{"id":17787,"date":"2016-02-14T18:10:23","date_gmt":"2016-02-14T23:10:23","guid":{"rendered":"http:\/\/olduvai.ca\/?p=17787"},"modified":"2016-02-14T18:10:37","modified_gmt":"2016-02-14T23:10:37","slug":"citi-there-was-something-about-the-entire-recovery-narrative-that-is-downright-wrong","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=17787","title":{"rendered":"Citi: “There Was Something About The Entire Recovery Narrative That Is Downright Wrong”"},"content":{"rendered":"

Citi: “There Was Something About The Entire Recovery Narrative That Is Downright Wrong”<\/a><\/h3>\n
Yesterday, we\u00a0laid out\u00a0<\/a>what according to Citi’s Matt King, one of the most insightful and respected credit analysts in the world, is most surprising about the ongoing market selloff: the odd interplay between some asset classes which are declining in an orderly, almost boring fashion, and other assets which have crossed into and beyond a state of existential panic.<\/div>\n
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The reason for this ongoing paradox is still unclear but as Citi’s King, BofA’s Martin and Hartnett, and DB’s Konstam and Reid have all hinted on numerous occasions, the fundamental driver of everything that is wrong with the market are the actions of the policy makers themselves, who in their feverish attempt to preserve the market in the post-Lehman devastation, have made the market into a “market”, one where nothing makes sense any more. In other words,\u00a0in order to save the market, central bankers broke it.\u00a0<\/em><\/p>\n

Which brings us to the conclusion from Matt King’s most recent note, one which picks up on his observations of the all too clear dislocations and paradoxes in the market, those\u00a0“things which, according to all the policymakers\u2019 models of the world, are \u201cnot supposed to be happening\u201d.\u00a0<\/strong><\/p>\n

And yet they are, and as King adds,\u00a0“it is increasingly clear that the world is not fixed \u2013 far from it<\/strong>.”<\/p>\n

The rest of King’s conclusion is a must read for everyone, especially those who think that anything in the past 7 years has been fixed, or even partially resolved.<\/p>\n

This, then, is the real implication of widespread market dislocations.\u00a0<\/strong>It suggests that\u00a0there was something about the entire\u00a0narrative peddled after the crisis\u00a0which was at best incomplete, and at worst downright wrong<\/strong>.<\/p><\/blockquote>\n

…click on the above link to read the rest of the article…<\/p>\n

 <\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Citi: “There Was Something About The Entire Recovery Narrative That Is Downright Wrong” Yesterday, we\u00a0laid out\u00a0what according to Citi’s Matt King, one of the most insightful and respected credit analysts in the world, is most surprising about the ongoing market selloff: the odd interplay between some asset classes which are declining in an orderly, almost […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[1719,7982,312,6038,366,1512,12387,534,8581,668,670,7129,4318],"class_list":["post-17787","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bond","tag-economic-recovery","tag-financial-crisis","tag-fixed","tag-global-economy","tag-ireland","tag-matt-king","tag-monetary-policy","tag-rating-agencies","tag-real-estate","tag-recovery","tag-testimony","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17787","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17787"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17787\/revisions"}],"predecessor-version":[{"id":17789,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17787\/revisions\/17789"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17787"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17787"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17787"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}