The Automatic Earth

Debt Rattle February 28 2016

Feb 282016

February 28, 2016 Posted by Raúl Ilargi Meijer at 9:07 am Finance Tagged with: crisis, Fraud, G20, Greece, oil, private debt, recession, reform, refugees, Xi 4 Responses »

Harris&Ewing US Weather Bureau kiosque, Pennsylvania Avenue, Washington, DC 1921 • Markets At Risk As G20 Proves Investor Hopes Were “Pure Fantasy” (ZH) • Currency Wars Coming In Leaderless World: Citi’s Buiter (CNBC) • G-20 Wants Governments Doing More, and Central Banks Less (BBG) • We’re In Recession And It’s Getting Worse: Ron Paul (CNBC) • PBoC Defends Halting Publication Of Sensitive Financial Data (SCMP) • How Xi Jinping Is Bringing China’s Media To Heel (Guardian) • Mervyn King: New

The FX Mexican Standoff

Feb 272016

February 27, 2016 Posted by Raúl Ilargi Meijer at 1:56 pm Finance Tagged with: China, currency war, G20, Germany, Japan, Plaza Accord, Shanghai, US, yuan 8 Responses »

Theodor Horydczak Lincoln Memorial 1925 There has been quite a bit of talk lately over the need for a new Plaza Accord, something several parties saw happening during this weekend’s G20 summit in Shanghai -hence the term ‘Shanghai Accord’-. (On September 22, 1985 at the Plaza Hotel in New York City, France, West Germany, Japan, the US, and the UK signed an accord to depreciate the US dollar vs the Japanese yen and German Deutschmark by intervening in currency markets).

Debt Rattle February 27 2016

Feb 272016

February 27, 2016 Posted by Raúl Ilargi Meijer at 9:09 am Finance Tagged with: cash, China, EU, FX, G20, glut, Greece, layoffs, refugees, world trade, yuan 5 Responses »

Ben Shahn “Scene in Jackson Square, New Orleans” 1935 • World Trade Falls 13.8% In Dollar Terms (FT) • Scepticism Rife Over G20 Move To Calm FX (FT) • G20 To Say World Needs To Look Beyond Ultra-Easy Policy For Growth (Reuters) • As China’s Economic Picture Turns Uglier, Beijing Applies Airbrush (NY Times) • Chinese Accounting Is ‘Highly Questionable’ (CNBC) • China Commodities Industry Resists Cuts Despite Production Glut (BBG) • Yuan Uncertainty Scares Funds Away From China Bond

Debt Rattle February 26 2016

Feb 262016

February 26, 2016 Posted by Raúl Ilargi Meijer at 9:15 am Finance Tagged with: anarchy, Brexit, China, debt, EU, G-20, Greece, oil, RBS, refugees, Schengen 10 Responses »

Russell Lee Washington DC, “Cafe on L Street.” 1938 • A System That Is Stable Only When Under The Influence (BBG) • OECD’s William White: In Terms of Debt, This Is Way Worse than 2007 (FS) • The Red Swan And Other Reasons To Be Very Afraid (David Stockman) • RBS Falls -11% After £1.98 Billion Annual Loss (BBG) • China Unveils Its Deliverables for G-20 (BBG) • China Tweaks Monetary Stance as Zhou Flags Scope to Act (BBG) •

The Balkanization of Europe

Feb 252016

February 25, 2016 Posted by Raúl Ilargi Meijer at 2:58 pm Finance Tagged with: Banks, bombing, borders, EU, Frontex, Greece, NATO, refugees, Syria, Turkey 4 Responses »

Danae Stratou, Ilargi, Yanis Varoufakis and Steve Keen Feb 16 2016 When my mate Steve Keen took me to meet Yanis Varoufakis for dinner last week when we all happened to find ourselves in Athens together, I at least sort of regretted not having the time and space to talk to Yanis about his DiEM25 project for the democratization of Europe. It was a private occasion, there were other people at the dinner table, Steve and Yanis had no seen

