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Tag Archives: credit
All That’s Missing Is a Black Swan
All That’s Missing Is a Black Swan “There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the […]
“Everyone Is Thinking It’s The Shanghai Accord All Over Again”
“Everyone Is Thinking It’s The Shanghai Accord All Over Again” Back on January 9, when the S&P500 was just inches away from its Christmas Day bear market lows, we asked a simple question: is the Shanghai Accord 2.0 coming? Now, with the S&P back at all time highs, China unleashing a historic torrent of new credit after launching […]
Weekly Commentary: The Perils of Stop and Go
Weekly Commentary: The Perils of Stop and Go Please join Doug Noland and David McAlvany this coming Thursday, April 18th, at 4:00PM EST/ 2:00pm MST for the Tactical Short Q1 recap conference call, “What are Central Banks Afraid of?” Click here to register. China’s Aggregate Financing (approximately system Credit growth less government borrowings) jumped 2.860 billion […]
The Coming Credit Meltdown Will Be As Bad As The Great Depression And The Financial Crisis: Deutsche
The Coming Credit Meltdown Will Be As Bad As The Great Depression And The Financial Crisis: Deutsche With investor attention increasingly focusing on what most believe will be the catalyst for the next financial crisis, namely a tsunami in corporate defaults as a result of the disastrous combination of record leverage, higher rates and an […]
Weekly Commentary: Q4 2018 Z.1 “Flow of Funds”
Weekly Commentary: Q4 2018 Z.1 “Flow of Funds” I’ve been anxiously awaiting the Fed’s Q4 2018 Z.1 “Flow of Funds” report. It provided the first comprehensive look at how this period’s market instability affected various sectors within the financial system. From ballooning Broker/Dealer balance sheets to surging “repo” lending to record Bank loan growth – […]
Credit Exhaustion Is Global
Credit Exhaustion Is Global Europe is awash in credit exhaustion, and so is China. The signs are everywhere: credit exhaustion is global, and that means the global growth story is over: revenues and profits are all sliding as lending dries up and defaults pile up. What is credit exhaustion? Qualified buyers don’t want to borrow […]
Here Comes The Shanghai Accord 2.0: China Unleashes Gargantuan Credit Injection To Start 2019
Here Comes The Shanghai Accord 2.0: China Unleashes Gargantuan Credit Injection To Start 2019 One month ago, we pointed out a curious shift in the official language out of China’s central bank: in late December, when traders were generally away on vacation, the PBOC indicated a critical shift in the official monetary policy description at the December […]
The Arrival of the Credit Crisis
THE ARRIVAL OF THE CREDIT CRISIS Those of us who closely follow the credit cycle should not be surprised by the current slide in equity markets. It was going to happen anyway. The timing had recently become apparent as well, and in early August I was able to write the following: “The timing for the […]
Here’s What an American Economic Collapse Could Actually Look Like (And How It May Be a Lot Different Than Folks Expect)
Here’s What an American Economic Collapse Could Actually Look Like (And How It May Be a Lot Different Than Folks Expect) When we think of “economic collapse” our imaginations usually lead us immediately to the desperation we’ve witnessed in places like Venezuela or Greece. We think of starvation, a complete lack of medical care, and […]
Drain, drain, drain…
Drain, drain, drain… Money from thin air going back whence it came from – circling the drain of a ‘no reinvestment’ black hole strategically placed in its way by the dollar-sucking vampire bat Ptenochirus Iagori Powelli. Our friend Michael Pollaro recently provided us with an update of outstanding Fed credit as of 26 December 2018. […]
A Debt Based System Can’t Succeed Without Population Growth
A Debt Based System Can’t Succeed Without Population Growth A simple idea today…that the end of population growth (where it matters) is upon us. Absent population growth among the nations that do nearly all the consuming, a debt based economic and financial system can’t ultimately succeed. That is, without growth, assets generally don’t appreciate and debt is generally […]
These 8 Red Flags Warn Us We’re Speeding Toward an Economic Collapse RIGHT NOW
These 8 Red Flags Warn Us We’re Speeding Toward an Economic Collapse RIGHT NOW This isn’t exactly an article loaded with Christmas cheer, but there’s a very good reason that my family has strictly limited our holiday splurges this year. It’s because all the signs right now seem to indicate the US is hurtling toward […]
Why The Collapsing Chinese Credit Impulse Is All That Matters
Why The Collapsing Chinese Credit Impulse Is All That Matters Back in June 2017, we wrote that if one had to follow just one macro indicator that impacts virtually every aspect of the global economy, that would be the Chinese credit impulse. Not surprisingly, the article was titled “Why The (Collapsing) Credit Impulse Is All […]
