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“They Are Worried About Panic”: China Blocks Bad Economic News As Economy Slumps
“They Are Worried About Panic”: China Blocks Bad Economic News As Economy Slumps China’s Shadow-banking system is collapsing (and with its China’s economic-fuel – the credit impulse), it’s equity market has become a slow-motion train-wreck, its economic data has been serially disappointing for two years, and its bond market is starting to show signs of […]
Meanwhile in China, Implosion of Stock-Market Double-Bubble
Meanwhile in China, Implosion of Stock-Market Double-Bubble Bubbles don’t end well for those who don’t get out in time. US tariffs and threats of more tariffs have not been particularly well received in China, which is already being rattled by corporate credit problems, quakes in the shadow banking system, a peculiar Enron-type phenomenon at provincial […]
Life Finds a Way
LIFE FINDS A WAY “The snag for them is that it happened on Monday. And all the official pronouncements in the State media were: “Well, it’s a blip. It’s a very rare event.” Well, it’s happened three days later so you then have to ask yourself, “How much of a blip is it ?” And […]
7 Percent Crash Causes Emergency Shutdown Of Stock Markets In China For The 2nd Time In 4 Days
7 Percent Crash Causes Emergency Shutdown Of Stock Markets In China For The 2nd Time In 4 Days Did you see what just happened in China? For the second time in four days, a massive stock market crash has caused an emergency shutdown of the markets in China. On both Monday and Thursday, trading was […]
Oil Plunges to $32-Handle, Chinese Stocks Crash and are Halted, Whiff of Mayhem Breaks out
Oil Plunges to $32-Handle, Chinese Stocks Crash and are Halted, Whiff of Mayhem Breaks out Why Oil Keeps Falling off the Chart After having been through the greatest two-year loss on record, the price of oil plunged 9.6% on Wednesday and in evening trading. As I’m writing this, WTI hit $32.62 a barrel, a new low […]
Market risk; model smash
Market risk; model smash Seeing the market crash from a few weeks ago, it is clear how quickly the markets can ferociously thrust past one’s risk models. Risk models that failed to safeguard against risk when it absolutely mattered the most. Models that left many large hedge funds hemorrhaging – top funds which by definition were supposed to protect their investors […]
China Loses All Control, Spends 600 Billion Yuan On Plunge Protection In August, Tightens Capital Controls
China Loses All Control, Spends 600 Billion Yuan On Plunge Protection In August, Tightens Capital Controls Back on July 20, Caijing reporter Wang Xiaolu suggested that China Securities Finance – the state-owned plunge protection vehicle – may be set to exit the market. That sent futures plunging and ultimately led to Mr. Wang’s arrest late […]
Rolling Boulders Uphill
Rolling Boulders Uphill As symbols of futility go, that of Sisyphus takes some beating. In Greek mythology, Sisyphus was captured by the gods after having freed humanity from Death. They punished him, of course: he would spend the rest of his days pushing a boulder up to the top of a mountain. Just when he […]
Global Economic Fears Cast Long Dark Shadow On Oil Price Rebound
Global Economic Fears Cast Long Dark Shadow On Oil Price Rebound After bouncing around, oil prices finished off the week with just a bit less volatility than when it started the week. WTI stayed at around $46 per barrel as of midday on September 4, with Brent holding at $50 per barrel. Aside from supply […]
The Case for Outlawing Cash
The Case for Outlawing Cash Losing Confidence GUALFIN, Argentina – September is here. As expected, market volatility is increasing. The Great Zombie War is intensifying. And investors are getting scared. On Tuesday, the Dow lost 470 points – a nearly 3% drop. Bloomberg: “U.S. stocks joined a worldwide sell-off, after equities’ worst month in more […]
“The Most Astounding Credit Binge in History”
“The Most Astounding Credit Binge in History” But is the bounce to be trusted? “The Donald” breathed a sigh of relief. He and other rich people got a break from the beating they’ve been taking: Stocks bounced, with the Dow ending yesterday’s session up more than 600 points. But is the bounce to be trusted? […]
China Is Pushing On A String Ensemble
China Is Pushing On A String Ensemble Look, it’s very clear where I stand on China; I’ve written a lot about it. And not just recently. Nicole Foss, who fully shares my views on the topic, reminded me the other day of a piece I wrote in July 2012, named Meet China’s New Leader : Pon […]
China Stocks Crash, More Than Half Of Market Halted Limit Down; PBOC Loss Of Control Spooks Global Assets
China Stocks Crash, More Than Half Of Market Halted Limit Down; PBOC Loss Of Control Spooks Global Assets China sure has its micro-managing hands full these days. Just hours after the PBOC announced a modestly “revalued” fixing in the CNY, which curiously led to weaker trading in the onshore Yuan for most of the day before a […]
A Death Cross, Wild Market Swings And A Currency War – And We Haven’t Even Gotten To September Yet
A Death Cross, Wild Market Swings And A Currency War – And We Haven’t Even Gotten To September Yet Things continue to line up in textbook fashion for a major financial crisis by the end of 2015. This week, Wall Street has been buzzing about the first “death cross” that we have seen for the Dow […]
Desperate move by China a worrying sign: Don Pittis
Desperate move by China a worrying sign: Don Pittis Instead of boosting economy there is danger China’s sudden move will hurt confidence The father of Western medicine, Hippocrates, had some advice in 400 BC that has been passed down to today: “Extreme remedies are very appropriate for extreme diseases.” As the world responds to this week’s extreme andunexpected devaluation by the Chinese […]
