The Automatic Earth

Debt Rattle February 21 2016

Feb 212016

February 21, 2016 Posted by Raúl Ilargi Meijer at 9:58 am Finance Tagged with: Calais, ETFs, oil, outflows, PBOC, refugees, Shanghai Accord, TPP, TTIP, Xi Comments Off

Wyland Stanley Boeing 314 flying boat Honolulu Clipper. 1939 • BofA: ‘Shanghai Accord’, Massive Central Bank Intervention Imminent (ZH) • I Don’t Know What The Bulls Are Smoking: Stockman (CNBC) • China Lenders’ Foreign-Exchange Holdings Omitted From PBOC Data (BBG) • Sensitive Financial Data ‘Missing’ From PBOC Report On Capital Outflows (SCMP) • Xi Jinping Demands ‘Absolute Loyalty’ From Chinese State Media (AP) • The Only Thing Worse Than Oil? Investing in It (WSJ) • A Furious Turkey Says US

Debt Rattle February 20 2016

Feb 202016

February 20, 2016 Posted by Raúl Ilargi Meijer at 9:18 am Finance Tagged with: Brexit, China, commodities, crash, EMU, Fannie Mae, FX, oil, refugees, Shale 3 Responses »

Russell Lee “Yreka, California. Magazine stand” 1942 • Commodities’ $3.6 Trillion Black Hole (BBG) • ‘It’s Going To Be Much Worse Than 2008’ (FS) • Has The Market Crash Only Just Begun? (ZH) • The US Economy Has Not Recovered and Will Not Recover (PCR) • Worldwide M&A Activity Falls 23% (Reuters) • US Shale Faces March Madness With $1.2 Billion in Interest Due (BBG) • Moody’s Tallies 28 Downgrades In The Energy Sector Since December (MW) • Why Oil

Debt Rattle February 19 2016

Feb 192016

February 19, 2016 Posted by Raúl Ilargi Meijer at 8:36 am Finance Tagged with: BoJ, capitalism, cash, China, negative rates, OECD, oil, outflows, pensions, refugees 3 Responses »

Richardson Hope for a New Life: Man passes baby through fence, Serbia/Hungary border 2015 • Negative Interest Rates Set The Stage For The Next Crisis (Stephen Roach) • Why Negative Interest Rates Spell Doom For Capitalism (Romano) • Central Banking Is In Crisis. Can The World Economy Be Far Behind? (Economist) • Bank of Japan Baffled by Negative Reaction to Negative-Rate Policy (WSJ) • Nomura Sees Yen Falling More Than 10% on BOJ Negative Rates (BBG) • Abenomics? How About

Debt Rattle February 18 2016

Feb 182016

February 18, 2016 Posted by Raúl Ilargi Meijer at 8:46 am Finance Tagged with: China, exports, Japan, negative rates, oil, QE, refugees, subprime, trade, yuan 2 Responses »

Russell Lee “Yreka, California, seat of a county rich in mineral deposits” 1942 • Negative Interest Rates A ‘Dangerous Experiment’, Warns Morgan Stanley (MW) • Negative Interest Rates Are A ‘Gigantic Fiscal Failure’ (AEP) • Japan’s Exports Drop Most Since 2009 as Sales to China Fall (BBG) • Japan Shelves Plan to Let Pension Fund Directly Invest in Stocks (WSJ) • China’s Banks May Be Getting Creative About Hiding Their Losses (BBG) • China Central Bank Takes Another Step To

That’s All I Can Stands, I Can’t Stands No More

Feb 172016

February 17, 2016 Posted by Raúl Ilargi Meijer at 2:17 pm Finance Tagged with: Bluto, double down, New Hampshire, Popeye, primary, Trump, Trumpification 12 Responses »

That's All I Can Stands, I Can't Stands No More

DPC The Wizard Tree, Cathedral Woods, North Conway, White Mountains, New Hampshire 1900 A week after the New Hampshire Presidential Primaries, what lessons, if any, can we take from the dramatic victories of two outsider candidates? Former New Hampshire resident and occasional Automatic Earth contributor Nelson Lebo weighs in. Note: Nelson writes below that “Trumpification is a clear and present danger” for writers like me “who rely on the best available data, statistics, facts”. But so far I find Trump

