Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-55988 Fri, 30 Jan 2015 22:56:14 GMT Oil surges 8 pct as U.S. rig count plunges, shorts scramble http://implode-explode.com/viewnews/2015-01-30_Oilsurges8pctasUSrigcountplungesshortsscramble.html iehi-feed-55987 Fri, 30 Jan 2015 22:14:44 GMT SGE Withdrawals Week 3, 2015: 71 tonnes! (CHINA GOLD OFF-TAKE NOW AROUND 2013 "MANIA" LEVELS) http://implode-explode.com/viewnews/2015-01-30_SGEWithdrawalsWeek3201571tonnesCHINAGOLDOFFTAKENOWAROUND2013MANI.html iehi-feed-55986 Fri, 30 Jan 2015 19:38:41 GMT Russian central bank makes surprise interest rate cut http://implode-explode.com/viewnews/2015-01-30_Russiancentralbankmakessurpriseinterestratecut.html Russia's central bank unexpectedly cut its main interest rate on Friday as fears of recession mount in the country following the fall in global oil prices and Western sanctions over the Ukraine crisis...

The move implies a shift in the Bank of Russia's priorities away from clamping down on rising inflation and supporting the rouble, towards trying to support economic activity, which the bank expects to fall sharply in the coming months. The decision will also fuel speculation that recent changes in the bank's senior management have shifted the bank towards more dovish monetary policy, possibly under pressure from the Kremlin, banks and business lobbies.

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iehi-feed-55985 Fri, 30 Jan 2015 19:37:10 GMT U.S. GDP Misses in 4Q, Despite Gas Boost http://implode-explode.com/viewnews/2015-01-30_USGDPMissesin4QDespiteGasBoost.html iehi-feed-55983 Fri, 30 Jan 2015 16:03:29 GMT Paul Craig Roberts -- Putin May Use BRICS Dev. Bank to Peel Greece Away From EU, IMF http://implode-explode.com/viewnews/2015-01-30_PaulCraigRobertsPutinMayUseBRICSDevBanktoPeelGreeceAwayFromEUIMF.html iehi-feed-55981 Thu, 29 Jan 2015 16:02:28 GMT Russian Sanctions Might Be Obama's Greatest Blunder http://implode-explode.com/viewnews/2015-01-29_RussianSanctionsMightBeObamasGreatestBlunder.html iehi-feed-55980 Thu, 29 Jan 2015 16:01:35 GMT Germans in shock as new Greek leader starts with a bang http://implode-explode.com/viewnews/2015-01-29_GermansinshockasnewGreekleaderstartswithabang.html iehi-feed-55979 Thu, 29 Jan 2015 15:59:40 GMT ECB Decision to Weaken Euro Comes with Pluses and Minuses http://implode-explode.com/viewnews/2015-01-29_ECBDecisiontoWeakenEuroComeswithPlusesandMinuses.html iehi-feed-55977 Wed, 28 Jan 2015 22:34:52 GMT RMB breaks into the top five as a world payments currency http://implode-explode.com/viewnews/2015-01-28_RMBbreaksintothetopfiveasaworldpaymentscurrency.html iehi-feed-55976 Wed, 28 Jan 2015 22:31:12 GMT Zimbabwe gold mines face collapse on weak bullion price: mining group (MORE BEARISH NEWS FOR GOLD??) http://implode-explode.com/viewnews/2015-01-28_ZimbabwegoldminesfacecollapseonweakbullionpricemininggroupMOREBE.html iehi-feed-55975 Wed, 28 Jan 2015 20:16:04 GMT Iran, Russia to create joint bank for national currency trade http://implode-explode.com/viewnews/2015-01-28_IranRussiatocreatejointbankfornationalcurrencytrade.html iehi-feed-55974 Wed, 28 Jan 2015 16:16:22 GMT The Bonds Of The Third Largest Austrian Bank Are Crashing http://implode-explode.com/viewnews/2015-01-28_TheBondsOfTheThirdLargestAustrianBankAreCrashing.html Poland's Government to Reset Swiss Franc Mortgages.]]> iehi-feed-55973 Wed, 28 Jan 2015 16:13:51 GMT Damning report on banking collapse stalled until after UK election http://implode-explode.com/viewnews/2015-01-28_DamningreportonbankingcollapsestalleduntilafterUKelection.html iehi-feed-55972 Wed, 28 Jan 2015 16:12:51 GMT "No Money For War"--IMF to Ukraine http://implode-explode.com/viewnews/2015-01-28_NoMoneyForWarIMFtoUkraine.html iehi-feed-55970 Wed, 28 Jan 2015 16:05:10 GMT Today's "Dip" Is A Warning--Get Out Of The Casino! | David Stockman http://implode-explode.com/viewnews/2015-01-28_TodaysDipIsAWarningGetOutOfTheCasinoDavidStockman.html iehi-feed-55969 Wed, 28 Jan 2015 16:01:29 GMT JPMorgan Reaped Up to $300 Million Gain On Swiss-Franc Turmoil http://implode-explode.com/viewnews/2015-01-28_JPMorganReapedUpto300MillionGainOnSwissFrancTurmoil.html iehi-feed-55968 Wed, 28 Jan 2015 16:00:26 GMT Middle Class Shrinks Further as More Fall Out Instead of Climbing Up http://implode-explode.com/viewnews/2015-01-28_MiddleClassShrinksFurtherasMoreFallOutInsteadofClimbingUp.html According to a New York Times poll in December, 60 percent of people who call themselves middle class think that if they work hard they will get rich. But the evidence suggests that goal is increasingly out of reach. When middle class people look up, they see the rich getting richer while they spin their wheels.

