This compilation of financial-related insights includes videos from The Atlantis Report, Gregory Mannarino, Kitco News, Steven Van Metre, Peter Schiff, and Tech Revolution.
The Atlantis Report shares news of 12 major retailers shutting down multiple stores by fall of this year. Gregory Mannarino reports on Moody’s warning of systemic risk and energy inflation skyrocketing with no end in sight. Chris Perkins, Managing Partner and President of CoinFund joins Michelle Makori on Kitco News to discuss a revolution in the interest rate swap market. Steven Van Metre reiterates that the unthinkable will happen and how it will change everything. Peter Schiff on episode 921 of his show says the biggest crisis is usually the one few see coming. Tech Revolution shares news of Europe in desperate need of China’s help.
The Atlantis Report
Sep 29, 2023
The U.S. economy has an ominous atmosphere looming this fall. Amidst this backdrop, gloomy clouds are casting their shadow over major retail giants, and are taking drastic steps to navigate the uncertain terrain ahead. Some are proactively shedding underperforming stores to safeguard their financial stability, while others are plunging into liquidation as they face insurmountable challenges.
Take the case of Bed Bath & Beyond, a household name that filed for bankruptcy back in April. Despite efforts to revive its business, the outlook remained bleak. In a revised bankruptcy plan, the company delivered grim tidings to its shareholders. Those holding specific interests or claims tied to Bed Bath & Beyond were left empty-handed, as compensation or benefits were eliminated. Even Overstock’s $21 million acquisition of the brand’s intellectual property couldn’t offset the company’s crushing debt. On September 12, the final blow landed as Bed Bath & Beyond confirmed the closure of all 360 of its remaining stores scattered across 40 states.
Similarly, JoAnn Fabrics is bracing for mass store closures and staff layoffs in 2023. The retailer revealed plans to shut more stores and trim its corporate office workforce. Amanda Hayes, a spokesperson for Joann, cited the need to realign the company’s structure and expenses with its business requirements. The exact count of layoffs and store closures remains undisclosed, but the financial picture is unsettling, with a mere $19.1 million in cash against a towering $1 billion debt. Quarterly losses have surged to $73 million, up from $56.9 million in the previous quarter. The specter of being delisted looms large, making it challenging to secure much-needed capital. JoAnn’s stock has plummeted by 68% compared to a year ago and an astounding 95% from its 2021 peak, earning it a spot on Moody’s bankruptcy watchlist.
These store closures are just one part of a larger narrative of economic turbulence. Alongside these closures, hundreds of thousands of retail workers are losing their jobs as companies battle for survival or concede defeat. The repercussions are reverberating through key economic indicators, including the nation’s gross domestic product. Yet, for countless hardworking Americans, the retail crisis is causing their lives to unravel. While it’s too early to gauge the full extent of this downturn, one thing is crystal clear: the American retail landscape will undergo a profound transformation in early 2024. In this video, we delve into the strategies popular brands are employing to weather the ongoing recession, shedding light on the evolving retail landscape.
Streamed live Sep 29, 2023
LIVE! Moody’s WARNS Of “Systemic Risk.” Energy Inflation SKYROCKETS With No End In Sight. Mannarino
Sep 29, 2023
Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, interviews Chris Perkins, Managing Partner and President of CoinFund, who says that the interest rate swap market is about to be revolutionized. Perkins shares his insights on how the crypto’s interest rate swap market could go from zero to trillions of dollars by 2028 and explains the power of CESR – the “composite ether staking rate.” He also discusses spot Bitcoin ETF, the significance of the recent court decisions, and gives his outlook on Ethereum and Bitcoin.
Steven Van Metre
Sep 29, 2023
The Unthinkable Will Happen (And It Will Change Everything)
Streamed live Sep 29, 2023
The Biggest Crisis Is the One Few See Coming – Ep 921
Sep 29, 2023
The European Union isn’t looking to break up with China, but it’s taking steps to protect itself. That’s the word from Valdis Dombrovskis, the EU’s executive vice president. The EU and China have been experiencing some tension lately, mainly due to China’s close ties with Russia, especially after Russia’s unexpected visit to Ukraine.
Dombrovskis made these comments during a speech at the Bund Summit conference in Shanghai. He pointed out that while the EU had a record year of trade with China, the scales were tilted. The EU is in the red by almost €400 billion. That is a staggering $426.08 billion.
Dombrovskis, who also wears the hat of the EU’s trade commissioner, is in China for four days to work on achieving a more balanced economic relationship.This visit comes right after the European Commission announced an investigation into whether it should slap tariffs on Chinese electric vehicles, claiming they benefit from state support and hurt European producers.
Dombrovskis stressed the EU’s commitment to a fair and open market among its members. He also emphasized the need for the EU to protect itself, especially in times of urgency. But here’s the deal. The EU isn’t looking to cut ties with China entirely.
They want to play it safe and minimize their reliance on a few critical products. Think of it as a financial safety net. The EU pins part of its €400 billion trade deficit on China’s restrictions on European companies.
EU Ambassador to China, Jorge Toledo, even called out a “thousand” obstacles to market access. That’s like hitting a thousand red lights on the road to trade. Next up on the agenda is an economic and trade dialogue between Dombrovskis and Chinese Vice Premier He Lifeng. This is the tenth time they’ve met since 2008, and it’s seen as a big test for both sides.
In his speech, Dombrovskis also mentioned that China faces some economic challenges, but he urged China to make it easier for foreign businesses and maintain a stable business environment for fair trade.
He even threw in a request for China to take a stance against Russia’s “weaponizing food” strategy and to help revive the Black Sea Grain Initiative, which ran out of steam in July when Moscow decided to step back. The EU sees China as an important partner. They’re not breaking up. They’re just working on a more balanced trade and investment relationship.
On the other hand, European Commission President Ursula von der Leyen took a firm stand when she announced the investigation on September 13, condemning unfair practices that harm European competitors.
However, this move triggered a sharp response from China, which warned that the investigation would damage trade relations and accused the EU of “naked protectionism,” raising concerns about a potential trade war.
As EU Trade Commissioner Valdis Dombrovskis embarks on a four-day visit to Shanghai, Suzhou, and Beijing, these tensions are likely to persist. Dombrovskis has been trying to ease Beijing’s concerns, emphasizing that Europe aims to “maintain open dialogue” with China.
The European Union is currently crossing a complex and delicate balancing act in its complex relationship with China. This complicated dance has led the EU to categorize China in various roles, including as a partner in global affairs, an economic rival, and a systemic competitor.
On one hand, the EU recognizes China’s pivotal role as a partner in addressing pressing global challenges, with climate change standing prominently among them. Both the EU and China have acknowledged the urgency of combating climate change, and they often collaborate on initiatives aimed at reducing carbon emissions and promoting sustainable practices.
Their joint commitment to the Paris Agreement reflects this shared responsibility to protect our planet’s future. However, on the other hand, the Union is acutely aware of the need to diversify its economic ties and reduce its dependency on China. This stems from hard-learned lessons of past overreliance, particularly when it comes to energy resources.
The Union vividly remembers the period when it heavily depended on Russia for fossil fuels, a scenario that left it vulnerable to external pressures and disruptions in supply.As a result, the EU is actively working on strategies to reduce its economic interdependence with China in certain critical sectors. This involves exploring alternative sources and supply chains to ensure a more resilient and diversified economic landscape.
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