 CLICK CHART TO ENLARGE
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
 CLICK CHART TO ENLARGE |  CLICK CHART TO ENLARGE |
| Here is a chart I published in a 2012 post "What Do You Do During a Housing Bust". The answer is "save". If the CRB chart above has correctly identified a cyclical swing between bull and bear commodity production, then we should expect another "lost decade" of balance sheet repair especially in the over-speculated and now depreciating housing asset markets of Canada. |  CLICK CHART TO ENLARGE |
CLICK CHART TO ENLARGE
|
As I have been pointing out on my chart of TSX INDEXES for Energy, Real Estate, Financial Services, Gold and the Bank of Canada Commodities in $CAD, that...
|
...the Thompson Reuters CRB chart embedded in the chart shows that global commodities measured in USD has been dropping since 2008, although recently since September (2018), there has been a near term rally in commodities... BUT
...since Oct 3, 2018, the Thomson Reuters/CoreCommodity CRB Index has been coiling down (MarketWatch.com).
On my Twitter Feed from @hks55 came their chart suggesting that the commodity super cycle is poised for another leg down due to China's slowdown in credit creation that had spurred the commodity boom as Kyle Bass illustrates in this comparison between Chinese credit creation and their GDP (the link includes the 41 second video).
CLICK TO GO TO ORIGINAL POST
CLICK TO GO TO ORIGINAL POST
China’s Slower Credit Growth
Underscores Worries Over Economy
Bloomberg, Aug 2018
|
|
CLICK CHART TO ENLARGE
|
CLICK CHART TO ENLARGE
|
The OECD released their May 2018 Canadian Economic Forecast Summary. Their charts to the left conflates our usual obsession with "flation" which in Latin means to "blow". We worry about whether our investments in production and consumption are going to blow or suck.
Chris Kimble released a June 21st chart triptych "3 Key Economic Indicators May Be Flashing Caution Here" The monthly charts of Commodities, Crude Oil and U.S. 10 Year Treasuries are at "Long-Term” Fibonacci retracement levels at the same time and could be creating reversal patterns." |
"I have a simple goal for my investment research - help people to enlarge portfolios regardless of market direction by looking for patterns at extreme points of "exhaustion" with a high probability of reversing." Chris Kimble
|
|
CLICK CHARTTO ENLARGE
|
While we wait for the Brexit vote, here is Patrick Ceresna's hour long video explaining in detail his argument for what will trigger the Canadian real estate market selloff. My bullet points from the video are below and the chart (left) shows credit is tightening.
|
Are You Ready For a Canadian Real Estate Crash?
Patrick Ceresna Chief Derivative Market Strategist
LearnToTradeGlobal.com (1 hr. 4:35 min)
Bullet Points from the Video Above
MACRO EVIDENCE OF PENDING CRASH
- Currency affects commodities, the bond markets and real estate.
- Price discovery is a function of liquidity not fundamentals which are a long term attribute.
- Prices are created by positive or negative feedback loops.
- Bubbles deflate to their fundamental base.
Tech 1995-2003 (up 100%, down 90%)
Silver 2001-2012 (up 100%, down 40%)
U.S. Homes 2001-2012 (up 100%, down 40%)
- A believable idea (potash 2007-08 "everyone has to eat")
- There is a surplus of funds and shortage of opportunity (low interest rate prompts a search for yield).
- The idea cannot be disproved.
- The idea shifts from the minority to the majority view.
- The overvaluation is justified as the new paradigm (it's different this time).
- A widespread fear of missing out ensues.
- Rampant financing schemes occur.
- A cult obsession (everyone has an interest).
- The bubble becomes unbelievably long.
- Objective people begin to believe the story.
- Prices drop and supply grows.
- Investors see risk.
- Credit dries up.
- Frauds are exposed.
- Governments intervene.
- An exponential rise in price occurs as the cycle ends.
- A trigger is needed to reverse the positive feedback loop (China).
