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Wednesday, 13 April 2016
Peabody Files for Bankruptcy
There are growing concerns about the ability of financially-troubled coal companies to cover the cost of pushing dirt back in mines that might close. Peabody has more than $1 billion in self-bonding obligations in five top coal-mining states: Wyoming, Illinois, Indiana, Colorado and New Mexico.
Peabody Energy, the largest coal miner in the United States, filed for bankruptcy protection Wednesday as a crosscurrent of environmental, technological and economic changes wreak havoc across the industry.
Mines and offices at Peabody, a company founded in 1833 by 24-year-old Francis S. Peabody, will continue to operate as it moves through the bankruptcy process. However, Peabody's planned sale of its New Mexico and Colorado assets were terminated after the buyer was unable to complete the deal.
The bankruptcy filing comes less than three months after another from Arch Coal, the country's second-largest miner, which followed bankruptcy filings from Alpha Natural Resources, Patriot Coal and Walter Energy.
"The Problems Are Unfixable"
It must be obvious that the next occupant of the White House will preside over the implosion of all these arrangements since, in the immortal words of economist Herb Stein, if something can’t go on forever, it will stop. So the only individuals left seeking the position are 1) An inarticulate reality TV buffoon; 2) a war-happy evangelical maniac; 3) a narcissistic monster of entitlement whose “turn” it is to hold the country’s highest office; and 4) a valiant but quixotic self-proclaimed socialist altacocker who might have walked off the set of Welcome Back Kotter, 40th Reunion Special. These are the ones left standing halfway to the conventions. Nobody else in his, her, it, xe, or they right mind wants to be handed this schwag-bag of doom.
Doug Casey: Are We Headed For Another Dark Ages?
Doug Casey is bullish on the resource sector. He believes that it has hit bottom and will be going up from here. On the government and human front he’s not so optimistic. The sociopaths who run things are more concerned about the well-being of government rather than the people. For this reason it grows like a cancer and eventually consumes all in its path. But Doug believes that as long as WWIII doesn’t take place, humanity will ultimately find its way and move forward. However, there will be much suffering and unpleasantness as the Greater Depression rears its ugly head once again.
There have been 606 global interest-rate cuts and $12.4 trillion in central bank asset purchases since the fourth quarter of 2008. This made borrowing money extraordinarily cheap — for those who can actually get loans. These are government acts of market intervention … for some reason, Smith’s “invisible hand” couldn’t be trusted to fix things in this case. Here are some of the results, cited by the BofA report...
Away from the headlines about The Panama Papers, global financial markets turmoiled quietly this week with a surge in equity and FX volatility and banks suffering more death blows. However, something happened in Saudi Arabia's banking system that was largely uncovered by anyone in the mainstream... overnight deposit rates exploded to their highest since the financial crisis in 2009...
Posted by Unknown at 15:40
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