"The middle has basically stayed the same; it hasn't improved," said Lawrence F. Katz, an economist at Harvard University. "You've got an iPhone now and a better TV, but your median income hasn't changed. What's really changed is the penthouse has become supernice."

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iehi-feed-55967 Wed, 28 Jan 2015 15:54:25 GMT Seven Consecutive Downward Revisions To New Home Sales Data Place Serious Doubts On Report Accuracy http://implode-explode.com/viewnews/2015-01-28_SevenConsecutiveDownwardRevisionsToNewHomeSalesDataPlaceSeriousD.html iehi-feed-55966 Tue, 27 Jan 2015 23:38:52 GMT U.S. Stocks Tumble on Weak Data, Earnings, Dollar http://implode-explode.com/viewnews/2015-01-27_USStocksTumbleonWeakDataEarningsDollar.html iehi-feed-55965 Tue, 27 Jan 2015 22:49:53 GMT Hungary DIDN'T Get Hit By Swiss De-Pegging - Orban Kicked Out Predatory Franc Loans And Has Muzzled Banksters http://implode-explode.com/viewnews/2015-01-27_HungaryDIDNTGetHitBySwissDePeggingOrbanKickedOutPredatoryFrancLo.html This comes courtesy of Jim Willie at the Hat Trick Letter, as a tip from a Hungarian subscriber of his:

"As collateral damage, the Polish and Hungarian exposure has come to the fore, as they hold significant Swiss bank mortgages on property."

Jim, you need to know that amongst the Eastern European nations Hungary is the only one that does not have a property mortgage CHF exposure at all anymore! None.

You are right, we did, and actually it was widespread, but the Orban government with uncanny forsight and great courage has taken on the entire banking sector and neutralized all of it in three waves over a two year period and completed the termination of those loan shark mortgages just a couple of months ago. Talk about timing...

- First wave: the Orban governement forced the banks to allow those who could come up with the money to pay off their mortgages at the exchange rate when those CHF denominated loan shark mortgages incured. Those who had the means scraped all resources, family members chipped in from uncles to grandmothers to come up with the balance. This is when I had paid off my sister's mortgage also.

- Second wave: those who were unable to take advantage of this opportunity, the government established a mandatory exchange rate barrier. Voluntary for the debtors, mandatory for the banks. Basically they extended the payment period at a fixed exchage rate.

- Third wave (and this turned out to be VISIONARY) : the Orban government forced the banks to convert ALL foreign currency denominated property mortgages into Hungarian Forint (HUF) mortgages. Note that this took place just a couple of moths before the CHF depeg.

- Also note that the HUF is not pegged to any currency including USD, EUR etc. Orban wrote into our constitution years ago (and took a lot of heat for it in the EU) that our national currency is the Hungarian Forint. This may also turn out to be a visionary decision given what the near term future may hold for us all.

- Once on the subject, note also that Orban even wrote into our constitution that we are GMO free zone.

- What we have left in CHF are auto loans and consumers loans, but those are maturing soon, so those were left untouched for now. But the elephant in the room has been dealt with.

- The Polish and Romanian governments officially requested expert help from the Orban cabinet to advise them on the details how they did it because they are facing the full impact of the CHF depeg.

- And Orban even did all this very cleverly, hiding behind Supreme Court rulings. He started by calling on the Supreme court to rule on details of this whole issue...

- Didn't destroy the banks, didn't anger them to the point of no return, just went to the very limit (and then some more) without fatal consequences to himself or to us. Mind you, we may well get a colored revolution this coming spring as a payback for revolting all the time.

- One more thorn in their side is that Orban practically nationalized our Central Bank (by the way, happens to be the most beautiful building in the World, built in 1902 ....) hence the 2,5% loans that businesses can take advantage of these days, amongst a range of other beneficial policies.

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