- Prices drop, rates rise and commodities are weak.
- The U.S. housing crash was triggered by the ARM (adjustable rate mortgage) reset.
- This time the events will be international triggered by China and its USD$4 trillion in foreign currency reserves.
- Chinese commercial banks increased credit from USD$4T to USD$34T in 10 years increasing the bank debt to 3 times GDP with an estimated USD$1T in non performing loans. (In the U.S. housing crash, their banks had created USD$16T in bank debt which was only 1 times GDP with non performing loans at less than 1/2 trillion USD$.
- China's 4 big banks are bigger than the 6 largest global banks.
- A massive credit orgy has been created and easy credit misallocated into unproductive end results (ghost cities etc).
- The IMF warns that China's credit risk is systemic.
- The commodity sector is in a bear market.
- There is a currency war going on.
- Slow growth is deflationary (see my debt chart).
- China will not have a new credit cycle (The PBOC warns of an "L" shaped landing).
- China's Yuan is pegged to the USD forcing them to buy and sell USD and the PBOC wants to un-peg.
- The USD rally has the Yuan up 45% against the CAD and there has been a USD$1 trillon of capital outflow from China chasing Canadian and other weak FX country's real estate.
- Un-anchored buyers from China etal have bid the real estate market up and out of equilibrium.
- The China window is closing, they are stopping their capital outflow with restrictions against funding loopholes (Hong Kong, Macau, Bitcoin etal)
- The Chinese Government will implement their Yuan devaluation.
- it will be a huge macro event as the Chinese bubble deteriorates.
- The PBOC will bail out their banks.
- The Yuan/CAD will plummet.
- The positive feedback loop in Canadian real estate will turn to a negative feedback loop.
- More sellers will emerge as credit tightens.
- Real estate prices will drop to fundamentals regressing to 2010-11 levels.
- USD rallies but Yuan does not devalue igniting a second wave of capital outflow.
June 9, 2016: Bank of Canada Governor Stephen Poloz cautioned that climbing real estate prices have outpaced local economic fundamentals like job creation, immigration and income growth.
June 13, 2016: Financial markets are worried about China because its debt has surged to a record 237% of gross domestic product.
Here's Why China's Economy Will Be So Hard to Fix
"The real problem has been... that in a Bubble,
everyone gets in trouble
at the same time"
Bob Hoye, June 16, 2016
CLICK CHART TO ENLARGE
|
While we wait for the April real estate data to dribble in, let's look at the commodity sector that peaked in 2011 and is now threatening to break a major uptrend channel and possibly retest the 2006 lows; a time when the Yield Curve inverted and soon after the BoC and U.S. Fed etal went on a ZIRP to NIRP bender in an effort to spark inflation. Clearly low rates have not produced CPI inflation but a speculative frenzy for Yield.
|
The top panel in the mashup above is the Thomson Reuters Commodity Index chart since the 1980's provided by Kimble Charting Solutions. The commodity index is made up of 18% Energy, 24% Metals, 29% Softs and 29% Agriculture.
The bottom panel is from ZeroHedge and their post underscores that energy junk bonds are at an all time default rate high.
...the energy high-yield default has soared to a record 13% rate, surpassing the 9.7% mark set in 1999, according to Fitch Ratings.
"...energy companies now account for approximately 20 percent of the junk bond market." Michael Snyder, Global Research, December 2014
AND THIS from Bloomberg May 1, 2016 Saudi Arabia's determination to keep pumping more oil into global markets brings to mind its former oil minister Sheikh Yamani, who said back in 2000 that the Stone Age did not end for a lack of stones, and the oil age will not end for a lack of oil.Those working for him at the time, interpreted this as a warning to OPEC about the pursuit of high oil prices: namely, that it would just speed up the development of alternative technologies and drive away customers, leaving oil sitting beneath the ground without buyers.Sixteen years later, the kingdom's leaders seem to have heeded his warning. Both Deputy Crown Prince Mohammed bin Salman and oil minister Ali al-Naimi have said they will no longer subsidize high-cost oil production by limiting supply. If there's oil to be left under the ground, they're determined it won't be Saudi Arabia's.
