Top Ten Oil Consumers Of The World…..Nothing Surprising Here
thestatedtruth.com | September 30, 2009
Estimates Of Total Writedowns At Banks And Other Financial Institutions Have Declined By $600 Billion, From $4 Trillion Six Months Ago To $3.4 Trillion Today……Holy Canolie, And They Call That Progress?
thestatedtruth.com | September 30, 2009
I.M.F. Calls for Overhaul of Financial System By CARTER DOUGHERTY Published: September 30, 2009 FRANKFURT — The International Monetary Fund said Wednesday that “the global economy has turned a corner” after the harrowing start to 2009, but that only a thorough restructuring of the financial system could prevent a return to crisis and pave the [...]
Greenspan Sees Growth Slowing as Stocks ‘Flatten Out’….He’s Likely Right, But Does Anybody Actually Listen To Him Anymore
thestatedtruth.com | September 30, 2009
Greenspan Sees Growth Slowing as Stocks ‘Flatten Out’ By Albert R. Hunt and Rich Miller Sept. 30 (Bloomberg) — Former Federal Reserve Chairman Alan Greenspan said he sees the U.S. economy slowing next year as the surge in stocks comes to an end. “The odds are we flatten out,” Greenspan said today in a Bloomberg [...]
From The Daily Reckoning……This Makes A Lot Of Sense
thestatedtruth.com | September 29, 2009
Keynes outlined his general theory back in the early 20th century. Keynes took a page from the Old Testament. Government should act like an enlightened Egyptian Pharaoh, he didn’t say, but should have. It should run surpluses in the fat years and deficits in the lean years…thus flattening out the pattern of boom and bust. Pharaoh [...]
Stratfor Talks About Iran And Afghanistan………
thestatedtruth.com | September 28, 2009
Obama’s Move: Iran and Afghanistan September 28, 2009 | 1849 GMT By George Friedman During the 2008 U.S. presidential campaign, now-U.S. Vice President Joe Biden said that like all U.S. presidents, Barack Obama would face a foreign policy test early in his presidency if elected. That test is now here. His test comprises [...]
Top World Producers Of PV Solar Cells
thestatedtruth.com | September 28, 2009
China has made aggressive and well-timed moves in the solar race. In only five years it has gone from being a negligible player to the world’s top producer of solar PV cells, according to a new report from the European Commission Joint Research Centre Institute for Energy. Worldwide solar module production increased by 80% in [...]
The History Of Golf…..Kind Of
thestatedtruth.com | September 28, 2009
Clif Droke On The Great China Conundrum
thestatedtruth.com | September 28, 2009
The Great China Conundrum By: Clif Droke Posted Sunday, 28 September 2009 Probably the biggest “X-factor” in the ongoing effort at reviving the global economy is China. China is seen by many as the world’s emerging industrial powerhouse and its relationship with the United States is considered to be crucial for its own development, as [...]
Quote Of The Day…..
thestatedtruth.com | September 27, 2009
“I hope I shall possess firmness and virtue enough to maintain what I consider the most enviable of all titles, the character of an honest man.” George Washington
Beyond Fannie and Freddie, Editorial From The Los Angeles Times
thestatedtruth.com | September 27, 2009
Editorial Beyond Fannie and Freddie 09-27-2009 Homeownership may be the American dream, but lately it has been an expensive one for taxpayers. The deduction for mortgage interest cost about $80 billion in lost revenue in 2009, and a tax credit for home buyers in this year’s stimulus bill will add $15 billion to the [...]
Thoughts From John Mauldin…Welcome To The New Normal
thestatedtruth.com | September 26, 2009
Going back to the part-time workers, there are roughly 9 million people who are working part-time because of business conditions, or those are the only jobs they could find. The average work week is at an all-time low of 33 hours. The chart below is from my friend David Rosenberg. David wrote in a [...]
Cumberland Talks About Iran, War & Markets
thestatedtruth.com | September 26, 2009
Iran, Nukes, War & Markets September 26, 2009 Iran. Remember the old story about the kid and cookie jar? “If you do that one more time, I will punish you,” says the mom. This latest two-months so-called “line in the sand” is not the first, nor the second, nor the third time. The only thing [...]
