Page 14 of 14 FirstFirst ... 4121314
Results 391 to 414 of 414

Thread: Boom. You can't out tariff us. Period. This Trump knows.

  1. #391
    Taiwan is boosting its US soybean purchases in a bid to support farmers hit by new Chinese tariffs, as the government in Taipei seeks to strengthen ties with US legislators and the White House amid the fallout from the trade dispute between Washington and Beijing.
    A Taiwanese trade mission has pledged to lift the country's purchases of US soybeans through 2019 by nearly one-third to $US1.6 billion ($2.2 billion), in a deal expedited from 2019 to assist midwestern producers hit by lower prices and seeking alternative markets in the wake of China's higher tariffs on imports of the commodity from the US.


    The move by Taiwan, the sixth-biggest buyer of US soybeans, follows a sharp increase in European Union imports of US soybeans in recent months, as Brussels seeks to improve EU-US trade relations.
    The Taiwanese purchase, inked on Capitol Hill last week, also comes against a backdrop of improving ties between Taipei and Washington, despite opposition from Beijing, which claims Taiwan as its own territory.



    Taiwan's decision to bring forward the timing of the normally biennial soybean purchasing delegation's visit to the US was "being noticed" in Washington, according to a person familiar with the matter.
    "They stepped up the timeline of [the delegation] to send it now, so that our soybean farmers would hurt less as a result of the trade friction between the US and China; that is what friends do," the person said.
    The deal, which covers up to 3.9 million tonnes of soybeans over 2018 and 2019 valued at up to $1.59 billion, marked a 33 per cent increase in value from a 2017 agreement. It was part of Taiwan's "resolute intent to "buy American", Taiwanese trade officials said.

    More at: https://www.afr.com/news/economy/tra...0180930-h1621h
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment



  2. Remove this section of ads by registering.
  3. #392
    I find it amusing to read some analysts stating that the Chinese government’s stealth yuan devaluation has offset the impact of tariffs.
    A 10% tariff hurts a small part of the economy. However, a 10% devaluation hurts all Chinese citizens equally and massively.
    The yuan devaluation is not a tool for exports. Devaluations are a form of price control and a disguised reduction of salaries. As such, they hurt more than what they aim to protect.

    However, with rising household and corporate debt. the yuan devaluation is a shot in the foot of the economy, as purchasing power is being diminished and loan repayment capacity is falling. It is wrong to believe that a devaluation does not pose a problem for debt incurred in yuan. Margins are falling because the yuan is devalued, but costs are not falling in tandem.70% of corporate costs do not fall with the yuan, they rise -energy, fixed costs, imported goods and services- and working capital requirements have been rising, as we have seen in the published earnings of most of the companies in the Shanghai Index. Around 65% of the index generates returns below the cost of capital and most companies pay interest charges with additional debt, according to Moody’s, and evident in the second quarter results published.
    Household disposable income is also falling as inflation appears underestimated by official figures. Most independent analyses see real inflation closer to 2 percentage points higher than official data shows. Living costs have risen much faster than the headline inflation suggests, and the recent devaluations add to this problem, which makes debt-repayment capacity suffer with a weaker currency.


    China money supply growth exceeds the US one, while a significant part of fixed investment and credit goes to low productivity sectors or returns below cost of capital.
    The idea that the yuan is “gold-backed” clearly disappears when we look at the total gold reserves compared to money supply. Gold reserves are less than 0.25% of China’s money supply.
    Unfortunately, China’s stealth devaluation is not making the country more competitive, it is making household and corporate debt riskier as the purchasing power of the yuan is diminished.
    Meanwhile, foreign exchange reserves remain almost 20% below the peak level and the PBOC has abandoned its objective of fighting against excess debt.
    The yuan devaluation is not solving the economy’s problems. By maintaining misguided capital controls and avoiding necessary structural reforms, the devaluation is accelerating the problems of the Chinese economy while hurting savers, workers and pensioners in the country.

    More at: https://www.infowars.com/chinas-yuan...a-big-mistake/
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment



  4. Remove this section of ads by registering.
  5. #393
    China's Shadow-banking system is collapsing (and with its China's economic-fuel - the credit impulse), it's equity market has become a slow-motion train-wreck, its economic data has been serially disappointing for two years, and its bond market is starting to show signs of serious systemic risk as corporate defaults in 2018 hit a record high.