CLICK CHART TO ENLARGE
Battery Powered Homes
CLICK CHART TO ENLARGE
|
First In ~ First Out
According to StatsCan, in 2001 after the dot.com blowout and the markets then turned to commodities, there were +/- 329,129 employees working in the Oil, Gas & Mining industries per year in Canada and in full year 2014 that number had increased by 60.8% to 529,248. This includes "support activities" but not the peripheral jobs in the general economy that depend on the spending by those oil, gas and mining employees. |
In the chart above, the top panel shows U.S. non-financial corporate debt to GDP at levels where credit defaults start hitting the front page. The lower panel shows the cumulative flow of investment funds in the U.S. and illustrates that institutional money is way ahead of private client money in getting out of the way of market risk to the downside.
According to the New York Times December 8, 2015 "If It Owns a Well or a Mine, It’s Probably in Trouble".
According to the New York Times December 8, 2015 "If It Owns a Well or a Mine, It’s Probably in Trouble".
“The world of commodities has been turned upside down,” said Daniel Yergin, the energy historian and vice chairman of IHS, a consultant firm. “Instead of tight supply and strong demand, we have tepid demand and oversupply and overcapacity for commodity production. It’s the end of an era that is not going to come back soon.”
Some energy experts are even beginning to express concerns that sovereign wealth funds of Saudi Arabia and other wealthy Persian Gulf and oil-producing countries will redeem their money from investment firms in the coming year to shore up their balance sheets. If they do, the moves could initiate more instability in global equity and debt markets.
The full article is worth reading for Canadians who are also heavily leveraged and require employment earnings to satisfy debt repayment on assets that have insufficient equity to refinance.
Credit lines drying up for oil companies?
Notice the comments about the competition between Sunni (Saudi Arabia) and Shia (Iran) oil.
CLICK CHART TO ENLARGE
Distress (bonds trading over 1,000bps) has been spreading across the HY space. From its starting point in energy a year ago, it has now reached other commodity-sensitive areas such as transportation, materials, capital goods, and commercial services. But it did not stop here and is also visible in places like retail, gaming, media, consumer staples, and technology – all areas that were widely expected to be insulated from low oil prices, if not even benefitting form them.
In other words, what was until a year ago a purely "energy" phenomenon is now an "everything" phenomenon, despite promises by every prominent economist that plunging energy prices are great news for the economy.
CLICK CHART TO ENLARGE
|
Imagine $35 Oil for 5yrs
A US-Style Canadian housing correction possibility is a potential that CMHC's CEO Evan Siddall discussed at a private audience presentation in New York, November 30, 2015 if oil remained at an average price of USD$35 per barrel for 5 years. The top chart are oil prices since the OAPEC (Arab members of OPEC plus Egypt & Syria) oil embargo. Note the 22 year period of sub-$35 oil prices not long ago. |
The bottom chart is Bloomberg's energy sector projections from their annual New Energy Finance Summit, April 14, 2015.
SCENARIO 1:
Oil averaging $35/bbl for 5 years
SCENARIO 2:
Global deflation and a US-style Housing Correction
"Canada’s home price growth since the 2008 recession has outpaced that of the U.S., Australia, and the U.K. It also reiterated risks to housing include high debt-to-income and concentration of net worth in housing." Financial Post November 30, 2015 (My Household Debt and Earnings charts are updated monthly - BR)
Oil averaging $35/bbl for 5 years
- 26% drop in Canadian home prices
- 12.5% peak unemployment
SCENARIO 2:
Global deflation and a US-style Housing Correction
- 30-44% drop in Canadian home prices
- 12-16% peak unemployment
"Canada’s home price growth since the 2008 recession has outpaced that of the U.S., Australia, and the U.K. It also reiterated risks to housing include high debt-to-income and concentration of net worth in housing." Financial Post November 30, 2015 (My Household Debt and Earnings charts are updated monthly - BR)
Donald Sadoway "Science Serving Society"
Energy 2064 with Professor Donald R. Sadoway
The Bill Gates Backed Canadian Building a Better Battery
"How do you store the energy generated by turbines when the wind isn’t blowing, the power from solar panels when the sun isn’t shining?” Read the Globe & Mail June 2015 report.
