{"id":54214,"date":"2020-07-17T10:45:16","date_gmt":"2020-07-17T15:45:16","guid":{"rendered":"https:\/\/olduvai.ca\/?p=54214"},"modified":"2020-07-17T10:45:19","modified_gmt":"2020-07-17T15:45:19","slug":"its-easier-to-pretend-our-economic-system-works-and-just-blow-endless-asset-bubbles","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=54214","title":{"rendered":"It&#8217;s Easier To Pretend Our Economic System Works And Just Blow Endless Asset Bubbles"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/www.zerohedge.com\/markets\/rabobank-its-easier-pretend-our-economic-system-works-and-just-blow-endless-asset-bubbles\">It&#8217;s Easier To Pretend Our Economic System Works And Just Blow Endless Asset Bubbles<\/a><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Yesterday saw the US comprehensively beat China<\/strong>. Not in any sporting sense, and certainly not in any dimension of the current Cold War: and for those who still like to think the latter isn\u2019t happening, just listen to what US Attorney General Barr said yesterday. He attacked China for \u201c<em>economic blitzkrieg \u2013 an aggressive, orchestrated, whole-of-government (indeed, whole-of-society) campaign to seize the commanding heights of the global economy and to surpass the United States as the world\u2019s pre-eminent superpower<\/em>.\u201d He also called out Hollywood and US firms for kowtowing to Beijing, alleging corporate officials \u201c<em>display hammer-and-sickle insignia at their desks and attend party lectures during business hours<\/em>,\u201d before concluding \u201c<em>If Disney and other American corporations continue to bow to Beijing, they risk undermining both their own future competitiveness and prosperity, as well as the classical liberal order that has allowed them to thrive<\/em>.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So just where&nbsp;<em>did&nbsp;<\/em>the US win? In the field that matters most to markets, in fact the&nbsp;<em>only<\/em>&nbsp;thing that matters to markets \u2013 spending.&nbsp;<strong>While Chinese retail sales for June fell 1.8% y\/y, US retail sales leaped 7.5% m\/m vs. 5.0% expected<\/strong>. Yes, it\u2019s apples and oranges, and the US are still down marginally y\/y, but considering the States are at least a quarter behind China in the recovery process, it\u2019s a genuinely dynamic retail rebound. USA! USA! USA!<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So what is driving this latest round of the US consumer miracle? The $600 a week in special virus-related unemployment benefits.&nbsp;<em>In many instances this is worth more than people\u2019s pre-crisis salary.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It&#8217;s Easier To Pretend Our Economic System Works And Just Blow Endless Asset Bubbles Yesterday saw the US comprehensively beat China. Not in any sporting sense, and certainly not in any dimension of the current Cold War: and for those who still like to think the latter isn\u2019t happening, just listen to what US Attorney [&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":[1799,24135,24136],"class_list":["post-54214","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bubbles","tag-michael-every","tag-rabobank"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/54214","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=54214"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/54214\/revisions"}],"predecessor-version":[{"id":54215,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/54214\/revisions\/54215"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=54214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=54214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=54214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}