David Stockman

“Oil Bust 2.0” Kicks off with Parker Drilling Bankruptcy

Parker Drilling announced Wednesday morning that it had filed for a “pre-arranged” chapter 11 bankruptcy. The storied drilling contractor has been in business since 1934. It has been involved in oil fields from Alaska’s Prudhoe Bay and the Siberian Artic to the Caspian Sea and China, in addition to its work in the US. The …

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The Hideously Absurd Russophobic Prosecution Of Maria Butina

I vividly remember thinking that when she first became ‘news’ for ‘infiltrating’ the NRA, for which there were plenty cute pictures taken, I remember thinking she would have been 22 or 23 years old when as a super- devious Russian redhead she allegedly penetrated the trillion dollar NRA, and the trillion dollar Republican Party, and …

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Mind The Red Ponzi—Its Death Wobble Has Begun

Today, in his latest note, Edwards doubles down on his assertion that a China hard-landing may be “the grey rhino that investors are ignoring” even as he once again admits that “naysayers, such as I, have consistently been proved wrong about the ability of China’s policymakers to successfully navigate choppy waters without capsizing the economic …

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Federal Debt Fixing To Cross $22 Trillion Level Soon

The rapidly exploding U.S. national debt is about to cross another critical threshold.  According to the U.S. Treasury, the debt of the federal government is currently sitting at $21,854,296,172,540.94, and at our current pace we will likely hit the $22 trillion mark next month.  This is a horrifying national crisis, and yet nothing is being …

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Hey, Donald! Your Capitulation To DOD’s $750 Billion Budget Is Fiscal Madness

Apparently, Trump has already changed his mind. After meeting last week with Defense Secretary Jim Mattis and the chairmen of the armed services committees, the White House has reversed course. According to Politico, Trump will now propose to Congress a $750 billion military budget for fiscal year 2020, a $50 billion hike from his previous …

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What The Yellow Vest Protests Really Mean—The European Superstate Is Heading For The Dustbin Of History

A return of national sovereignty across Europe is no longer coming.  I think it’s here.  This can no longer be stage-managed as a relief valve of the massive discontent at neoliberal policies rammed down Europeans’ throats as it has in the past. Something far more significant is here.  They can’t cordon off this movement in …

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The Statist Roots Of The Donald’s Border Wars: Part 2, Debunking Anti-Immigrant Demogoguery

It is almost impossible not to cheer when the Donald goes nose-to-nose with Nancy Pelosi and Chuckles Schumer as per today’s Oval Office smackdown. The Washington Leviathan that now crushes Flyover America is the results of  decades of their misbegotten statist policies and is the reason the Donald was elected against all odds in the first place. …

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Mind The Fed Funds Rate—It’s Deader Than A Doornail And Heading For Pasture

In this new environment, who’s lending in the fed funds market? Data suggest that depository institutions, which accounted for more than half of fed funds sold precrisis, now account for a relatively small share of lending activity. Specifically, bank holding companies (BHCs), standalone commercial banks, foreign banking organizations (FBOs), and thrifts represented 26.3 percent of the …

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Why Powell Blinked—The Economy Is Slowing Rapidly

a quickly slowing economy produced Powell’s shift represented 42% of all responses. If correct, this is the worst case scenario for the stock market. Global economic growth is already decelerating as witnessed by the declining GDP growth posted by Germany, Canada, Italy, Japan and Switzerland in the most recent quarter. Further, China, the main engine …

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