CLICK CHART TO ENLARGE
|
Spending Slowdown
On both sides of the border, manufacturer's inventory levels are rising and retail sales are dropping; the trend is accelerating. |
Why Bank of Canada’s rate cut may have less impact than Poloz hopes The Globe and Mail July 15, 2015
"The drop in oil prices looks as if it may be quite persistent. This will have a permanent effect on the spending decisions of the average Canadian, translating into a drop in real domestic demand. Total aggregate demand could only remain on its previous trend to the extent that net exports increase permanently. While they will recover from their disappointing recent performance, a permanent increase is unfeasible. Total demand is on a lower trend than before the oil price shock." Read the whole article by Steve Ambler.
Alberta's Boom Time Hangover
VICE NEWS June 1, 2015
CLICK CHART TO ENLARGE
|
This Bird Has Flown
Alberta's so called "progressive" conservative governments; 7 consecutive iterations since 1971, have squandered their provincial energy resources leaving their treasury with a CAD 12 billion dollar debt and a 500 million dollar deficit. (The Tyee) |
Data for the chart above came from Greg Poelzer's Macdonald-Laurier Institute's February 2015 Publication Paper "What Crisis? - Global lessons from Norway for managing energy-based economies."
Norway, a county of 5.2 million people (Alberta's population is similar at 4.2 million), began their first successful North Sea oil drilling in 1971 and by maintaining sovereign control and creating partnerships with the private sector "... now sits on top of a CAD ONE TRILLION DOLLAR pension fund established in 1990 to invest the returns of oil and gas. The capital has been invested in over 9,000 companies worldwide including over 200 in Canada. IT IS NOW THE LARGEST SOVEREIGN WEALTH FUND IN THE WORLD" (CBC News, March 20. 2015).
According to estimates by the International Monetary Fund and Fitch Ratings, Norway needs an oil price of $40 to BALANCE THEIR BUDGET. (Institutional Investor, Feb 24, 2015)
According to estimates by the International Monetary Fund and Fitch Ratings, Norway needs an oil price of $40 to BALANCE THEIR BUDGET. (Institutional Investor, Feb 24, 2015)
“I truly believe one of the greatest mistakes we have made was to let our commitment to the Heritage Fund lapse...” said Alberta's latest "progressive" conservative premier, Jim Prentice (BNN March 24, 2015)
Ya Think?
