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Another Major Crisis Is Brewing
It appears that as we get ready to head into 2022 another major crisis is brewing.
Another Major Crisis Brewing
(King World News) – Gerald Celente: Of the 954 leveraged loans sold to investors in 2021 through November, 33 percent of the loans were made to companies whose debts exceeded earnings by at least six times, the Financial Times reported.
The loans exceed a 2013 guideline adopted by the U.S. Comptroller of the Currency, the Federal Reserve, and the Federal Deposit Insurance Corporation that leveraged loans to a company not exceeding the six-times limit.
“Generally,” the guideline states, a company’s debt that surpasses six times its earnings before interest, taxes, depreciation, and amortization (EBITA) “raises concerns for most industries.”
“There is an insane amount of leverage in the system,” Dennis Kelleher, president of the nonprofit Better Markets financial advocacy group, told the Financial Times.
“It has created a ticking time bomb,” he warned, and which we noted in “Will Junk Bonds Turn to Junk?” (14 Dec 2021)…
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As interest rates rise, companies top-heavy with debt could fail, sending shock waves through the financial system.
Also, accounting customs allow borrowers to include “add-backs” in earnings calculations, showing higher earnings on paper and thus justifying even more debt.……More Here
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