Sales at luxury goods stores, once the largest category, collapsed by 86% since their peak in 2013-2014.More
The $1.5 Trillion Global Tourism Industry Faces $450 Billion Collapse in Revenues, Based on Optimistic Assumptions
“We are temporarily a company with no product and no revenue.”More
Latin America Was Already Steeped in Economic Problems. Now Come the External & Internal Shocks of COVID-19
Not even Brazil and Mexico have the fiscal and monetary leeway to offset those shocks.More
Self-Employed Left Hanging after Spanish Government Promised to Protect Them from Worst of Covid-19 Fallout
During the last crisis, Madrid ramped up the tax burden on the self-employed to historic highs while wasting vast sums on corporations and banks. Same thing on an even bigger scale is now in the offing.More
New Currency Crisis Dawns: Mexican Peso Plunges to Record Low Against the Dollar
The flight into US dollars! Dollar-denominated debts of Mexican companies weigh heavilyMore
After Epic “Run on the Funds,” 10 More Real Estate Mutual Funds Shuttered as COVID-19 Batters UK Property Values
Triggered by the belated realization of the risks in mutual funds that offer daily liquidity but invest in illiquid assetsMore
European Banks Face Financial Crisis 2, Shares Hit 1988 Lows
The ECB promised “to monitor markets closely.” Then it came out with a new bond buying binge.More
Welcome to Dystopia: My Life Under Lockdown in Spain
Most importantly, we have our health (touch wood) and each otherMore
Mall Giant Intu Warns of Bankruptcy: First, the Meltdown of Brick & Mortar Retail, Now COVID-19
Local governments end up buying dying malls to keep them from becoming dead zones.More
First Enron of 2020: Muddy Waters’ Short-Target NMC Health Just “Discovered” $2.7 Billion Undisclosed Debt
Oops, the rot runs even deeper than Muddy Waters could have imagined.More
Nick Corbishley 