Debt Rattle February 17 2016

Feb 172016

February 17, 2016 Posted by Raúl Ilargi Meijer at 10:49 am Finance Tagged with: Banks, Canada, China, derivatives, QE, Turkey, windmills, ZIRP 3 Responses »

DPC Snow removal – Ford tractor Washington, DC 1925 • Banks’ Balance Sheets Are Poor Guides To Actual Risks And Uncertainties (FT) • Banks Are Still The Weak Links In The Economic Chain (FT) • The Eurozone Can’t Survive Another Banking Crisis (MW) • I’m in Awe at Just How Fast Global Trade is Unraveling (WS) • Tilting At Windmills: The Faustian Folly Of Quantitative Easing (Steve Keen) • If Zero Interest Rates Fixed What’s Broken, We’d Be in Paradise

Debt Rattle February 16 2016

Feb 162016

February 16, 2016 Posted by Raúl Ilargi Meijer at 9:24 am Finance Tagged with: China, debt, Deutsche, Japan, NPL, Ponzi, QE, refugees, yuan 1 Response »

Byron On the streets after a New York blizzard 1899 • Central Bankers ‘Don’t Have A Clue’ – Jim Rogers (CNN) • There Is Worse To Come As QE Loses Its Impact (FT) • Markets Putting Faith in QE4? (WSJ) • BOJ Launches Negative Rates, Already Dubbed A Failure By Markets (Reuters) • China’s Problems ‘Just Gargantuan’ (CNBC) • China Created A Record Half A Trillion Dollars Of Debt In January (ZH) • China’s Bad Loans Rise to Highest in

Where Deflation Comes From

Feb 152016

February 15, 2016 Posted by Raúl Ilargi Meijer at 2:57 pm Finance Tagged with: bankers, central bankers, Darwin, deflation, Humpty Dumpty, middle class, pitchforks, poor, Steve Keen 12 Responses »

Dorothea Lange We’ll be in California yet. We’re not going back to Arkansas 1938 Financial bubbles blown on the back of massive amounts of debt, of necessity lead to debt deflation (it’s just entropy, really). Fighting this is futile, and grossly costly to boot. The only sensible thing to do is to guide the process as best you can and try to minimize the damage, especially at the bottom rungs of society, because that’s where the deflation first takes hold,

Debt Rattle February 15 2016

Feb 152016

February 15, 2016 Posted by Raúl Ilargi Meijer at 9:05 am Finance Tagged with: ABS, China, condensate, ECB, fracking, Italy, Japan, Nikkei, nuclear waste, PBOC 8 Responses »

John M. Fox Garcia Grande newsstand, New York 1946 • Japan’s Economy Shrinks 1.4% As Abenomics Is Blown Off Course (Guardian) • China Imports Plunge -18.8% YoY In January, Exports Fall -11.2% (FT) • Yuan Rises Most Since 2005 as PBOC Voices Support, Raises Fixing (BBG) • PBoC Governor Zhou Breaks Long Silence (BBG) • Chinese Start to Lose Confidence in Their Currency (NY Times) • China Markets Brace for Wild Swings in Year of the Monkey (WSJ) • Selloff

Debt Rattle February 14 2016

Feb 142016

February 14, 2016 Posted by Raúl Ilargi Meijer at 9:59 am Finance Tagged with: Abenomics, central bank, Draghi, Kuroda, negative rates, pensions, Yellen, yen, yuan 6 Responses »

Dorothea Lange Water supply in squatter camp near Calipatria CA 1937 • China’s Central Bank Says No Basis for Continued Yuan Decline (BBG) • Why Kuroda’s ‘Bazooka’ May Be Out of Ammunition (WSJ) • BoJ Deputy Says Japan Needs Bolder Measures To Unlock Growth (FT) • Swedish Central Bank Move Creates a Global Shudder (NY Times) • Bond Investors Looking Out for Stimulus Hint in Draghi Testimony (BBG) • There Are Still a Few Tricks Seen Up Central Bankers’ Sleeves

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