Debt Bubble and Slowing Economy Creating Havoc in Credit Market.
In this report, I cover the early market action from London on Wednesday, September 25th, 2019. I look briefly at the precious metals, the stock market, the dollar, the bond market and the price of WTI and Brent crude oil.
Today I look into some developments in the U.K. economy and in particular look at Metro Bank and also Thomas Cook. Metro Bank has been struggling for almost a year now as its CEO had to resign earlier this year because of an erroneous reporting of its loan book which has led to a collapse of its stock price from around a high of £40 last year to under £2 currently.
Thomas Cook, of course, went into administration earlier this week as its banks, RBS and Lloyds, failed to renew a £200 million line of credit. One has to wonder if the current condition of the plumbing of Wall Street and the City of London or the repo market is having an major impact for corporations that depend on short term borrowing for their operations.
My conclusion is that something is amiss in the global credit market as the world economy slows down and the global debt pile hits historical highs for peacetime.
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Yet another ONCE well run and respected company goes to the wall. The origins of the company date back to 1841, formed by Thomas Cook in Leicester, England and being the first travel company.
Once the bankers/financiers get control of a company they bleed it dry and rip the guts out of it. They walk away with hundreds of million of pounds, or more, and leave everyone else destitute. I feel really sorry for the passengers left stranded, but more so for the employees who have now lost their jobs.
Their bankers (RBS and Lloyds) were insolvent/bankrupt in 2008 but got bailed our by our government.
Shocking and deplorable!
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It seems to me the global downturn has begun in last autumn when HNA Group Co. started to sell Deutsche Bank stocks. HNA which is known by it's agressive take over has serious over debt problem. Once HNA was the top shareholder of the DB, but is minor now. These days HNA is regarded difficult to survive without Chinese government support.