The following is an extract from the January 2013 Canadian Centre for Policy paper "The Petro-Path Not Taken - Comparing Norway with Canada and Alberta’s Management of Petroleum Wealth" by Bruce Campbell
|
XX |
|
|
|
||
| Strong societal consensus from the outset embodied in its “ten oil commandments.” | No consensus and much conflict between the federal and Alberta governments about how to manage petroleum resources. | |
|
|
||
| National public ownership and control of all aspects of oil production and distribution. | “Open door” to multinational oil companies. Let the private sector take the lead, with government providing subsidies and tax breaks to encourage resource exploitation. Foreign ownership very high. Federal and provincial ownership and control initiatives only in the Lougheed and Trudeau era–1974 to 1984. | |
|
|
||
| Maintained key policy tools to manage its resources. | Surrendered key policy tools under the Canada U.S. free trade agreement and NAFTA. | |
|
|
||
| Active industrial policies to encourage linkages to upstream and downstream petroleum related activities. | Active industrial policy measures, both federally and provincially, until the mid-1980s; since then they have been passive (subsidies, tax breaks, R&D assistance, etc.) | |
|
|
||
| State-owned oil company, Statoil, dominant player in the development of the oil industry. | Provincial and federal initiatives to develop state ownership did not last. Eventually private interests and their political allies defeated these initiatives. Petro Canada was fully privatised. | |
|
|
||
| National oil self-sufficiency was quickly achieved. | Eastern provinces forced to import oil even as exports to the U.S. expanded rapidly. Today they import more than 80% of their oil consumption. | |
|
|
||
|
|
|
|
|
||
| Has maintained full employment even during the global recession. | Canada’s unemployment rate has remained high since 2008. Alberta’s unemployment rate has been much lower on average, bumping up only during the recession. | |
|
|
||
| Has maintained low and stable inflation. | Canada has maintained low and stable inflation. Alberta’s inflation has been significantly higher than the Canadian average. | |
|
|
||
| Has maintained a stable exchange rate due largely to its centralized wage settlement policies and to its petroleum fund. | Has experienced a huge increase in its exchange rate, with major adverse impacts on non-petroleum regions. Neither level of government has a petroleum savings fund to offset the inflow of oil revenue and bitumen investment. The federal government has chosen not to take measures to offset the upward pressures on the exchange rate. | |
|
|
||
| The huge oil revenue inflow has been offset by the outflow to the petroleum fund. Has a huge trade and current account surplus. | Canada’s traditional merchandise trade surplus turned into a deficit after 2008. Its non-resource deficit is huge. It also has a very large current account deficit. Alberta maintains a large trade surplus due to its oil and gas exports to the United States. | |
|
|
||
| Economic and employment benefits have been widely distributed. Any regional disparities have been offset by a very effective income transfer system. | GDP and employment benefits are concentrated in Alberta. Petroleum related employment gains are outweighed by employment losses in non-petroleum related industries concentrated in the rest of Canada. Relatively small benefit going to the rest of Canada due to weak linkage effects and weak federal government income transfer mechanisms. | |
|
|
||
|
|
|
|
|
||
| The state captures the vast majority of net revenues, or economic rent, from petroleum. | Rent captured by the Alberta government is among the lowest of all petro states. The federal government captures a very small portion of oil rent through the general corporate tax rate. | |
|
|
||
| Maintained its level of non-petroleum taxes despite rising oil revenues. Its overall tax-to-GDP ratio is among the highest in the OECD. | Alberta lowered its non-petroleum taxes as petroleum revenue rose and now has by far the lowest taxes in Canada. Both governments lowered corporate income taxes including on petroleum companies by half over the last decade. | |
|
|
||
| Its diversified revenue base is not dependent on fluctuating petroleum revenues but rather on the more stable international financial returns to government coffers from its petroleum fund. | Alberta’s fiscal capacity is highly dependent on petroleum revenues, which go up and down as prices fluctuate, and often finds itself in deficit. Its savings funds to stabilize revenues are small and ineffective. | |
|
|
||
| Strong unions are in a balanced power relationship with business. High union density, centralized collective bargaining and wage settlements, consensus building approaches. | Declining unionization especially in the private sector. Only the public sector has high unionization rates. Collective bargaining systems are fragmented and adversarial. Alberta has the lowest unionization rate in Canada. Both governments have beenworking aggressively to undermine unions. | |