Quote Of The Day…….
thestatedtruth.com | September 24, 2009
“Don’t worry when you are not recognized, but strive to be worthy of recognition.” Abraham Lincoln
Tax Payers Pay The Price….Or Bankers Wages In This Case
thestatedtruth.com | September 24, 2009
This comes from Bill Bonner of the Daily Reckoning………….. Thanks to taxpayer money, the bankers were spared the consequences of their own stupidity. Instead, taxpayers will pay for their mistakes. No one is particularly upset about it. The taxpayers don’t know what is going on. And bankers are happy to continue living in the style to which [...]
Paul Volcker Unleashes Another Volley On The Wizards Of Wall Street
thestatedtruth.com | September 24, 2009
Volcker Unleashes Volley By Larry Doyle|Sep 24, 2009, 1:00 PM I find it interesting, but not surprising, that former Fed Chair Paul Volcker’s testimony to Congress this morning has received little to no coverage by major media outlets. Why? With few exceptions, the financial media plays along with the financial industry which pays the bills [...]
Ed Yardeni Says Fed Policy Justified by Capacity Use, Employment Data
thestatedtruth.com | September 24, 2009
Fed Policy Justified by Capacity Use, Employment Data By David Wilson Sept. 24 (Bloomberg) — Federal Reserve policy is keeping prices from falling at a time when there are plenty of factories and workers to spare, according to Edward Yardeni, president and chief investment strategist at Yardeni Research Inc. The CHART OF THE DAY illustrates [...]
The New Normal Doesn’t Include Luxury Hotel Rooms…….
thestatedtruth.com | September 24, 2009
Luxury Hotels in U.S. Risk Default as $850 Rooms Remain Empty By Nadja Brandt Sept. 24 (Bloomberg) — Luxury hotel owners risk defaulting on their debt as the recession cuts occupancies and the credit crunch constrains refinancing. Loans secured by more than 1,500 hotels with a total outstanding balance of $24.5 billion may be in [...]
Gene Inger From The Inger Letter…………
thestatedtruth.com | September 23, 2009
The Bernanke Fed basically says they’ll print as much money needed even in the face of improving conditions to make assets rise further. We have discussed most issues; but can update just a tad. First of all no rate change of course; and the Dollar (which was down early) strengthened as stocks fell (my idea [...]
Quote Of The Day….
thestatedtruth.com | September 23, 2009
”I am one of those who do not believe that a national debt is a national blessing, but rather a curse to a republic; inasmuch as it is calculated to raise around the administration a moneyed aristocracy dangerous to the liberties of the country.” – Andrew Jackson (1767-1845) 7th US President
Anyone Ever Seen One Of These Before?
thestatedtruth.com | September 23, 2009
U.S.S. Independence (LCS-2) …….We’ve been hearing rumblings about these U.S. Navy triple-hulled ships, so here’s one that was launched recently….Build by General Dynamics, it’s called a “Littoral Combat Ship” (LCS), and it can move weapons around faster than any ship in the Navy. Littoral means close to shore, and that’s where these fleet-hulled ships will [...]
Credit Card Defaults Surge in August to 11.49%
thestatedtruth.com | September 23, 2009
Card Defaults Surge in August to 11.49%, Moody’s Says By Peter Eichenbaum Sept. 23 (Bloomberg) — U.S. credit-card defaults rose to a record in August and more losses may lie ahead as delinquencies climbed for the first time since March, according to Moody’s Investors Service. Write-offs rose to 11.49 percent from 10.52 percent in July, [...]
Yikes…….Moody’s: Some Home Price Won’t Rebound Until 2024 Or Later
thestatedtruth.com | September 23, 2009
Moody’s: Some Home Price Won’t Rebound Until At 2024 Moody’s (MCO) forecasts that some home prices may not return to their pre-recession levels until 2030. This means that hundreds of thousands of Americans may find it impossible to sell their houses without making payments to their banks to cover underwater home loans. MarketWatch reports that a [...]
Housing Crash To resume As 7 Million Properties Are Likely To Be Seized By Lenders, Amherst Says
thestatedtruth.com | September 23, 2009
Housing Crash to Resume on 7 Million Foreclosures, Amherst Says By Jody Shenn Sept. 23 (Bloomberg) — The crash in U.S. home prices will probably resume because about 7 million properties that are likely to be seized by lenders have yet to hit the market, Amherst Securities Group LP analysts said. The “huge shadow inventory,” [...]
