On Wire

Breaking news, updates, and reports on current events.

Scientists Have Warned That A 400 Foot Tsunami Could Hit The East Coast If An Asteroid Hit The Atlantic Ocean

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by Michael Snyder We live at a time when giant space rocks are whizzing past our planet with alarming regularity.  Sometimes we know in advance that they are coming, and sometimes we don’t.  In fact, on July 28th an asteroid the size of a car zipped past our planet “at a range that rivals the orbits … Read more

Did The “Mushroom Cloud” Explosion In Beirut Just Push The Middle East Closer To A Major War?

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by Michael Snyder 2020 just keeps getting weirder.  On Tuesday, an absolutely massive explosion caused a red mushroom cloud to rise high over the city of Beirut, Lebanon.  It is being called “Beirut’s Hiroshima”, and the blast was heard as far away as Cyprus.  You can watch a two minute compilation that contains video clips of … Read more

TikTok and our Last-Ditch Desperation for Social Mobility

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by Charles Hugh-Smith Social media offers hope of achieving higher social status, something that is increasingly out of reach in our winner-take-most economy. I’ve often addressed the decline of social mobility and the addictive nature of social media, for example, Why Is Social Media So Toxic? I have long held that the decline of social mobility–broad-based … Read more

Virgin Atlantic – which is 49% owned by Delta – files for bankruptcy as pandemic savages airline industry

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Virgin Atlantic filed for Chapter 15 bankruptcy in New York on Tuesday Chapter 15 allows foreign debtors to protect U.S. assets from creditors Company says it is pursuing a ‘solvent restructuring’ under British law Warned London court it would run out of cash next month if no deal is reached   Virgin Atlantic is the second … Read more

Amazon’s bid to compete with Uber in U.K. approved. Amazon’s $575M investment in Deliveroo for 16% stake has been approved by British regulators.

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https://chainstoreage.com/amazons-bid-compete-uber-uk-approved British regulatory authorities have reportedly cleared Amazon’s purchase of a minority stake in an online U.K. food delivery startup. According to CNBC, a $575 million Series G funding round in Deliveroo which Amazon initially led in May 2019 has received final approval from the U.K.’s Competition and Markets Authority (CMA). The CMA halted the … Read more

11% of all Australian mortgages are still on deferred payments with the dollar value continuing to grow. If that’s not worrying enough, 17% of small business loans are also deferred. How many of those are secured by residential property?

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11% of all Australian mortgages are still on deferred payments with the dollar value continuing to grow. If that's not worrying enough, 17% of small business loans are also deferred. How many of those are secured by residential property? APRA graphic #ausbiz #auspol pic.twitter.com/8b0ZUhqxMf — David Scutt (@Scutty) August 4, 2020

Storm Clouds Are Gathering…: Maund

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by Clive P. Maund There is a now widespread universally held belief, especially amongst “dumb money” market participants, that the markets cannot drop because the Fed is going to keep creating money in ever greater quantities to throw at pumping them higher and higher. This erroneous belief appears to be based on an assumption that … Read more

Bankruptcies Almost Up To 09 Levels. Bank Credit Availability Continues To Dry Up. The Fed Is Increasingly The Only Game In Town.

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BANKRUPTCIES ALMOST UP TO 09 LEVELS pic.twitter.com/yW1n27mzgR — Win Smart, CFA (@WinfieldSmart) August 4, 2020 Fed Senior Loan Officer Survey – C&I underwriting standards. Net % tightening standards: +70% this Q (6/22-7/3), up from +40% Q/Q (3/23-4/3) Bottom line – bank credit availability continues to dry up. The Fed is increasingly the only game in … Read more

Global debt rose to $258 trillion in Q1, or a record 331% of the world’s GDP. Gold ends above $2,000 an ounce for the first time in history. Analyst: Dollar could be a ‘crash risk’ if U.S. Loses ‘credibility,’

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Global debt rose to $258 trillion in Q1, or a record 331% of the world’s GDP. While rates are low for established economies, there's concern about the fate of developed markets, which have about $3.7 trillion of debt coming due through yearend. https://t.co/zXiqHaYzIW — Lisa Abramowicz (@lisaabramowicz1) August 4, 2020 GLOBAL NEGATIVE YIELDING DEBT pic.twitter.com/OHhM93q8hv … Read more

SEC Launches Investigation Of Trading In Kodak Shares Before And After $765 Million Loan Disclosure

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https://www.wsj.com/articles/kodak-loan-disclosure-and-stock-surge-under-sec-investigation-11596559126 The SEC’s investigation is at an early stage and might not produce allegations of wrongdoing by the company or any individuals, the people said. Among the areas being probed by regulators: how Kodak controlled disclosure of the loan, which began to emerge on July 27, one day before the official announcement, causing Kodak’s stock … Read more

Nasdaq Only Put/Call is even more extreme… Who’s right: Bankers or Investors?

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Nasdaq Only Put/Call is even more extreme 🚨 pic.twitter.com/3ZDob4PPRq — Run It Twice (@RunItTwice2) August 4, 2020 Who's right: Bankers or Investors? pic.twitter.com/VchNjb31PS — Jesse Felder (@jessefelder) August 4, 2020 $AMZN and $TSLA both reversed into red.. $MSFT, $GOOG and $FB are red as well.. $AAPL continues to be the titan holding things up for … Read more

Another day, another record low for the real U.S. 10-year yield, now below negative 1%.

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Another day, another record low for the real U.S. 10-year yield, now below negative 1%. via @tomkeene pic.twitter.com/fDqbCowFGm — Lisa Abramowicz (@lisaabramowicz1) August 4, 2020 https://twitter.com/NorthmanTrader/status/1290614099068555265 What would the world be like if the US defaulted on its debt rather than leaving the gold standard? — SolidusMax (@SolidusMax) August 4, 2020