. . . and they're not looking very encouraging right now.
1. China. The country's two major stock exchanges are in serious trouble, with no relief in sight. Recent articles worth reading include:
- China Steers Toward a Subprime Economy
- China’s Debt Bomb - Danger or Dud?
- China's stockmarket crash - A red flag
- Chinese sharemarket rout deepens raising doubts over tactics
- Chinese chaos worse than Greece
To put the crisis in China into monetary perspective:
Since Monday’s close, more than 200 companies have halted trading in their shares, joining a growing number of businesses trying to shield themselves from the market tumble.
According to the Securities Times, 760 companies — more than a quarter of all A-share listed companies on the Shanghai and Shenzhen exchanges — had suspended trading in the past week. That has frozen $1.4tn worth of equity, according to Bloomberg calculations — about a fifth of China’s stock market value. The sell-off that began on June 12 has wiped roughly $3tn off the market, in the country’s steepest decline since 1992, according to data from Bloomberg.
That's three trillion dollars of paper value, wiped out in less than a month - and the commodity markets, driven largely by Chinese demand, are also showing signs of crashing. If that doesn't sound warning bells in every economist's and financier's and investor's brain, nothing will.
2. Greece. There's no sign of any resolution to the crisis. Both sides are digging in their heels and refusing to budge. Given such intransigence, I doubt there can be any movement. Mohamed el-Erian lists " 10 Consequences of Greece's 'No' ". They don't make for happy reading.
Very intriguingly, there may be a serious scandal underlying much of the European Central Bank's maneuvering over the Greek crisis, if Zero Hedge is correct.
Considering the crisis of the (not so) single currency is very much "inflamed" right now as it is about to be proven it was never "irreversible", perhaps it is time for at least one aspiring, true journalist, unafraid of disturbing the status quo of wealthy oligarchs and central planners, to at least bring some closure to the Greek people as they are swept out of the Eurozone which has so greatly benefited the very same Goldman Sachs whose former lackey is currently deciding the immediate fate of over €100 billion in Greek savings.
Because something tells us the reason why Mario Draghi personally blocked Bloomberg's FOIA into the circumstances surrounding Goldman's structuring, and hiding, of Greek debt that allowed not only Goldman to receive a substantial fee on the transaction, but permitted Greece to enter the Eurozone when it should never have been allowed there in the first place, is that the person who oversaw and personally endorsed the perpetuation of the Greek lie is none other than Goldman's Vice Chairman and Managing Director at Goldman Sachs International from 2002 to 2005. The man who is also now in charge of the ECB.
There's more at the link. Thought-provoking indeed!
3. USA. The crisis in Puerto Rico gets worse by the day as many economically mobile residents set off for the mainland, rather than remain in a fiscal ruin. As they leave, they further diminish an already depleted tax base on the island. What does the future hold? Nothing but problems, as far as I can see . . .
Furthermore, in an update to its earlier reports, USA Today states baldly that 'States face shaky financial futures; pensions at risk'. It provides this helpful graphic.
I highly recommend that you read its report in full. Furthermore, if you live in a state ranked 'Low' or 'Poor', may I seriously suggest that you urgently consider moving to a higher-ranked one? If you don't, you might find yourself in a mainland version of Puerto Rico . . .