Hmm……..Where Did All That Honey Go
thestatedtruth.com | September 23, 2009
Cumberland Advisors Checks In With An Opinion On President Obama And The Chinese Trade Dispute……….
thestatedtruth.com | September 23, 2009
Tires, Chickens, and Trade – One Week Later September 23, 2009 This commentary was written by Bill Witherell, Cumberland’s Chief Global Economist. He joined Cumberland after years of experience at the OECD in Paris. His bio is found on Cumberland’s home page, www.cumber.com. He can be reached at Bill.Witherell@cumber.com. In the week following President [...]
Just The Facts Please……………….
thestatedtruth.com | September 22, 2009
Charts thank to …. www.ingerletter.com
World Gold Holdings And One Reason For A Lower Dollar………………
thestatedtruth.com | September 22, 2009
Real Estae Prices, Commercial vs Residential
thestatedtruth.com | September 21, 2009
Hmm…..Those Curves In The Road Sure Do Come Up On You Fast, I Didn’t Even See A Sign, And I Know It Wasn’t On My Map
thestatedtruth.com | September 21, 2009
From jsmineset.com
This Just In From Jim Sinclair, The Most Successful Commodity Metals Trader Of All Time………………..
thestatedtruth.com | September 21, 2009
China, Russia and the rest of the BRICs will bring the Super Sovereign Currency alternative to the G20 discussion. We have seen that developing over the last few weeks. We know that the main thrust of the G20 where the West is concerned is banking regulations and a unified commitment not to withdraw from anti-deflationary, [...]
“Option” Mortgages To Explode, Officials Warn…..We’ve Reviewed This Before Here At The Stated Truth
thestatedtruth.com | September 21, 2009
“Option” Mortgages To Explode, Officials Warn By Lisa Lambert WASHINGTON (Reuters) – The federal government and states are girding themselves for the next foreclosure crisis in the country’s housing downturn: payment option adjustable rate mortgages that are beginning to reset. “Payment option ARMs are about to explode,” Iowa Attorney General Tom Miller said after a [...]
The Good Old Days Are Back…….Well Sort Of
thestatedtruth.com | September 21, 2009
U.S. Leading Economic Index Increased 0.6% in August By Shobhana Chandra Sept. 21 (Bloomberg) — The index of U.S. leading economic indicators rose for the fifth straight month, capping the longest stretch of gains since 2004 and signaling a recovery is under way. The Conference Board’s gauge of the economic outlook for the next [...]
Gene Inger Checks In From The Inger Letter………..
thestatedtruth.com | September 19, 2009
Gene Inger’s Daily Briefing . . . for Monday September 21, 2009 Good evening; Efforts to discourage ‘risk taking’ . . . among bankers and associated traders, is at this point a forthcoming set of incredibly sweeping Federal Reserve rules; to regulate not just pay and executive compensation, but focuses on specific bonuses and trader [...]
Clif Droke Interviewed On “The Gold Report” About The Grand Supercycle and Where We Are Today….Hint, He’s Positive For The Short Term
thestatedtruth.com | September 19, 2009
Clif’s Notes On Grand Supercycle 09/18/2009 A serious student of equity market cycles and stock charts, market technician Clif Droke pulls no punches about the fact that the 120-year Grand Supercycle bodes ill as it approaches its end. Although his analyses of charts and cycles suggest some bright days on the near-term horizon, they [...]
U.S. Bank Loan Data……….
thestatedtruth.com | September 18, 2009
“Bank of America and Citigroup – which comprise 35% of the entire credit card industry – announced this week that customers are defaulting on their credit cards at the highest rates since the recession began. Bank of America’s charge-off rate registered a whopping 14.5% in August. In other words, for every $7 in credit card [...]
“Payment Option ARMs Mortgages Are About To Explode,”
thestatedtruth.com | September 18, 2009
“Option” Mortgages To Explode Thu Sep 17, 2009 By Lisa Lambert WASHINGTON (Reuters) – The federal government and states are girding themselves for the next foreclosure crisis in the country’s housing downturn: payment option adjustable rate mortgages that are beginning to reset. “Payment option ARMs are about to explode,” Iowa Attorney General Tom Miller [...]
