UK Construction Giant With 43,000 Employees Collapses

UK Construction Giant With 43,000 Employees Collapses:

Tense last-minute rescue negotiations failed to yield a result over the weekend, and on Monday morning a major British construction company announced it was going into liquidation after it was unsuccessful in securing a financial lifeline. Carillion, which employs 43,000 people around the world, said in a statement Monday that rescue talks with stakeholders including the British government had collapsed, sending the company into compulsory liquidation.

Commenting on the collapse, Carillion Chairman Philip Green said in a statement that “This is a very sad day for Carillion…Over recent months huge efforts have been made to restructure Carillion to deliver its sustainable future.”

In recent days however we have been unable to secure the funding to support our business plan and it is therefore with the deepest regret that we have arrived at this decision.

We understand that HM Government will be providing the necessary funding required by the Official Receiver to maintain the public services carried on by Carillion staff, subcontractors and suppliers.

Carillion, which has numerous public sector and employs 19,500 workers in Britain and 10,000 in Canada, has its roots in the construction business: roughly three-quarters of its sales come from the U.K., where it has hundreds of contracts with the government. It also builds infrastructure for high speed rail and power distribution projects, and provides government services such as road maintenance and hospital management.

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Norway’s $1.1 Trillion Wealth Fund Goes All-In On Asset Bubbles, Seeks Permission To Invest In Private Equity

And what could go wrong?

Norway’s $1.1 Trillion Wealth Fund Goes All-In On Asset Bubbles, Seeks Permission To Invest In Private Equity:

“The fund’s size, long-term horizon and limited liquidity needs may make it well-suited to investing in unlisted equity. A broader investment universe may also enable the fund to be invested in different types of company to those that are available in the public equity market.”

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New Survey Reveals Staggering Number Of People Are Buying BitCoin On Their Credit Cards

New Survey Reveals Staggering Number Of People Are Buying BitCoin On Their Credit Cards:

A few weeks ago we presented anecdotal evidence from Joseph Borg, director of the Alabama Securities Commission, suggesting that people are taking out home equity loans and cash advances on credit cards just to purchase BitCoin in the hopes of getting rich quick (see: “It’s In The Mania Phase”: Securities Regulator Warns That “Mortgages Are Being Taken Out To Buy Bitcoin”)

“We’ve seen mortgages being taken out to buy bitcoin. … People do credit cards, equity lines,” said Borg, president of the North American Securities Administrators Association, a voluntary organization devoted to investor protection. Borg is also director of the Alabama Securities Commission.

“This is not something a guy who’s making $100,000 a year, who’s got a mortgage and two kids in college ought to be invested in.”

“You’re on this mania curve. At some point in time there’s got to be a leveling off. Cryptocurrency is here to stay. Blockchain is here to stay. Whether it is bitcoin or not, I don’t know,” Borg said in an interview with “Power Lunch.”

Now it seems that the speculation by Borg has been confirmed by a new survey conducted by LendEDU which found that, among other things, nearly 20% of people who have purchased BitCoin have done so using their credit cards.

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Paradise Papers: Queen has millions invested offshore in predator firm preying on UK’s poorest

Paradise Papers: Queen has millions invested offshore in predator firm preying on UK’s poorest:

A large cache of leaked documents has revealed that more than £10 million of the Queen’s private wealth has been invested offshore and in a UK company accused of preying on Britain’s poorest people.

Details of the investments were leaked as part of the Paradise Papers on Sunday, a trove of more than 13 million documents from the world’s leading offshore law firms released through the International Consortium for Investigative Journalists (ICIJ), of which the BBC is a part.

More than 120,000 people and companies have been identified during the leak, including Queen Elizabeth II.

H/t reader squodgy:

“Based on this compassionate tale, and the plan to shift the Windsor homeless in time for a wedding funded by the dumb British taxpayer, one can only hope this lot of sponging bastards are the successful victims of a UK people’s rebellion.