    But, if you were to read the Chinese press, none of that would be evident, as The New York Times reports a government directive sent to journalists in China on Friday named six economic topics to be "managed," as the long hand of China's 'Ministry of Truth' have now reached the business media in an effort to censor negative news about the economy.
    The New York Times lists the topics that are to be "managed" as:

    • Worse-than-expected data that could show the economy is slowing.
    • Local government debt risks.
    • The impact of the trade war with the United States.
    • Signs of declining consumer confidence
    • The risks of stagflation, or rising prices coupled with slowing economic growth
    • “Hot-button issues to show the difficulties of people’s lives.”

    The government’s new directive betrays a mounting anxiety among Chinese leaders that the country could be heading into a growing economic slump. Even before the trade war between the United States and China, residents of the world’s second-largest economy were showing signs of keeping a tight grip on their wallets. Industrial profit growth has slowed for four consecutive months, and China’s stock market is near its lowest level in four years.
    “It’s possible that the situation is more serious than previously thought or that they want to prevent a panic,” said Zhang Ming, a retired political science professor from Renmin University in Beijing.
    Mr. Zhang said the effect of the expanded censorship strategy could more readily cause people to believe rumors about the economy. “They are worried about chaos,” he added. “But in barring the media from reporting, things may get more chaotic.”
    The directive didn’t appear to affect run-of-mill daily coverage of economic data, which could still be widely found online in China on Friday. Instead, the directive appeared to be aimed at easing the overall tone. Indeed, another notice sent on Friday instructed online news outlets to remove comments at the bottom of news articles that “bad-mouth the Chinese economy.”
    One wonders if any "badmouthers" will automatically be accused of working for the Kremlin as is the case in the US, or simply arrested and never heard from again.

    More at: https://www.zerohedge.com/news/2018-...-growth-slumps
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  6. #394
    Recent news from China has been really ugly.
    But what can you expect? They’re trying to fight a trade war against the U.S. – deal with slowing growth – and survive against a stronger U.S. dollar.
    And because of these problems – China’s major stock exchanges have really suffered this year.
    But – contrary to what the mainstream says – I think things are going to get much worse. . .

    For starters – the latest Chinese Manufacturing PMI (purchasing manager index) showed a continued downturn. Both in the NBS and Caixin Indexes.


    Clearly the trade-war with the U.S. is being felt. And with little progress in negotiations between the U.S. and China – expect the near-and-midterm to continue being weak.
    Now – Unfortunately – this slow down in the Chinese economy and the loss of sales and income are coming at a bad time. . .
    Especially for their corporations.
    The combination of a slowing economy, a stronger dollar, and a tightening Federal Reserve is putting pressure on indebted Chinese firms.

    This is putting China’s elites between a rock and a hard place. . .
    That’s because with the trade-war raging on and a tightening Fed – the Communist Party of China will want to ease and help their economy.
    The Peoples Bank of China (the Chinese central bank) can cheapen the yuan to try and boost exports. And as I wrote before – the weaker yuan will offset Trump’s tariffs.
    For example – if the U.S. places 20% tariffs on all Chinese goods – China simply must devalue the Yuan by 20%. This would offset the increased costs from the tariffs – keeping the price for U.S. consumers unchanged. Basically rendering the imposed tariff worthless.
    But the problem with this is Chinese firms have significant dollar-denominated debts. So a stronger dollar makes their debt-burden much harder to service.
    Look at it this way – Chinese companies with dollar-debts (liabilities) will watch it grow compared to their falling assets (denominated in the weakening Yuan). And with rising debt burdens always comes the higher risk of default.
    Already 2018’s turning out to be a record year for onshore Chinese bond defaults. . .
    Goldman noted that in the last two months alone – there were at least eight new defaults.
    Did the weakening yuan since early summer spark this troubling trend?
    To put this in context – there were only 11 new defaults between January and July (seven months) in 2018.