BlackRock’s Fink Says Obama Rules Threaten Home Loan Markets
thestatedtruth.com | September 18, 2009
So, the banks are told to re write first mortgages, and write off home equity loans and second trust deeds. It sounds like they are doing that, unless the servicier is also the provider of the second (the 4 largest servicers are BofA, JP Morgan, Wells Fargo and Citi)…..in which case they ask (demand) the homeowner to acept new terms on the home equity and second trust deeds or they won’t rewrite the first morgages. This then allows the servicing bank to show the home equity and seconds as performing loans and they then don’t have to show the write off on their books…. Thieve’in Banks…….Thats what we have here.
Mad As Hell About Bankers And Wall Street Pay…….
thestatedtruth.com | September 18, 2009
How Does Your Wealth Stand Up To The Averages………
thestatedtruth.com | September 18, 2009
Total houehold wealth is up 3.9% April through June 2009, but is still down by 19% from the high reached back in the third quarter of 2007. To put things into another perspective, just do tthe math on the next chart from 2007. To do the math….hint, we are subtracting the 19% loss that we’ve had since the third quarter 2007 from [...]
FDIC Insurance Funds Are Running Out………….
thestatedtruth.com | September 17, 2009
The Bloomberg Professional Confidence Index Shows Global Economy Is Trending To The Upside……
thestatedtruth.com | September 16, 2009
The Bloomberg Professional Confidence Index Global Economy is comprised of responses about the outlook for the global economy, from users globally. A value above 50 indicates a positive sentiment about the global economy from all Bloomberg respondents
Volcker Sees ‘Long Slog’ for U.S. Economy….Warren Buffett Said On CNBC That The U.S. Economy Has “Hit A Plateau At Bottom”
thestatedtruth.com | September 16, 2009
Volcker Sees ‘Long Slog’ for U.S. Economy, Seeks Bank Limits By Peter J. Brennan, Christine Harper and Scott Lanman Sept. 17 (Bloomberg) – Paul Volcker, the former Federal Reserve chairman who’s an economic adviser to President Barack Obama, said there’s a “long way to go” before the economy returns to pre-recession levels. “It will be [...]
The White House Will Shelve Bush Administration Plans To Build A Missile-Defense System In Poland And The Czech Republic………
thestatedtruth.com | September 16, 2009
WASHINGTON — The White House will shelve Bush administration plans to build a missile-defense system in Poland and the Czech Republic, according to people familiar with the matter, a move likely to cheer Moscow and roil the security debate in Europe. “We believed that the emergence of the intercontinental ballistic missile would come much faster [...]
The Case of…..Commercial Real Estate Loans
thestatedtruth.com | September 16, 2009
From www.ingerletter.com
Tell Tale Signs Of Things Slowly Getting Better…………
thestatedtruth.com | September 16, 2009
Who Would’ve Thunk It! This Might Buy You A Loaf Of Bread In Zimbabwe………
thestatedtruth.com | September 15, 2009
Charts That Tell The Story Of A Tough Economy….From John Mauldin’s “Outside The Box” Newsletter
thestatedtruth.com | September 15, 2009
Graphed below are the yearly (nominal) changes in spending in food and beverage stores and drugstores compared to the changes in all other spending (less autos and gas). (Gas is also mostly an essential, but its price has been so volatile that it clouds the picture somewhat; still, the graphs would look little different had [...]
Rick Ackerman………Two Events That Bulls Have Yet To Discount
thestatedtruth.com | September 14, 2009
Two Events That Bulls Have Yet to Discount By: Rick Ackerman Rick’s Picks Monday, September 14, 2009 “Phenomenally accurate forecasts” We’ve always believed that the stock market’s ups and downs are driven not by anything so mundane as news events or the economy, but by the same mysterious cyclical forces that govern the [...]
How Have Our National Leaders Done In The Financial Crisis………..
thestatedtruth.com | September 14, 2009
Poverty Top 10 Cities In The United States……….
thestatedtruth.com | September 13, 2009
City, State, % of People Below the Poverty Level 1. Detroit , MI 32.5% 2. Buffalo , NY 29.9% 3. Cincinnati , OH 27.8% 4. Cleveland , OH 27.0% 5. Miami , FL 26.9% 5. St. Louis , MO 26.8% 7. El Paso , TX 26.4% 8. Milwaukee , WI 26.2% 9. Philadelphia , PA 25.1% [...]
