Red Ponzi Keeps Sinking—-Despite Beijing’s Desperate Efforts To Goose...
The US is not alone in its corporate profit slump. In China, profits at State-Owned Enterprises fell a further 6.5% year-over-year in the January to July period. Estimated to have been RMB 1.31...
View ArticleWhen The ‘Risk-Free’ Rate Is Risk…
Treasury bill rates have been trading notably higher of late, with the 3-month bill equivalent yield as much as 37 bps this week. Though it was the highest rate since November 2008, a true reading of...
View ArticleWarnings Coming Fast And Thick—–The Red Ponzi Relies On Property Bubbles To...
Carl Mydans Sharecropper’s family in Mississippi County, Missouri 1936 Lots of China again today. Most of it based on warnings, coming from the BIS, about the country’s financial shenanigans. I’m...
View ArticleDebt Rattle September 20 2016
DPC Main Street, Buffalo, NY 1900 • The Bank of Japan May Overshadow the Fed on Super Wednesday (CNBC) • Italy PM Renzi Tells Bundesbank To Solve German Banks’ Derivatives Problem (R.) • Housing Crisis...
View ArticleWhat Will Result From Sideways?
The economy of 2015 started out “unexpectedly” weak before succumbing to “global turmoil.” It was the events of last summer that began to sow serious doubts about not just the economic narrative...
View ArticleChina’s Red Ponzi Was Built On The Biggest Dollar Short Ever
As if we needed more evidence, the Chinese liquidity system is stuck. As much as authorities in China might complain about the global credit-based reserve currency system, as PBOC Governor Zhou...
View ArticleGood Job, Mario! NIRP Slams Commerzbank And 9,000 Jobs
On August 31, 2008, Germany’s Commerzbank announced that it was purchasing ailing rival Dresdner Bank from Allianz SE. As usual, however, the deal wasn’t described in those terms as nothing ever is so...
View ArticleBe Warned: The Deutsche Bank Implosion is About “Something” Far Bigger Than...
It seems as if Deutsche Bank is on everyone’s mind, even if nobody knows exactly why. Stocks were down today which is really unremarkable but has become so by the standards of just this year where...
View ArticleWhy Beijing Is Panicking—–Fixed Asset Investment Is Crashing
In August 2014, Chinese industrial production was estimated to have slowed sharply from +9.0% that July to just 6.9%. Consensus at the time expected only a minor variation, an insignificant change to...
View ArticleBelow A Churning Market——Baseline Tendencies Toward The Rising Dollar
With no clear direction from any of the Asian influences, it isn’t surprising to see more listlessness in everything from stocks to bonds. The Dow was up, the NASDAQ down, and the S&P 500 somewhere...
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Inside The May Trade Data—–Not Boost To The Global Economy From US ‘Demand’
You’ll have to forgive the Chinese if they view “global turmoil” as something far more than an esoteric financial concept to be debated by irrelevant monetary committees. US imports from China fell...
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Mind The Red Ponzi——-Imports Down 20%, Exports Still Faltering
The inconsistency or unevenness of the economic data is a huge part of the problem. The world wants to move in nice, clean straight lines and nowhere is that more of an assumption than economics....
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