Rembrandt An Old Scholar Near a Window in a Vaulted Room 1631 • Asset Prices & Monetary Policy in an Irrational World (Whalen) • Central Banks Will Cause An Orgy of Blood (Clarmond) • Global Central Banking Leadership Flux Looms (R.) • Kobe Steel Faked Quality Data For Decades (Nikkei) • China’s Impact on Global Markets is About to Get Much Bigger (BBG) • China’s Banks Are Bingeing on Bonds Despite Debt Crackdown (BBG) • China Has Only Taken
Read More...
Marc Riboud Zazou, painter of the EIffel Tower 1953 Central bankers have never done more damage to the world economy than in the past 10 years. One may argue this is because they never had the power to do that. If their predecessors had had that power, who knows? Still, the global economy has never been more interconnected than it is today, due mostly to the advance of globalism, neoliberalism and perhaps even more, technology. Ironically, all three of
Read More...
Marc Riboud Street seen from inside antique dealer’s shop, Beijing 1965 • US Equities “At Most Offensive Level Of Overvaluation In History” (BI) • Yellen Doubles Down: “Valuations Are At High Levels Historically” (ZH) • Goldman Sachs: 88% Chance We’re Heading Into A Bear Market (BI) • The Mystery Of Weak Wage Growth (BI) • China Factory Prices Jump As Government Reduces Capacity (BBG) • China’s Mortgage Debt Bubble Raises Spectre Of 2007 US Crisis (SCMP) • Interest-only Loans
Read More...
Piet Mondriaan Composition in color A 1917 • Tesla Shareholders: Are You Drunk On Elon Musk’s Kool-Aid? (Lewitt) • ECB Suffers from “Corporate Capture at its Most Extreme” (DQ) • ECB Still Believes In Eventual Inflation, Wage Rise: Draghi (R.) • China Credit Growth Exceeds Estimates Despite Debt Curb Vow (BBG) • PBOC Governor Zhou Says China’s 6.9% Growth ‘May Continue’ (BBG) • In China, The War On Coal Just Got Serious (SMH) • IMF Steering Committee Warns Global
Read More...
Georgia O’Keeffe Manhattan 1932 • Central Bankers Use Moment of Calm to Debate How to Fight the Next Crisis (DJ) • BOJ’s Kuroda Says No Signs Of Excesses Building In Markets (R.) • What Keeps Poor Americans From Moving (Atlantic) • Prepare for a Chinese Maxi-Devaluation (Rickards) • The Cost of Missing the Market Boom Is Skyrocketing (BBG) • Are You Better Off Than You Were 17 Years Ago? (CH Smith) • As Crisis At Kobe Steel Deepens, CEO
Read More...
Rembrandt Old man with a beard 1630 “The Cost of Missing the Market Boom is Skyrocketing”, says a Bloomberg headline today. That must be the scariest headline I’ve seen in quite a while. For starters, it’s misleading, because people who ‘missed’ the boom haven’t lost anything other than virtual wealth, which is also the only thing those who haven’t ‘missed’ it, have acquired. Well, sure, unless they sell their stocks. But a large majority of them won’t, because then
Read More...
Joan Miro Dancer 1925 • The Shoeshine Boy Moment For FANG And Friends (DR) • Valuations Are Expensive (Lance Roberts) • Central Banks Have Effectively Manufactured The World’s Biggest Economy (BBG) • ECB to Consider Cutting QE Purchases in Half Next Year (BBG) • Boeing Passenger Jets Have Falsely Certified Kobe Steel Products (R.) • Kobe Steel Scandal Expands Into Core Business Overseas (BBG) • Distressed Investors Buying Houston Homes for 40 Cents on the Dollar (BBG) • Tesla
Read More...
Fan Ho East meets west 1963 For those of you who don’t know Andy Xie, he’s an MIT-educated former IMF economist and was once Morgan Stanley’s chief Asia-Pacific economist. Xie is known for a bearish view of China, and not Beijing’s favorite person. He’s now an ‘independent’ economist based in Shanghai. He gained respect for multiple bubble predictions, including the 1997 Asian crisis and the 2008 US subprime crisis. Andy Xie posted an article in the South China Morning
Read More...
Piet Mondriaan Broadway boogie wooogie 1943 • The Bubble Economy Is Set To Burst, US Elections Be The Trigger (Andy Xie) • Fed Divide On Inflation Intensified At September Policy Meeting (R.) • UK Resigned To Endless Productivity Gloom (Tel.) • The World Must Spend $2.7 Trillion on Charging Stations for Tesla to Fly (BBG) • Bullet Train Wheel Parts Made By Kobe Steel Failed Quality Tests (BBG) • General Motors Checking Impact Of Kobe Steel Data Cheating (R.)
Read More...
Georgia O’Keeffe New York night 1929 • Stock Record Ride ‘Has Reached Epic Proportions’ – Morgan Stanley (MW) • Janet Yellen Has Finally Come To Her Senses – Somewhat (Crudele) • Nobel Economist Thaler Says He’s Nervous About Stock Market (BBG) • Catalans Call Time Out on Independence Bid, Seek Spain Talks (BBG) • China Debt-for-Equity Swaps Turn Out More Like Debt-for-Debt (BBG) • Chinese Investors Keep Pouring Money Into Australian Housing (BBG) • Kobe Steel Shares Plunge As
Read More...