|
|
||
| Petroleum wealth, due to equitable labour relations, progressive taxes, and a generous social welfare system, is equitably distributed amongst the population and regions of the country. Has among the lowest income inequality in the world. | Since the mid-1990s there has been a rapid growth of income inequality driven by the 1% in Canada—now amongst the highest in the OECD. This has been accompanied by the reduction in social program spending. There has been growing interprovincial disparity in income and fiscal capacity with Alberta pulling away from the rest. Government redistribution mechanisms have been greatly weakened, exacerbating these trends. Inequality in Alberta has grown during the boom, and it is home to a rapidly growing share of Canada’s super-rich. | |
|
|
||
|
|
|
|
|
||
| Norway’s carbon emissions per capita are half of what they are in Canada. | If Alberta were a country it would have the highest per capita emissions in the world along with Qatar. | |
|
|
||
| A leader on climate change issues. | A climate laggard. | |
|
|
||
| Met its Kyoto commitments. Its Copenhagen carbon reduction commitments are the most ambitious in the industrial world. Plans to be carbon neutral by 2050 or sooner. | Compared to commitments of 6% below 1990 levels, was 24% above 1990 carbon levels in 2008. Withdrew from Kyoto and its Copenhagen commitments are much weaker and almost certainly will not be met. Rapid development of the oil sands takes precedence over climate concerns. Alberta’s plan aims to reduce emissions by just 14% below 2005 levels by 2050. | |
|
|
||
| Recently doubled its carbon tax to $66 per ton, and participates in the European carbon trading emissions regime. | Federal government refuses to implement a carbon tax or a cap and trade system for carbon emissions. Alberta’s $15 partial carbon tax is extremely low and ineffective. | |
|
|
||
| Tough environmental regulations govern the exploitation and transportation of oil and gas. | Alberta’s environmental regulations don’t meaningfully restrain the environmental impacts of rapid oil sands development. The environment department lack sufficient resources to effectively enforce regulations. The federal environment department has been gutted as has the federal environment regulation and review system. | |
|
|
||
The Beatles - Norwegian Wood (This Bird Has Flown)
 CLICK CHART TO ENLARGE | Dollar Depreciation Canada Edition Stats Can Headlines via Trading Economics: > Canada Trade Gap increased in December of 2014 > Canada Trade Deficit Widens in November 2014 > Canada Trade Surplus Narrows in October 2014 |
4 of the last 6 months of Canadian
trade balances have been negative
trade balances have been negative
Big media has been spinning the low CAD as a net positive for Canada. But it's not working out and probably explains in part the sudden decision by the Bank of Canada in cutting its key lending rate another 25 beeps on January 21, 2015, depressing the CAD/USD even further, but:
"There is considerable uncertainty about the speed with which this sequence (increased foreign demand, stronger exports, improved business confidence, investment and employment growth) will evolve and how it will be affected by the drop in oil prices. Canada’s weaker terms of trade will have an adverse impact on incomes and wealth, reducing domestic demand growth." (Bank of Canada)
Export countries want their currency to be valued less than their customer's currency so that they can 1) undersell the competition and 2) try to increase inflation (which increases tax collections). Neither is working. While exports rose 1.5% in December 2014, imports rose 2.3 percent with gains in 8 out of 11 import sectors. The main contributors to the increase in imports were energy products, motor vehicles and parts, as well as metal and non-metallic mineral products. Although Canada is a net energy exporter, its economy measured by GDP is that of producing 30% goods and 70% services (Stas Can Nov 2014).
"There is considerable uncertainty about the speed with which this sequence (increased foreign demand, stronger exports, improved business confidence, investment and employment growth) will evolve and how it will be affected by the drop in oil prices. Canada’s weaker terms of trade will have an adverse impact on incomes and wealth, reducing domestic demand growth." (Bank of Canada)
Export countries want their currency to be valued less than their customer's currency so that they can 1) undersell the competition and 2) try to increase inflation (which increases tax collections). Neither is working. While exports rose 1.5% in December 2014, imports rose 2.3 percent with gains in 8 out of 11 import sectors. The main contributors to the increase in imports were energy products, motor vehicles and parts, as well as metal and non-metallic mineral products. Although Canada is a net energy exporter, its economy measured by GDP is that of producing 30% goods and 70% services (Stas Can Nov 2014).