Hmm……We’ve Seen This Chart Before, Haven’t We……….
thestatedtruth.com | September 13, 2009
Member Of The White House Council of Economic Advisers Says Banking Problems Are Now Bigger Than Before Lehman’s Collapse………
thestatedtruth.com | September 13, 2009
Stiglitz Says Banking Problems Are Now Bigger Than Pre-Lehman By Mark Deen and David Tweed Sept. 14 (Bloomberg) — Joseph Stiglitz, the Nobel Prize- winning economist, said the U.S. has failed to fix the underlying problems of its banking system after the credit crunch and the collapse of Lehman Brothers Holdings Inc. “In the U.S. [...]
Charts On Spending And Real Estate………….
thestatedtruth.com | September 12, 2009
New Study From Stanford University On Stem Cells From Human Fat………
thestatedtruth.com | September 11, 2009
Human Fat Yields Multipurpose Potent Stem Cells Human fat from liposuctions can be converted to induced pluripotent stem cells These cells have the potential to become any tissue in the body Less than half a Coke can’s worth of fat needed for process, researcher says By Elizabeth Landau CNN (CNN) — You know that [...]
Hmm…….A Family Of 4 Living On Less Then $22,025 Per Year……Is The U.S. Government Serious
thestatedtruth.com | September 11, 2009
“What exactly is ‘poverty’ to the US government? The equivalent of a family of four living on an annual budget of $22,025 or less.
Two More Charts Worth Looking At………….
thestatedtruth.com | September 10, 2009
Rick Ackerman Checks In…………….
thestatedtruth.com | September 10, 2009
Gold Waiting to Pounce On Summit’s Failures By: Rick Ackerman, Rick’s Picks Thursday, September 10, 2009 “Phenomenally accurate forecasts” With the G-20 meeting in Pittsburgh just two weeks off, we didn’t expect gold’s widely anticipated push past $1000 to be a piece of cake. Indeed, Bernanke & Friends are probably throwing everything they’ve got [...]
This Just Proves A Really Bad Year Can Happen To Anyone…….
thestatedtruth.com | September 10, 2009
Harvard Investments Lose 27.3% By Gillian Wee Sept. 10 (Bloomberg) — Harvard University, the wealthiest U.S. school, said its investments fell 27.3 percent in the past year, a $10.1 billion loss that was smaller than President Drew Faust’s forecast in December before markets started to recover. The endowment declined to $26 billion from $36.9 billion [...]
A Picture ( IN This Case 2) Is Worth A Thousand Words
thestatedtruth.com | September 9, 2009
Gold Rally Signals Move Away From Currencies, Greenspan Says……….
thestatedtruth.com | September 9, 2009
Gold Rally Signals Move Away From Currencies, Greenspan Says By Millie Munshi and Veronica Navarro Espinosa Sept. 9 (Bloomberg) — Gold prices that jumped above $1,000 an ounce this week are signaling that investors are buying metals to hedge against declines in currencies, former Federal Reserve Chairman Alan Greenspan said. The gains are “strictly a [...]
Hmm….Heading Down A Slippery Road……
thestatedtruth.com | September 8, 2009
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The Bears Are Getting Hungryer By The Day…..
thestatedtruth.com | September 8, 2009
Consumer Credit Is In A Tailspin…………….
thestatedtruth.com | September 8, 2009
Switzerland has pushed the U.S. off the top of the peaks for productivity; with Russia now leading in oil production; ahead of Saudi Arabia (with many implications). Credit issues are not resolved; and the gold mavens got all excited weeks after our forecast of Gold going to a measured move of around 1020; so they [...]
Consumers Slash Borrowing By Record Amount……..
thestatedtruth.com | September 8, 2009
Consumers Slash Borrowing By Record Amount Americans Cut Debt By $21.6 Billion In July; $4 Billion Was Expected… The Associated Press Sept . 8, 2009 WASHINGTON – Consumers slashed their borrowing in July by the largest amount on record as job losses and uncertainty about the economic recovery prompted Americans to rein in their debt. [...]
Gene Inger Of The Inger Letter Checks In………….
thestatedtruth.com | September 7, 2009
Gene Inger’s Daily Briefing . . . for Tuesday September 8, 2009: Daily action ……………..From www.ingerletter.com The parallels between 1930 and now . . . I’m compelled (as mentioned before) to note there are variations. During the ‘Great Depression’ you had the bank closings which prompted not only ‘bank runs’ but [...]
