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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 […]


Albert Edwards: “Here’s Why The Current Situation Is Even Worse Than The 2008 Crisis”

Back in May, we first reported that Goldman became the first bank to dare to ask if the Fed has lost control of the market, if in slightly more polite terms of course. This is how Jan Hatzius phrased it: “Despite two rate hikes and indications of impending balance sheet runoff, financial conditions have continued to […]


The Unbearable Slowness Of Fourth Turnings, Part 2

Authored by Jim Quinn via The Burning Platform blog, In Part 1 of this article I provided the background regarding the phases of Fourth Turnings and where we stand nine years into this period of crisis. I will now ponder what could happen during the remainder of this Fourth Turning. “History offers no guarantees. Obviously, […]


The Unbearable Slowness Of Fourth Turnings

Authored by Jim Quinn via The Burning Platform blog, “The next Fourth Turning is due to begin shortly after the new millennium, midway through the Oh-Oh decade. Around the year 2005, a sudden spark will catalyze a Crisis mood. Remnants of the old social order will disintegrate. Political and economic trust will implode. Real hardship […]


Rickards Warns “Prepare For A Chinese Maxi-Devaluation”

Authored by James Rickards via The Daily Reckoning, China is a relatively open economy; therefore it is subject to the impossible trinity. China has also been attempting to do the impossible in recent years with predictable results. Beginning in 2008 China pegged its exchange rate to the U.S. dollar. China also had an open capital […]


Russia and China Strengthen Their Alliance, Weakening the US Dollar in the Process

  Russia and China Strengthen Their Alliance, Weakening the US Dollar in the Process Written by Nathan McDonald, Sprott Money News       Month after month, year after year, the mighty King Dollar is slowly being weakened, its monopolistic grip as the fiat reserve currency of the world steadily lessening. To many, this reality […]


Trade Wars Escalate: Trump Admin Hikes Tariffs On Bombardier To 300%

In a decision that's bound to infuriate the leaders of Canada and the UK, the US Commerce Department on Friday tacked on an additional 80% tariff against Bombardier C-Series Jets imported from the US's northern neighbor, adding to a 220% preliminary levy authorized last week. The ruling is the culmination of a long-running feud between […]


Draghi’s Dilemma – Why Is the Euro Still Gaining Against the Dollar?

Authored by Daniel Lacalle via The Mises Institute, The primary purposes of the incorrectly named “unconventional monetary policies” are to debase the currency, stoke inflation, and make exports more competitive. Printing money aims to solve structural imbalances by making currencies weaker. In this race to zero in global currency wars, central banks today are “printing” more than […]


“It’s Not Worth Fighting” – Hedge Funds Are Dumping Their China Shorts

Pretty soon, China bears will be as rare as the Giant Panda. At least that’s what Bloomberg suggested in a story about how Chinese markets have continued to defy proclamations that country’s economy would soon collapse in an avalanche of bad debt, exposing rampant corporate fraud. Or that a rash of outflows and the pressure […]


Yuan Tumbles After Beijing Gives Speculators Green Light To Short The Currency

And now, Trump finally has reason to be angry with China for intervening in its currency to manipulate it lower, not higher. * * * After the biggest weekly surge in the Yuan on record, the first sign that Beijing had had enough of the relentless surge in the currency was unveiled overnight, when according […]


Euro Pumps’n’Dumps After ECB Signals Delay On QE Decision

Having spiked briefly on the back of dollar weakness following a piss-poor payrolls print, EURUSD is tumbling back to unchanged on the day after Bloomberg reports that European Central Bank policy makers may not be ready to finalize their decision on next year’s bond-purchase program until December, according to euro-area officials familiar with the matter. […]


“Something Strange Is Going On”: Axiom Stumbles On The Reason Behind The Explosive Industrial Metals Surge

While overnight equity, bond and FX markets traded in a narrow range as a result of scarce mid-summer liquidity, mounting Trump administration and geopolitical concerns and uncertainties ahead of Friday’s Jackson Hole symposium, the same can not be said about the latest “berserker” action in the commodity space in general, and industrial metals in particular, […]


China Steel Output Hits All Time High, Setting Stage For Escalating Trade War

While the long-term consequences of Trump’s first trade war salvo launched today will become obvious only in hindsight, it may have come at an opportune moment: just as China prepares to flood the world with record amounts of steel. Overnight, the National Statistics Bureau reported that even as Beijing intensified its war on smog, local […]


Trump Launches Trade War With China By Signing Memorandum On Chinese IP Laws

Today at 3pm, President Trump signed a memo addressing “China’s laws, policies, practices, and actions related to intellectual property, innovation, and technology” effectively firing the first shot in what many predict will blossom into an all-out trade war with China. As discussed over the weekend, administration officials said Saturday that memo will direct U.S. Trade […]


Trump Warns Xi: Trade War With China Begins Monday

As if there weren’t enough geopolitical and social stress points in the world to fill a lifetime of “sleepy, vacationy” Augusts, late on Friday night President Trump spoke to Chinese President Xi Jinping and told him that he’s preparing to order an investigation into Chinese trade practices next week, according to NBC. Politico confirms that […]