Then again…meet the new boss, same as the old boss.”

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Party While You Can – Central Bank Ready To Pop The ‘Everything’ Bubble

Prepare while you still can…

Party While You Can – Central Bank Ready To Pop The ‘Everything’ Bubble

H/t reader squodgy:

“Seems all we have been told by the alternative truth media, is on track, whilst the fake news Nainstream Media is bound to the official line. …Prpoaganda, Cover Ups & Lies.”

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After Beating Cancer, Bernstein Analyst Goes Full “Jerry McGuire”

After Beating Cancer, Bernstein Analyst Goes Full “Jerry McGuire”:

After taking six months medical leave to deal his lymphoma, Inigo Fraser-Jenkins, the head of global quantitative strategy and European equity strategy at Bernstein Research in London, returned to work this week with a new perspective on life.

As BI notes, Fraser-Jenkins is perhaps best known for an essay he published in August 2016 titled “The Silent Road to Serfdom: Why Passive Investing Is Worse Than Marxism.” It argued that active investors were trying to allocate capital most efficiently; socialist governments are at least attempting to allocate capital with some rationality through planning; but passive index funds don’t even do that. Mindlessly tracking the S&P 500 could generate bubbles through vast piles of incoming cash being invested with the least amount of thought and analysis.

But now, as ValueWalk’s Mark Melin writes, wth six months to reflect on his life while in the hospital, Fraser-Jenkins appears to have had an epiphany. Much like the movie character Jerry McGuire, the quantitative analyst woke up from a long mental slumber of day to day tedium, earning a paycheck, and wanted more to his life.

On January 8, his first full day back at work, he sent his clients a 3,921-word-long essay questioning why he does his job, the role financial services have had in creating inequality, and whether the sector has a future.

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The 2018 Stock Market Bubble vs. Gold & Silver

The 2018 Stock Market Bubble vs. Gold & Silver:

The U.S. Stock Market is reaching its biggest bubble in history.  When the price of the Dow Jones Index only moves in one direction… UP, it is setting up for one heck of a crash.  While market corrections aren’t fun for investors’ portfolios, they are NECESSARY.  However, it seems that corrections are no longer allowed to take place because if they did, then the tremendous leverage in the market might turn a normal correction into panic selling and a meltdown on the exchanges.

So, we continue to see the Dow Jones Index hit new record highs, as it moved up 765 points since the beginning of the year.  Now, if w go back to 1981 when the Dow was trading about 800 points, it took five years to double itself by another 800 points.  However, the Dow Jones Index just added 765 points in less than two weeks.  It doesn’t matter if the (1) point increase in the Dow Jones today is insignificant compared to a (1) point increase in 1981, investors feel rich when the numbers are increasing in a BIG WAY.

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Kodak Is Now Up Over 300% Since Launching KodakCoin

Kodak Is Now Up Over 300% Since Launching KodakCoin:

Greater-est fools discovered…

Following yesterday’s launch of “KodakCoin” and Eastman Kodak’s explosion higher, ‘investors’ continue to pile their hard-earned gambling chips into the stock this morning.

KODK is now up over 300% since the company unleashed “a photocentric cryptocurrency to empower photographers and agencies to take greater control in image rights management.”

Who’s buying? That’s easy… (as Bloomberg notes)

The answer just might surprise you. Turns out, some experienced day-traders are trying to ride the surge of buying that invariably follows companies that suddenly reinvent themselves as blockchain ventures. That’s enough, market watchers say, to bring in high-frequency traders and computer algos.

And to these players, what really matters isn’t so much that crypto is real, but that the share-price moves — and the quick profits — are.

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World Debt Is Rising Nearly Three Times As Fast As Total Global Wealth

A totally sustainable development if you believe your politicians and central banksters.

