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Germany’s Finance Minister Blames ECB For German Trade Surplus; Why the Eurozone Will Destruct
Germany’s Finance Minister Blames ECB For German Trade Surplus; Why the Eurozone Will Destruct Fireworks are going off in Germany again in yet another battle between Wolfgang Schaeuble, Germany’s finance minister, and the ECB. Schaueble dismissed a suggestion this week by ECB head Mario Draghi that Germany should use fiscal room for manoeuvre to decrease its export […]
Are You Kidding Me? Chinese Exports Plunge 25.4 Percent Compared To Last Year
Are You Kidding Me? Chinese Exports Plunge 25.4 Percent Compared To Last Year We just got more evidence that global trade is absolutely imploding. Chinese exports dropped 25.4 percent during the month of February compared to a year ago, and Chinese imports fell 13.8 percent compared to a year ago. For Chinese exports, that was the worst decline that […]
I’m in Awe at Just How Fast Global Trade is Unraveling
I’m in Awe at Just How Fast Global Trade is Unraveling It simply doesn’t let up. Global trade is skidding south at a breath-taking speed. China produced a doozie: The General Administration of Customs reported on Monday that in yuan terms, exports dropped 6.6% in January from a year ago while imports plunged 14.4%. In dollar […]
Canada Rebels against the Destruction of the Loonie
Canada Rebels against the Destruction of the Loonie The fear of “currency instability.” “Without precedent” — that’s what National Bank of Canada’s chief economist Stéfane Marion called the wholesale destruction of the loonie. The Canadian dollar is in a tailspin. Rarely has it tumbled so far so fast, and against so many currencies. The steepness of […]
China’s Hard Landing To Trigger Meltdown In India: “We Will See Another Crisis”
China’s Hard Landing To Trigger Meltdown In India: “We Will See Another Crisis” In late September, India “surprised” 51 out of 52 economists by cutting rates a larger than expected 50 bps. Despite RBI Governor Raghuram Rajan’s penchant for catching markets off guard and despite the fact that exports had fallen for eight consecutive months, […]
Canadian dollar on track for 2nd-worst year ever
Canadian dollar on track for 2nd-worst year ever Currency is down 17% year-to-date against the U.S. currency The Canadian dollar hasn’t been at par with the U.S. dollar for three years. This year, the loonie’s slide against the American dollar was one of the biggest ever. (Mark Blinch/Reuters) The word “beleaguered” — often used to describe […]
Baltic Dry Crashes To New Record Low As China “Demand Is Collapsing”
Baltic Dry Crashes To New Record Low As China “Demand Is Collapsing” Worst. Ever. As Bloomberg adds, China, which makes about half the world’s steel, is on track for the biggest drop in output for more than two decades, according to data compiled by Bloomberg Intelligence… Owners are reeling as China’s combined seaborne imports of iron ore and […]
The Fallacy that Weakening Your Currency Generates Prosperity
The Fallacy that Weakening Your Currency Generates Prosperity Those demanding that the purchasing power of the currency be devalued are impoverishing everyone who holds the currency. Of the many economic policies that are accepted as true yet are absolute nonsense, perhaps none is more achingly nonsensical than the notion that weakening a nation’s currency will […]
We Have Never Seen Global Trade Collapse This Dramatically Outside Of A Major Recession
We Have Never Seen Global Trade Collapse This Dramatically Outside Of A Major Recession If you have been watching for the next major global economic downturn, you can now stop waiting, because it has officially arrived. Never before in history has global trade collapsed this dramatically outside of a major worldwide recession. And this makes […]
18 Numbers That Scream That A Crippling Global Recession Has Arrived
18 Numbers That Scream That A Crippling Global Recession Has Arrived The stock market has been soaring, but all of the hard economic numbers are telling us that a major global recession is here. This is so reminiscent of what happened back in 2008. Back then, all of the fundamentals were screaming “recession” by the […]
China’s Economy Even Worse than Suspected?
China’s Economy Even Worse than Suspected? It’s always good to have a plan. So China has a new five-year plan, its 13th. And the plan is to dial down China’s formerly white-hot economy to a target of “medium-high economic growth” for the five years starting in 2016. “The country will promote greater sophistication in its […]
Everything’s Deflating And Nobody Seems To Notice
Everything’s Deflating And Nobody Seems To Notice Whenever we at the Automatic Earth explain, as we must have done at least a hundred times in our existence, that, and why, we refuse to define inflation and deflation as rising or falling prices (only), we always get a lot of comments and reactions implying that people […]
Global Trade Is Collapsing As The Worldwide Economic Recession Deepens
Global Trade Is Collapsing As The Worldwide Economic Recession Deepens When the global economy is doing well, the amount of stuff that is imported and exported around the world goes up, and when the global economy is in recession, the amount of stuff that is imported and exported around the world goes down. It is […]
The Latest Evidence That Global Trade Has Collapsed: India’s Exports/Imports Plunge By 25%
The Latest Evidence That Global Trade Has Collapsed: India’s Exports/Imports Plunge By 25% Late last month, India surprised 51 out of 52 economists when the RBI cut rates by 50bps. Although economists have a reputation for being terrible when it comes to making predictions (getting it wrong perpetually is almost a job requirement), it’s difficult […]
Overcapacity “will be even greater than in 2009.”
Overcapacity “will be even greater than in 2009.” “I would be open to the possibility” of reducing the fed funds rate “even further” and go negative, explained Minneapolis Fed President Narayana Kocherlakota on Thursday. Some folks just don’t get it. Here are the results of seven years of global QE and zero-interest-rate policies: Global demand […]
