It’s over! The entire model our societies have been based on for at least as long as we ourselves have lived, is over! That’s why there’s Trump. There is no growth. There hasn’t been any real growth for years. All there is left are empty hollow sunshiny S&P stock market numbers propped up with ultra cheap debt and buybacks, and employment figures that hide untold millions hiding from the labor force. And most of all there’s debt, public as
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• Asian Markets Drop As Pessimism Increases Ahead Of OPEC Meeting (MW) • Deutsche Bank Slumps to Fresh Record Low on Capital Concerns (BBG) • China’s Smaller Banks Are Funding Each Other’s Lending (BBG) • China Launches $52.5 Billion Restructuring Fund For State-Owned Firms (R.) • A Weaker Currency Is No Longer the Economic Elixir It Once Was (BBG) • US Home Prices Rose 76% Since 1999 As Real Income Grew Less Than 2% (BBG) • Justin Trudeau’s Canadian Honeymoon
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• The Market Is In Line With History. The History Of Crashes (Stockman) • How to Suffocate Your Economy: Drown it in Massive Private Debt (Vague) • Vancouver Property Sales To Foreigners Crash 96% (ZH) • Merkel Rules out State Assistance for Deutsche Bank (BBG) • EU Must Turn Off the Dividend Spigot at Under-Capitalized Banks (PS) • China Continues to Battle Massive Capital Flight Problem (Brink) • Naked Shorts Can’t Stay Naked Forever (Dayen) • Whistleblower Describes Years Of
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• Austerity Only Benefits Germany But Destroys Europe, Renzi Says (BBG) • €18 In ECB QE Generated Just €1 In GDP Growth (ZH) • IMF Calls For More Greek Pension Cuts, Greater Debt Relief (Kath.) • Plunging Velocity of Money Closes Fed Window (Roberts) • Russia’s Central Bank Criticizes The Easy Money Policies Of Its Peers (CNBC) • BIS, OECD Warn On Canadian Housing Bubble Debt, See No Exit (WS) • Oil Slumps 4% As No Output Deal Expected
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• World Trade Grinds Lower, Hits 2014 Levels (WS) • ‘When I Think Of Central Banks, I Think Of Alchemists’: Marc Faber (CNBC) • Central Bankers Are The Arsonists That Create The Fire: Bill Fleckenstein (ZH) • Bad Debts In Chinese Banking System 10 Times Higher Than Admitted: Fitch (AEP) • The Coming Wave of Defaults Will Be Devastating (CH Smith) • Time to ‘Be Alarmed’ about Emerging Market Debt: UN (DQ) • The Ted Spread Is Dead, Baby. The
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• The Global Economic Outlook: Dark Clouds Ahead (Guardian Ed.) • UN Fears Third Leg Of Global Financial Crisis – With Epic Debt Defaults (AEP) • Major Trend Forecast For The Rest Of 2016 (Celente) • Report Highlights Rising US Poverty (D&C) • In Places With Fraying Social Fabric, a Political Backlash Rises (WSJ) • Greek Bakers Unite To Give Away Bread To Those Too Poor To Afford It (KTG) • Young Britons Live In ‘Suspended Adulthood’ (G.) • It’s
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• Unlike in 1986, This Time US Might Not Dodge a Recession: Deutsche Bank (BBG) • Get Ready For The Mother Of All Stock Market Corrections (Tel.) • Japan Exports Fall 11th Straight Month, 9.6% YoY, Imports Plunge 17.3% (R.) • Bank of Japan Overhauls Policy Framework, Sets Yield Curve Target (R.) • Bank of Japan Introduces Rate Target for 10-Year Government Bonds (WSJ) • Could Germany Allow Deutsche Bank To Go Under? (Golem XIV) • Keynesian Deflation Humbug (Mish)
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• The Bank of Japan May Overshadow the Fed on Super Wednesday (CNBC) • Italy PM Renzi Tells Bundesbank To Solve German Banks’ Derivatives Problem (R.) • Housing Crisis Is Driving A “Geographic Wedge” Between Generations (Ind.) • Global Regulators See Risks in European Banks (WSJ) • Shore Up The Euro Before It’s Too Late (R.) • Theresa May Outs Herself as Wall Street’s Poodle in Brexit Talks (NC) • China Creates Global Steel Champion As Doubts Deepen On Output
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Lots of China again today. Most of it based on warnings, coming from the BIS, about the country’s financial shenanigans. I’m getting the feeling we have gotten so used to huge and often unprecedented numbers, viewed against the backdrop of an economy that still seems to remain standing, that many don’t know what to make of this anymore. Ambrose Evans-Pritchard ties the BIS report to Hyman Minsky’s work, which is kind of funny, because our good friend and Minsky adept
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• BIS Flashes Red Alert For a Banking Crisis in China (AEP) • BIS Warning Indicator for China Banking Stress Climbs to Record (BBG) • China Relies on Housing Bubble to Keep GDP Numbers Elevated (CNBC) • Chinese Yuan Borrowing Rate Hits Second Highest Level On Record (R.) • Oil Investors Flee as OPEC Freeze Hopes Face Supply Reality (BBG) • The Death Of The Bakken Field Has Begun (SRSrocco) • Canada To Impose Nationwide Carbon Price (R.) • 1000s
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