion pending from the its first loan tranche and have already warned the interim government to continue with the implementation of prior actions set for September... [but] Syriza's lead, which as recently as a month ago was seen as insurmountable, has dwindled to almost nothing


Furthermore, the biggest hurdle to any Greek formalized bailout, the IMF's participation, remains anything but resolved...

iehi-feed-57608 Mon, 31 Aug 2015 11:48:53 GMT China punishes 197 over stock market and Tianjin 'rumours' Families of China's 'disappeared' say country is a place of 'fear and panic'.]]> iehi-feed-57606 Mon, 31 Aug 2015 11:30:51 GMT Protesters Attempt to Break Into Ukraine's Parliament, Clash With Police iehi-feed-57605 Mon, 31 Aug 2015 11:25:40 GMT Ukraine's Economic Troubles Could Trigger Migrant Apocalypse in Europe iehi-feed-57602 Sun, 30 Aug 2015 22:44:49 GMT China is in a serious bind but this is not yet a 'Lehman' moment My own view - with low conviction, as they say in the hedge fund world - is that China will weather this immediate storm, though with difficulty. Fiscal spending is growing at 13pc again. There is already enough juice in the pipeline to flatter growth for a few more months. The housing maket is coming back from the dead. Services are growing at a 10pc pace.

Another stop-go cycle is picking up. Each time it is weaker, but it is still enough to delay the denouement until next year, and next year is an epoch away in market time.

Watch the offshore exchange rate for the renminbi. If that keeps spiraling further away from the inland rate, we will know that matters are out of hand, and then we really will have a global currency crisis. We are not there yet.

Interesting opinion, though we note that in brushing off the probability of a market crash (following on what started in the last couple weeks), AEP ignores the de-leveraging effect of a Fed rate rise (funny because he simultaneously says the US economy is "picking up steam")

iehi-feed-57597 Sun, 30 Aug 2015 11:22:42 GMT Mass Protests Sweep Malaysian Capital As Anger At Goldman-Backed Slush Fund Boils Over iehi-feed-57594 Sun, 30 Aug 2015 11:12:16 GMT As tragedies shock Europe, a bigger refugee crisis looms in the Middle East Those reaching Europe represent a small percentage of the 4 million Syrians who have fled into Lebanon, Jordan, Turkey and Iraq, making Syria the biggest single source of refugees in the world and the worst humanitarian emergency in more than four decades.

As the fighting grinds into a fifth year, the realization is dawning on aid agencies, the countries hosting the refugees and the Syrians themselves that most won't be going home anytime soon, presenting the international community with a long-term crisis that it is ill-equipped to address and that could prove deeply destabilizing, for the region and the wider world.''

iehi-feed-57590 Fri, 28 Aug 2015 16:56:37 GMT China Will Respond Too Late to Avoid Recession, Citigroup Says The only thing to stop a Chinese recession, which the former external member of the Bank of England defines as 4 percent growth on "the mendacious official data" for a year, is a consumption-oriented fiscal stimulus program funded by the central government and monetized by the People's Bank of China, Buiter said.

"Despite the economy crying out for it, the Chinese leadership is not ready for this," Buiter, chief economist at Citigroup, said in a media call hosted Thursday by the Council on Foreign Relations in New York. "It's an economy that's sliding into recession."

iehi-feed-57588 Fri, 28 Aug 2015 16:38:21 GMT China's Stock Rout to Resume as Intervention Ends, Says BofA iehi-feed-57583 Fri, 28 Aug 2015 14:03:42 GMT 71 migrants die in abandoned truck in Austria; 150 in sea off Libya At Least 150 Migrants Feared Dead After Boat Sinks Off Libya. Very sad.]]> iehi-feed-57576 Thu, 27 Aug 2015 22:30:45 GMT China's workers abandon the city as Beijing faces an economic storm "Now it is going all downhill. I think that from here on in we see a sharp depreciation of the renminbi, we see an acceleration of credit -- but not actually having any effect on the economy -- and consequently you probably get inflation domestically and then a burst in unemployment and all sorts of nasty things."

"The slowdown is really bad. It's not a slowdown; it is a crash and this is going to accelerate and get worse," added Stevenson-Yang, the author of China Alone: The Emergence from and Potential Return to Isolation.''


Nor was social upheaval the party's only concern. "The fear has to be ... that party stability is on the line if the economy doesn't work."

iehi-feed-57574 Thu, 27 Aug 2015 22:23:28 GMT Yanis Varoufakis pushes for pan-European network to fight austerity iehi-feed-57571 Thu, 27 Aug 2015 15:49:49 GMT Russia Refuses To Participate In Ukraine Debt Restructuring iehi-feed-57568 Wed, 26 Aug 2015 19:54:36 GMT Plunge Protection Team Losing Control of Markets; In Beginnings of "Great Reset"-Jim Sinclair iehi-feed-57567 Wed, 26 Aug 2015 19:32:02 GMT 50 bodies found in ship's hull as migrant wave inundates Europe Tuesday saw another record number of arrivals who Budapest officials consider illegal, with 2,533 detained, up from the former record on Monday of 2,093. Hungary has counted more than 160,000 migrants so far this year, about four times the number in all of 2015.

Lawmakers of Fidesz, a right-wing party headed by Prime Minister Viktor Orban, called for deployment of soldiers, helicopters and patrol dogs to the border to be discussed at a parliamentary session next week.