{"id":45330,"date":"2019-04-13T08:07:12","date_gmt":"2019-04-13T13:07:12","guid":{"rendered":"https:\/\/olduvai.ca\/?p=45330"},"modified":"2019-04-13T08:07:15","modified_gmt":"2019-04-13T13:07:15","slug":"weekly-commentary-the-perils-of-stop-and-go%ef%bb%bf","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=45330","title":{"rendered":"Weekly Commentary: The Perils of Stop and Go\ufeff"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><a href=\"http:\/\/creditbubblebulletin.blogspot.com\/2019\/04\/weekly-commentary-perils-of-stop-and-go.html\">Weekly Commentary: The Perils of Stop and Go<\/a><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">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, &#8220;What are Central Banks Afraid of?&#8221;&nbsp;<a href=\"https:\/\/mwealthm.com\/tactical-short-1st-quarter-2019\/\">Click here to register.<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">China\u2019s Aggregate Financing (approximately system Credit growth less government borrowings) jumped 2.860 billion yuan, or $427 billion \u2013 during the 31 days of March ($13.8bn\/day or $5.0 TN annualized). This was 55% above estimates and a full 80% ahead of March 2018. A big March placed Q1 growth of Aggregate Financing at $1.224 TN \u2013 surely the strongest three-month Credit expansion in history. First quarter growth in Aggregate Financing was 40% above that from Q1 2018.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Over the past year, Aggregate Financing expanded $3.224 TN, the strongest y-o-y growth since December 2017. According to Bloomberg, the 10.7% growth rate (to $31.11 TN) for Aggregate Financing was the strongest since August 2018. The PBOC announced that Total Financial Institution (banks, brokers and insurance companies) assets ended 2018 at $43.8 TN.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">March New (Financial Institution) Loans increased $254 billion, 35% above estimates. Growth for the month was 52% larger than the amount of loans extended in March 2018. For the first quarter, New Loans expanded a record $867 billion, about 20% ahead of Q1 2018, with six-month growth running 23% above the comparable year ago level. New Loans expanded 13.7% over the past year, the strongest y-o-y growth since June 2016. New Loans grew 28.2% over two years and 90% over five years.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">China\u2019s consumer lending boom runs unabated. Consumer Loans expanded $133 billion during March, a 55% increase compared to March 2018 lending. This put six-month growth in Consumer Loans at $521 billion. Consumer Loans expanded 17.6% over the past year, 41% in two years, 76% in three years and 139% in five years.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">China\u2019s M2 Money Supply expanded at an 8.6% pace during March, compared to estimates of 8.2% and up from February\u2019s 8.0%. It was the strongest pace of M2 growth since February 2018\u2019s 8.8%.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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, &#8220;What are Central Banks Afraid of?&#8221;&nbsp;Click here to register. China\u2019s Aggregate Financing (approximately system Credit growth less government borrowings) jumped 2.860 billion [&hellip;]<\/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":[175,7783,16861,1234],"class_list":["post-45330","post","type-post","status-publish","format-standard","hentry","category-economics","tag-credit","tag-credit-expansion","tag-doug-noland","tag-stimulus"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/45330","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=45330"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/45330\/revisions"}],"predecessor-version":[{"id":45331,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/45330\/revisions\/45331"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=45330"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=45330"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=45330"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}