Debt Rattle February 25 2016

Feb 252016

February 25, 2016 Posted by Raúl Ilargi Meijer at 9:28 am Finance Tagged with: China, deficit, EU, fracking, Greece, oil, Plaza Accord, refugees, surplus Comments Off

DPC “Ice fountain on Washington Boulevard, Detroit” 1906 • China Does Not Have a Trade Surplus (Balding) • China Equities Plunge 6.4% as Volatility Reignites (BBG) • Rush of Corporate Bonds Inflames Worries About China’s Debt (WSJ) • PBOC Says China Can Handle Raising Budget Deficit to 4% (BBG) • Why China and the World Needs a New Plaza Accord (Barron’s) • Lew Says Don’t Expect ‘Crisis Response’ From G20 Meeting (BBG) • IMF Warns The Global Economy Is “Highly

Debt Rattle February 24 2016

Feb 242016

February 24, 2016 Posted by Raúl Ilargi Meijer at 9:58 am Finance Tagged with: capital controls, central banks, China, Czexit, debt, housing bubble, magic, rabbit, refugees 7 Responses »

Gordon Parks Harlem, New York 1943 • Fantasy and Magic: A New Central Bank Approach (WSJ) • Draghi Has Two Weeks To Pull Another Rabbit Out Of The Bag (BBG) • Investors Fear Central Bank Policy Errors (FT) • China Adds To The World’s Most Dangerous Debt Pile (BBG) • How Long Before The Cracks Show In China’s Great Currency Wall? (Reuters) • Capital Controls In China A Possibility (CNBC) • World Bank’s Kim Sees Little Chance of G-20 Action

Debt Rattle February 23 2016

Feb 232016

February 23, 2016 Posted by Raúl Ilargi Meijer at 9:59 am Finance Tagged with: Canada, cargo ships, devaluation, glut, Greece, housing bubble, oil, refugees, yuan 5 Responses »

Dorothea Lange “Men on ‘Skid Row’, Modesto, California” 1937 • Barclays Says Sharp Yuan Devaluation Needed (BBG) • Standard Chartered Plunges 12% On Annual Loss, Loan Impairments (BBG) • Financial Time Bombs Hiding In Plain Sight (David Stockman) • Central Bankers On The Defensive As Weird Policy Becomes Even Weirder (G.) • Foreign Central Banks Dump Cash At Federal Reserve (Reuters) • Taxpayers Cannot Bank On An End To The Era Of Too Big To Fail (FT) • That’s Not

Debt Rattle February 22 2016

Feb 222016

February 22, 2016 Posted by Raúl Ilargi Meijer at 9:54 am Finance Tagged with: arms, borders, Christchurch, commodities, Germany, miners, refugees, shorts, yuan 4 Responses »

NPC People’s Drug Store, 11th & G streets, Washington DC 1920 • NYSE Short Interest Nears Record – And We Know What Happened Last Time (ZH) • EU Chamber Urges China To Cut Excess Production (WSJ) • Biggest Banks’ Commodity Revenue Slid to Lowest in Over a Decade (BBG) • The Metals Crunch Is Forcing Miners To Reconsider Diversification (Economist) • The World’s Biggest Miner May Be About to Toast Its Oil Drillers (BBG) • New Market Storm Could Catch

Are Asian Central Bankers Even Crazier Than Our Own?

Feb 212016

February 21, 2016 Posted by Raúl Ilargi Meijer at 10:50 pm Finance Tagged with: Abenomics, BoJ, data, deflation, Draghi, Kuroda, NIRP, PBOC, QE, Yellen, ZIRP 6 Responses »

Are Asian Central Bankers Even Crazier Than Our Own?

“6 gals for 99c”, Roosevelt and Wabash, Chicago 1939 That the world’s central bankers get a lot of things wrong, deliberately or not, and have done so for years now, is nothing new. But that they do things that result in the exact opposite of what they ostensibly aim for, and predictably so, perhaps is. And it’s something that seems to be catching on, especially in Asia. Now, let’s be clear on one thing first: central bankers have taken on

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