The now-notorious Chinese real estate giant Evergrande missed the coupon payments on its bonds the other day. Evergrande builds sixty-story apartment towers made (mostly) of sand. Somehow, the bag-holders even in China, where buying real-estate has enjoyed the rush of novelty in recent years, begin to scent the odor of failure in that bloated corpus of fraud.
It’s important to remember that the year-over-year changes take the economic disaster that was 2020 into account. Consumers that were already worried about the economy due to the Covid lockdowns and/or massive government spending in 2020 not only didn’t change their minds, but also grew even more worried about the state of the economy.
By author Tom Williams One month after the dismal April 2021 jobs report, the subpar… Read More »Biden Dismal May Jobs Report, Another Bonanza for Waiters, Bartenders, and Short-order Cooks