The Automatic Earth

Debt Rattle March 2 2016

Mar 022016

March 2, 2016 Posted by Raúl Ilargi Meijer at 10:21 am Finance Tagged with: Calais, China, debt, deflation, layoffs, NatGas, oil, refugees, Schengen, subprime, Trumpocalypse 3 Responses »

Christopher Helin Flint auto, Ghirardelli Square, San Francisco 1924 • China To Lay Off 5 To 6 Million Workers (Reuters) • Deflation Defeats Impotent Central Banks (A. Gary Shilling) • Smells Like Subprime (BBG) • China Credit Outlook Cut to Negative by Moody’s (BBG) • China’s Secret Weapon: Used Car Salesmen (FT) • China Reserve Ratio Cut ‘No Signal Of Impending Large-Scale Stimulus’ (Reuters) • Debts Rise At China’s Big Steel Mills, Consumption Falls (Reuters) • Natural Gas Prices Plunge

Debt Rattle March 1 2016

Mar 012016

March 1, 2016 Posted by Raúl Ilargi Meijer at 9:20 am Finance Tagged with: alchemy, Babel, bombshell, China, debt, jungle, refugees, shadow banks, tear gas 5 Responses »

NPC “.. the hearty cereal beverage with flavor and tang, Altemus-Hibble truck” 1920 • China Faces $15 Trillion Bombshell As Shadow Banking Sector Collapses (ZH) • China’s Big Lending Push Comes Up Short (WSJ) • China Factory Activity Shrinks More Than Expected (Reuters) • China Attempts To Boost Economy With Cash Injection (Guardian) • Global Companies Face a $9.5 Trillion Debt Wall (BBG) • The Worst Market of All: One Without a Story (WSJ) • Barclays Shares Fall 7.5% In

Debt Rattle February 29 2016

Feb 292016

February 29, 2016 Posted by Raúl Ilargi Meijer at 8:53 am Finance Tagged with: bazooka, boomerang, buybacks, China, debt, Greece, Kuroda, layoffs, oil, refugees 3 Responses »

William Henry Jackson Portales of the market of San Marcos, Aguascalientes, Mexico 1890 • China Stocks Tumble Toward 15-Month Low as Stimulus Bets Unwind (BBG) • China Devalues Most In 8 Weeks, Offshore Yuan Slides To 3-Week Lows (ZH) • China Expects To Lay Off 1.8 Million Coal, Steel Workers (Reuters) • China Central Bank Deflects Concerns Over Forex Reserves (Reuters) • Kuroda Negative Rate Bazooka Fizzles on Overnight Lending Freeze (BBG) • Share Buybacks: The Bill Is Coming Due

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

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