{"id":59423,"date":"2021-09-21T14:05:38","date_gmt":"2021-09-21T19:05:38","guid":{"rendered":"https:\/\/olduvai.ca\/?p=59423"},"modified":"2021-09-21T14:05:38","modified_gmt":"2021-09-21T19:05:38","slug":"rabobank-as-with-evergiven-evergrande-is-just-the-symtpom-of-far-larger-problems","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=59423","title":{"rendered":"Rabobank: As With Evergiven, Evergrande Is Just The Symtpom Of Far Larger Problems"},"content":{"rendered":"<header class=\"ArticleFull_header__11o5_\">\n<h3 class=\"ArticleFull_title__2cUI6\"><a href=\"https:\/\/www.zerohedge.com\/markets\/rabobank-evergiven-evergrande-just-symtpom-far-larger-problems\">Rabobank: As With Evergiven, Evergrande Is Just The Symtpom Of Far Larger Problems<\/a><\/h3>\n<\/header>\n<div class=\"NodeContent_mainContent__38L44\">\n<div class=\"NodeContent_body__2clki NodeBody_container__1M6aJ\">\n<p><strong>It&#8217;s Ever Something<\/strong><\/p>\n<p><strong>On 23 March, the giant cargo vessel Evergiven got stuck in the Suez Canal and blocked it for six days<\/strong>. Obviously, this dominated global headlines. Even Joe Shmoe could see global supply chains were not operating efficiently because of their gigantism. Six days, six months ago: yet today bullwhip supply-chain problems are still passing through the global system in escalating waves. Evergiven was just a symbol for those who had not been paying any attention to the underlying \u2018too big to sail\u2019 problems it represented. These were decades in the making, and will be years in the solving; will involve lots of money; and because they will also involve a different way of doing things, we haven\u2019t even\u00a0<em>started<\/em> yet in most places.<\/p>\n<p><strong>Evergrande, a giant Chinese property developer, has also run aground<\/strong>. Suddenly everyone in markets knows who it is, and is worrying about it. It is huge, and its debts are equally huge: $300bn, perhaps more. The whisper is that this could be China\u2019s \u201cLehman moment\u201d. Even with Chinese markets closed until Wednesday, we are seeing knock-on sell-offs around the world. Naturally, the upside specialists are also out there: Bloomberg today suggests market panic makes a bailout more likely: I think that dynamic only works on the US fiscal policy front.<\/p>\n<p>Indeed, within China\u00a0<strong>there is a spectrum of possible government approaches to the crisis.\u00a0<\/strong>At one extreme, \u2018the Austrian\u2019, where the pieces fall where they may. I don\u2019t think any economy anywhere would allow that to happen. At the other extreme, \u2018socialism for the rich\u2019, where everyone gets to carry on as if\u00a0<em>nothing<\/em> happened, which is what we have seen in OECD since 2008&#8230;<\/p>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Rabobank: As With Evergiven, Evergrande Is Just The Symtpom Of Far Larger Problems It&#8217;s Ever Something On 23 March, the giant cargo vessel Evergiven got stuck in the Suez Canal and blocked it for six days. Obviously, this dominated global headlines. Even Joe Shmoe could see global supply chains were not operating efficiently because of [&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":[17407,379,24135,24136,19169,4318],"class_list":["post-59423","post","type-post","status-publish","format-standard","hentry","category-economics","tag-evergrande","tag-government","tag-michael-every","tag-rabobank","tag-suez-canal","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/59423","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=59423"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/59423\/revisions"}],"predecessor-version":[{"id":59424,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/59423\/revisions\/59424"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=59423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=59423"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=59423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}