The Chart Below Shows Just How Fast Income Taxes Are Falling…….Are The Economists Paying Attention
thestatedtruth.com | September 5, 2009
States, counties, and cities are having to make deep cuts, in both jobs and programs. Today’s Wall Street Journal talks about the cuts in state after state. States cannot print money like the US can, so at some point they have to either raise taxes or cut spending to balance their budgets. Raising taxes just [...]
Hmm……Rising Wages-Federal Government Workers Lead The Way
thestatedtruth.com | September 5, 2009
Interesting statistic. Want to know where wages are rising? Think federal government workers. The gap between civilian and government workers was less than $13,000 nine years ago, but now is almost $30,000. Inflation has been 24%, but government wages are up 55%. According to a recent release from Rasmussen Reports, a government job remains “the [...]
“We’ve Always Done It Like That” Ring Any Bells …………..
thestatedtruth.com | September 4, 2009
A History Lesson On Railroads And Other Things………. Does the statement, ‘We’ve always done it like that’ ring any bells? The US standard railroad gauge (distance between the rails) is 4 feet, 8.5 inches. That’s an exceedingly odd number. Why was that gauge used? Because that’s the way they built them in England, and English expatriates [...]
Pace Of Delinquencies For Prime Borrowers Exploding Higher……………
thestatedtruth.com | September 3, 2009
More Pain Felt by ‘Prime’Borrowers By ROBIN SIDEL SEPTEMBER 4, 2009 The long recession and rising joblessness are taking an increasing toll on the nation’s most credit-worthy borrowers, who are now falling behind on their mortgage and credit-card payments at a faster pace than people with poor financial histories. The mortgage-delinquency rate among so-called subprime [...]
Natural Gas Prices Crash And Burn………
thestatedtruth.com | September 3, 2009
Natural Gas Tumbles to Lowest Since March 2002 on Supply Gain By Reg Curren Sept. 3 (Bloomberg) — Natural gas futures extended a decline in New York, falling to the lowest level since March 2002, after a government report showed stockpiles expanded more than average to a record for this time of year. Supplies rose [...]
Federal Reserve Officials In Their August Meeting Expressed Concern About The Pace Of A Likely Economic Recovery…………
thestatedtruth.com | September 2, 2009
By Craig Torres Sept. 2 (Bloomberg) — Federal Reserve officials in their August meeting discussed tapering purchases of mortgage bonds to minimize any disruptions at the end of their program, and expressed concern about the pace of a likely economic recovery. A number of policy makers judged that a “tapering of agency debt and MBS [...]
Giant New U. S. Oil Find In Gulf…..The Tiber Prospect In The Gulf Of Mexico May Contain More Than 3 Billion Barrels of Oil
thestatedtruth.com | September 2, 2009
BP Makes ‘Giant’ Oil Discovery in Gulf of Mexico By Eduard Gismatullin Sept. 2 (Bloomberg) — BP Plc, Europe’s second-largest oil company, reported a “giant” discovery at the Tiber Prospect in the Gulf of Mexico that may contain more than 3 billion barrels, after drilling the world’s deepest exploration well. The well is located about [...]
The Future Of The U. S. Economy…..Leaner Workforces Ahead
thestatedtruth.com | September 2, 2009
U.S. Economy: ADP Employer Services Says Companies Cut More Jobs Than Forecast in August By Timothy R. Homan and Shobhana Chandra Sept. 2 (Bloomberg) — U.S. companies cut more jobs than forecast in August and boosted their workers’ productivity the most since 2003 in the second quarter, signaling employers are seeking to cut costs further [...]
Sometimes A Picture Is Worth A Thousand Words…………
thestatedtruth.com | September 1, 2009
Sheila Bair was very candid about commercial defaults being more of a driver of lots of bank failures this Fall. This is precisely the type of issue we’ve been concerned of. The references some are making about the ‘stress tests’ being feather tests of banks, is something we’ve argued all along; based on ridiculous [...]
A Chinese Default On OTC Derivitives Would Send Markets Into A Spiro Downward…
thestatedtruth.com | September 1, 2009
China Warns Banks on OTC Hedge Defaults -Report BEIJING, Aug 29 (Reuters) – Chinese state-owned enterprises (SOEs) may unilaterally terminate derivative contracts with six foreign banks that provide over-the-counter commodity hedging services, a leading financial magazine said. China’s SOE regulator, the State-owned Assets Supervision and Administration Commission (SASAC), had told the financial institutions that SOEs [...]