Bernard Fowler

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China’s crazy love affair with steel is a scary example of how its finances could implode

So maybe China’s <i>not</i> collapsing—in fact, it might be stabilizing. At least, that’s what China’s unexpectedly strong July trade data hints. Exports rose 5.1% year-on-year in July, more than analysts expected. Imports, though, were the real shocker, surging 10.9%, to hit $168 billion.<p>But wait—what …

China

China’s economy: glass half-full, glass half-empty, or time to get your glasses checked?

China’s unexpectedly strong July trade data this week sparked a round of contradictory explanations and conflicting stock market moves, reflecting a deep divide about what’s next for the world’s second-biggest economy. New data released on Friday—which showed inflation was steady, industrial …

Stock Markets

Detroit's Bankruptcy Doesn't 'Just Happen'

On July 18, 2013, Detroit filed for bankruptcy, the largest municipality in U.S. history to do so.<p>Initially bankruptcy, both public and private, was considered unconstitutional. When Congress first passed bankruptcy legislation in 1934, the Supreme Court immediately objected.<p>Article I, section 10, …

BIS blames Europe's creditors for eternal euro crisis

Europe's creditor powers bear as much blame as debtors for the eurozone's eternal crisis and are blocking recovery by failing to play a full part in righting the ship, according to the Bank for International Settlements.<p>The Switzerland-based watchdog said unprecedented imbalances have built up in …

NSA defenders: embassy closures followed pre-9/11 levels of 'chatter'

Closures ordered in response to 'most serious threat in years', says Republican senator Saxby Chambliss<p>The closure of 22 US embassies over an alleged security threat was seized on by defenders of the National Security Agency on Sunday, amid claims that its controversial surveillance programme …

The Economy Just Grew 1.7 Percent, But It Should Have Been Much Better

The recovery has been weak, but it wouldn't be quite so if we stopped making it that way<p>The economy is growing, but it's not growing fast enough, and now we have new numbers to tell just how not fast that is. The initial estimate for second quarter GDP growth came in at a depressing 1.7 percent, …