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In Dramatic Reversal, China Gives Up On Deleveraging Pledge

Last week, when looking at the latest Chinese credit data, we made two troubling observations: first, China’s economic growth was slowing across a number of key data points despite massive new credit injected into the economy over the past year. Second, that the formerly massive credit impulse – which was responsible for pushing the global […]


Weekend Reading: Keeping You Awake At Night

Authored by Lance Roberts via RealInvestmentAdvice.com, In her last testimony before Congress as head of the Federal Reserve, Janet Yellen made a curious statement: “I would simply say that I am very worried about the sustainability of the U.S. debt trajectory. Our current debt-to-GDP ratio of about 75 percent is not frightening but it’s also […]


A Fiscal Disappointment – Of Tax Reform & Growth Fairies

Via RealInvestmentAdvice.com, I encourage you to take a few minutes to review my previous analysis of the effectiveness of tax cuts on the economy. Bull Trap – The False Promise Of Tax Cuts 3-Myths About Tax Cuts It’s The Debt, Stupid The Committee For A Responsible Budget penned after the passage of the tax bill: “The […]


Why America’s Retail Apocalypse Could Accelerate Even More In 2018

Authored by Michael Snyder via The Economic Collapse blog, Is the retail apocalypse in the United States about to go to a whole new level?  That is a frightening thing to consider, because the truth is that things are already quite bad.  We have already shattered the all-time record for store closings in a single […]


How The Fed Destroyed The Functioning American Democracy And Bankrupted The Nation

Authored by Chris Hamilton via Econimica blog, I hope this article brings forward important questions about the Federal Reserves role in the US and I openly admit this is by no means a comprehensive article…it simply attempts to begin a broader dialogue about the financial and economic impacts of allowing the Federal Reserve to direct America's […]


Visualizing $63 Trillion Of World Debt

If you add up all the money that national governments have borrowed, it tallies to a hefty $63 trillion.   Courtesy of: Visual Capitalist In an ideal situation, governments are just borrowing this money to cover short-term budget deficits or to finance mission critical projects. However, as Visual Capitalist's Jeff Desjardins notes, around the globe, […]


Spanish Stocks Slammed To 7-Month Lows As Credit Risk Spikes

While the world desperately tries to shrug off the implications of Catalonia's independence vote (and Rajoy's warnings of potential reactions), investors are rapidly exiting positions in Spanish stocks and bonds… IBEX (the main Spanish stock index) just plunged to its lowest level since March (as European stocks – Stoxx 600 – hits a 4-mointh high)… […]


Why Madrid Will Never Let Go – Catalonia Is Closer To The Eurozone Than Spain

As we have detailed previously, the Spanish region of Catalonia in the North-Eastern corner of Spain will attempt to hold an independence referendum tomorrow, against the will of the central government in Madrid. Apart from the Baleares and the Madrid region itself, Catalonia together with its capital Barcelona is one of the most economically-powerful parts […]


Putting America’s Record-Breaking $20 Trillion Debt In Global Context

The U.S. federal government just passed a record $20 trillion in publicly held debt. That’s bigger than the entire economy of every country in the European Union, combined. As HowMuch.net notes, the debt will only grow higher unless President Trump and the U.S. Congress can agree to unprecedented spending cuts combined with tax increases.  Don’t count on that happening […]


Fed’s Kaplan Makes A Stark Admission: Equilibrium Rate May Be As Low As 0.25%

As we have hammered away at for years, “the math doesn’t work”, and it appears The Fed just admitted it. In a stunning admission that i) US economic potential is lower than consensus assumes and ii) that the Fed is finally considering the gargantuan US debt load in its interest rate calculations, moments ago the […]


Sell US, Buy Japan?

Authored by Kevin Muir via The Macro Tourist blog, With the gong show occurring in Washington, it’s amazing anyone has the courage to write a blue ticket for any American assets. But we have to remember that the big long term money is slow moving. Implementing an asset shift is not something decided on a […]