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Tag Archives: offshore

Everything Comes Down To Which Way The Dollar Is Leaning

Is the global economy on the mend as everyone at least here in America is now assuming? For anyone else to attempt to answer that question, they might first have to figure out what went wrong in the first place. Most have simply assumed, and continue to assume, it has been fallout from the “trade wars.” That is a demonstrably false guess, one easily dispelled by the facts. A trade war produces winners from its losers. But we cannot find a single one. There have only been losers. The most...

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Benign Neglect Check

The key has always been the first part of the word rather than the more common focus on the second. A eurodollar is more about the “euro” than the more obvious monetary denomination. Since it began decades before Europe created its common currency, the eurodollar has nothing whatsoever to do with the euro. But those four letters mean absolutely everything. The whole world’s fate remains tied to them. In its earliest days, it was simply called the Continental dollar. For various and perhaps...

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Insight Conversation: Alex Schneiter, CEO, Lundin Petroleum

Lundin Petroleum discovered the 2.7 billion barrel Johan Sverdrup oil field in 2010. CEO Alex Schneiter spoke to Nick Coleman shortly before first oil was produced in early October, about the company’s strategy, the challenges for small exploration and production firms, and how the sector can respond to changing societal and environmental demands. What does the startup of the Johan Sverdrup oil field mean for Lundin and Norway’s oil and gas industry?  It’s tremendous on all counts. Johan...

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Real Liquidity Cuts Across Many Boundaries; So Does The Lack of It

Things that happen in one place happen in every place. That’s been the second hardest thing to get people to realize. The first is that central banks are not central. And the reason they aren’t is because of this other factor. It truly is a global system and it’s made that way by its very nature. Credit-based money means that wherever banks operate within it, they transport systemic conditions with them. There’s a lot which is packed into the word offshore. Coming up again on another August...

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Ticked About TIC: The Accidental Discovery of Perhaps The Big Bottleneck

From October 2000 to July 2001, the Treasury Department conducted a special survey of users of its Treasury International Capital (TIC) data. Nearly two decades ago, it had become apparent (to some) just how important international dollar flows were to the overall economic and financial landscape. And not just those of the United States. TIC was created ostensibly to aid in balance of payments accounting; the old idea that money was (nearly) fixed so the only thing which mattered was...

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What Has Markets Spooked? Probably Something To Do With That Huge Offshore Dollar Hole

Like a shark smelling blood in the water, I don’t care that the blood is in the water from leaking out of what will be a dead horse, if it isn’t deceased already. I pretty much intend to beat on it one way or another. The issue isn’t just fed funds, it’s why anyone cares about that market at all in 2019. The answer, as even FRBNY admits this week (the dead horse), is how the monetary world is much more complex than you’ve ever been told. It’s not just a matter for correcting textbooks. In...

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Embroiled by Fed Funds, FRBNY 143 Months After BNP Finally Says ‘Offshore’

It was a poignant moment that has gone totally unappreciated. Lost in the noise about subprime mortgages, on August 9, 2007, what actually happened that day represented perhaps the best example of how things worked. Or suddenly didn’t. On the occasion of the 10th anniversary, I recounted the tale of BNP Paribas. You’ve heard of Lehman and Bear Stearns, countless stories about Countrywide and Wachovia. Maybe even something about money market funds. This one French bank’s contributions weren’t...

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Dealer Behavior Leads Us To Another Big (Collateral) Warning

The latest liquidations began right after October 3. Oil shifted toward contango/crash, curves collapsed, even stock markets which looked like they had skated past disruptions early in the year were slammed. It was as if every market hit the same air pocket all at once, therefore identifying (global) liquidity as the major issue driven, of course, by reversing economic and risk assumptions. In other words, money dealers. Usually in these situations we can identify telltale signs of that sort...

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Hurricane impact on natural gas could lessen amid evolving US production landscape

A long-standing belief, held by many, has been that tropical disturbances, especially hurricanes, in the Gulf of Mexico provide a boost to natural gas prices as both onshore, and primarily offshore, production is affected by the storm’s destruction, resulting in tight supply. Although that sentiment has valid points, the supply dynamic in the US has begun to shift, with production no longer as centralized as in years past, with more gas being produced in the Northeast, among other...

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Steel for windpower: a burgeoning market

Offshore wind is “on a high” with costs having fallen by around 50% since 2015, the Global Wind Energy Council said in its Wind Energy Outlook 2016: Wind Power to Dominate Power Sector Growth document. GWEC outlines scenarios where wind, offshore and onshore, could supply 20% of global electricity by 2030, generating 2,110 GW, creating 2.4 million new jobs, reducing CO2 emissions by more than 3.3 billion metric tons/year and attracting annual investment of some EUR200 billion....

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