CLICK CHART TO ENLARGE
Global oil demand growth remained at a relatively suppressed 585 kb/d y-o-y in 4Q14. There are several reasons why lower crude oil prices so far seem to have failed to stimulate demand. Those include heightened deflationary risks in both Europe and Japan; adverse revenue impacts on net-oil-exporters; a global trend towards reductions in energy price subsidies and/or increases in oil consumption taxes; and the heavy falls experienced by many currencies, versus the US dollar, negating the impact of lower crude prices in domestic currency terms. Reflecting the downwardly revised macroeconomic backdrop, mid-January saw the World Bank revise down its 2015 global economic growth forecasts to 3.0%, versus 3.4% in June 2014, still an acceleration on 2014 (+2.6%) but notably less-so than previously assumed. (International Energy Agency)
New Record Lows on the Baltic Dry Index Chart
CLICK CHART TO ENLARGE
"When inflation expectations are solidly anchored, as is now the case in Canada, there is no reason to fear deflation." said senior Bank of Canada deputy governor Agathe Côté, and yet many analysts are expecting the Bank of Canada to lower its central bank rate again at its next scheduled rate announcement on March 4, 2015. (Canadian Press via CBC News Feb 19, 2015)
RSS Feed
History, Charts & Curated Readings
"Progress, far from consisting in change, depends on retentiveness. When change is absolute there remains no being to improve and no direction is set for possible improvement; and when experience is not retained, as among savages, infancy is perpetual. Those who cannot remember the past are condemned to repeat it." George Santayana Vol. I, Reason in Common Sense
Archives
October 2019
September 2019
August 2019
July 2019
June 2019
May 2019
April 2019
March 2019
February 2019
January 2019
December 2018
November 2018
October 2018
September 2018
August 2018
July 2018
June 2018
May 2018
April 2018
March 2018
February 2018
January 2018
December 2017
November 2017
October 2017
September 2017
August 2017
July 2017
June 2017
May 2017
April 2017
March 2017
February 2017
January 2017
December 2016
November 2016
October 2016
September 2016
August 2016
July 2016
June 2016
May 2016
April 2016
March 2016
February 2016
January 2016
December 2015
November 2015
October 2015
September 2015
August 2015
July 2015
June 2015
May 2015
April 2015
March 2015
February 2015
January 2015
December 2014
November 2014
October 2014
September 2014
August 2014
July 2014
June 2014
May 2014
April 2014
March 2014
February 2014
January 2014
December 2013
November 2013
October 2013
September 2013
August 2013
July 2013
June 2013
May 2013
April 2013
March 2013
February 2013
January 2013
December 2012
November 2012
October 2012
September 2012
August 2012
July 2012
June 2012
May 2012
April 2012
March 2012
February 2012
January 2012
Categories
All
AI
Airbnb
Apt
Austerity
Australia
Balance Of Trade
BNN
Bubbles
Budget
Bulls
Busts
Calgary
Canada
Capital Flight
Case Shiller
Case Study
Charlie Rose
China
Chris Kimble
Climate
Cmhc
Commodities
Cpi
Credit
Cullen Roche
Currency
Debt
Deflation
Demographics
Dubai
Employment
Energy
Europe
Exports
Fair Value
Flippers
Future
FX
GDP
Gold
Greenspan
Hong Kong
Hyperinflation
Id
Imports
Inflation
Interest Rates
Japan
Labour
Martin Armstrong
MM
Money Laundering
Montreal
Mortgage
New York
OECD
Oil
Olympic Village
Pmi
Productivity
Recession
REIT
Rent Or Buy
Russia
Savers
Savings
Solar Cycle
Stock Market
Super Rich
Tax
Technology
Tesla
Toronto
Trade
Trump
TV
U.K.
Unemployment
U.S.
Vancouver
Victoria
Wages
War
Weather
Whale Watching
WTO
Yield
"History, real solemn history, I cannot be interested in.... I read it a little as a duty; but it tells me nothing that does not either vex or weary me. The quarrels of popes and kings, with wars and pestilences in every page; the men all so good for nothing, and hardly any women at all - it is very tiresome." Jane Austen spoken by Catherine Morland in 'Northanger Abbey'