World Debt Is Rising Nearly Three Times As Fast As Total Global Wealth:

Some nasty dark clouds are forming on the financial horizon as total world debt is increasing nearly three times as fast as total global wealth. But, that’s okay because no one cares about the debt, only the assets matter nowadays. You see, as long as debts are someone else’s problem, we can add as much debt as we like… or so the market believes.

H/t reader squodgy:

“With NK now ‘chatting’ with SK, Syria cooling down, all EU buying gas from Russia, and hotspots generally diffused, the PTB are getting desperate to smokescreen the economic collapse of the massive debt based world, and therefore must be working very hard to create the very big event that now seems inevitable.
Will it be a dirty bomb, pandemic release, or military attack?

It’s strange but if the climate cooling materialises, over one third of the population will either starve or freeze anyway.”

In my opinion, TPTB know all about the timeline of global cooling and the coming massive earth changes (“The 3 Days of Darkness”), which will incl. a pole shift, and they have everything carefully planned.

Financial collapse & hyperinflation, followed by all-out civil war and then WW3.

And exactly during WW3 the massive earth changes will set in, causing maximum damage among the worldwide population.

Related info:

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“Looking for a savior in a President is a slave mentality. We need to stop being slaves. Oprah, Trump, Mark Cuban, it doesn’t matter. Nobody is coming to save you. It’s time to grow up. The real power resides in ourselves.”

I Don’t Want Your Leaders (Liberty Blitzkrieg):

By Michael Krieger

In 2017, I wrote a lot about how dangerously centralized our political system in the U.S. has become, and how we need to decentralize governance in order to restore power, liberty and policy experimentation to the local level. This notion that a sprawling and culturally diverse nation of 325 million individuals should constantly battle to the death over the ring of political power in Washington D.C. so as to impose their view on the other half of the country which completely disagrees is patently ludicrous. States, and even metro areas themselves, should be making most of the important decisions that impact their citizens’ lives on a day to day basis.

This isn’t complicated. People who live in Boulder, Colorado such as myself have a very distinct worldview on most things from the average resident of let’s say Houston, Texas. This isn’t to say one is superior to the other, we’re just talking generally different mindsets and cultures. The residents of these distinct places should be able to express themselves via policy in a way that most fits the desires and values reflective of these particular regions. While this does happen to some degree, all U.S. citizens are still beholden to the whims of centralized political power in Washington D.C. to a very unhealthy and dysfunctional degree.

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Chap. 11 Bankruptcies Spike 107% from Year Ago

Chap. 11 Bankruptcies Spike 107% from Year Ago:

What caused the biggest jump since the Financial Crisis?

New Chapter 11 bankruptcies in the US more than doubled in December 2017 from a year ago to 699 filings. That jump of 362 filings from December 2016 was the largest year-over-year jump since the Financial Crisis.

This chart shows Chapter 11 filings back to 2011, based on data from the American Bankruptcy Institute. I marked the prior five Decembers with red dots. Note how they’re near the low point of the seasonal swings. That makes the spike in December 2017 even more spectacular:

A spike like this in Chapter 11 filings in a month of December is unheard of in normal times. Normally, bankruptcies jump during tax season, the first four or five months of the year, but not at the end of the year. But these are not normal times.

In December, Chapter 11 filings soared 61% from November. This is also highly unusual, as over the prior five years, presumably the “normal times,” the number of filings from November to December has fallen by an average 8.7%.

The chart below shows the year-over-year change in Chapter 11 filings. I marked the prior Decembers in yellow. I circled the oil bust and the brick-and-mortar meltdown. But December 2017 was special:

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German industrial workers widen strike over wage

German industrial workers widen strike over wage:

German industrial workers widened industrial action on Tuesday, with tens of thousands of staff at metals and engineering companies downing their tools in support of wage claims by union IG Metall.

With the economy in robust health and unemployment at record lows, the country’s biggest union is demanding an inflation-busting 6 percent pay hike this year for about 3.9 million workers.

It is also making a push for shorter hours, more than two decades after it won the 35-hour work week for Germans.

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