    So after including the 11 defaults between Jan – July, this brings the total to 19 new defaults in only the first 10 months of 2018. . .
    This is a record year for both new defaults and the amount of bonds being defaulted on.



    More at: https://www.zerohedge.com/news/2018-...hit-new-record
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  7. #395
    Quote Originally Posted by Swordsmyth View Post
    China's Shadow-banking system is collapsing (and with its China's economic-fuel - the credit impulse), it's equity market has become a slow-motion train-wreck, its economic data has been serially disappointing for two years, and its bond market is starting to show signs of serious systemic risk as corporate defaults in 2018 hit a record high.

    But, if you were to read the Chinese press, none of that would be evident, as The New York Times reports a government directive sent to journalists in China on Friday named six economic topics to be "managed," as the long hand of China's 'Ministry of Truth' have now reached the business media in an effort to censor negative news about the economy.
    The New York Times lists the topics that are to be "managed" as:

    • Worse-than-expected data that could show the economy is slowing.
    • Local government debt risks.
    • The impact of the trade war with the United States.
    • Signs of declining consumer confidence
    • The risks of stagflation, or rising prices coupled with slowing economic growth
    • “Hot-button issues to show the difficulties of people’s lives.”

    The government’s new directive betrays a mounting anxiety among Chinese leaders that the country could be heading into a growing economic slump. Even before the trade war between the United States and China, residents of the world’s second-largest economy were showing signs of keeping a tight grip on their wallets. Industrial profit growth has slowed for four consecutive months, and China’s stock market is near its lowest level in four years.
    “It’s possible that the situation is more serious than previously thought or that they want to prevent a panic,” said Zhang Ming, a retired political science professor from Renmin University in Beijing.
    Mr. Zhang said the effect of the expanded censorship strategy could more readily cause people to believe rumors about the economy. “They are worried about chaos,” he added. “But in barring the media from reporting, things may get more chaotic.”
    The directive didn’t appear to affect run-of-mill daily coverage of economic data, which could still be widely found online in China on Friday. Instead, the directive appeared to be aimed at easing the overall tone. Indeed, another notice sent on Friday instructed online news outlets to remove comments at the bottom of news articles that “bad-mouth the Chinese economy.”
    One wonders if any "badmouthers" will automatically be accused of working for the Kremlin as is the case in the US, or simply arrested and never heard from again.

    More at: https://www.zerohedge.com/news/2018-...-growth-slumps
    LOL. Did you intentionally leave out this part?

    Quote Originally Posted by ZH article
    Mark Williams, chief Asia economist of Capital Economics, said the firm expects the Chinese economy to slow down to 5 to 5.5 percent from 6.9 percent last year. Despite the lower forecast, he stressed that it was “not a weak number” for the Chinese economy.
    Wow, it's a bloodbath!
    "Let it not be said that we did nothing." - Ron Paul

    The entire internet is the domain of paid shills and bots. If you don't know this by now....

    Israel, under control of the Crown and, ultimately, the Vatican, own the USA. If you don't know this by now....

    Talk to people about liberty. You won't find it on websites, you won't find it in politicians.

    Visiting the Outer Banks of NC?
    Outer Banks NC Fishing Boat Rentals

  8. #396
    Quote Originally Posted by devil21 View Post
    LOL. Did you intentionally leave out this part?
    Not particularly.



    Quote Originally Posted by devil21 View Post
    Wow, it's a bloodbath!
    The thin end of the wedge is always thin, China can't afford to slow their growth much or their whole system will collapse and this is just the beginning.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  9. #397
    Quote Originally Posted by Swordsmyth View Post
    Not particularly.

    The thin end of the wedge is always thin, China can't afford to slow their growth much or their whole system will collapse and this is just the beginning.
    That doesn't even make sense. A growing economy can't grow and collapse at the same time (caveat: unless not taking on new debt fast enough over a long period of time). Granted, the likelihood that their government numbers are any more honest than ours are is slim but still, your explanation doesn't make any economic sense. Never mind that it appears their worst GDP print is still better than our best GDP print yet they're the collapsing country?
    Last edited by devil21; 10-04-2018 at 11:10 PM.
    "Let it not be said that we did nothing." - Ron Paul

    The entire internet is the domain of paid shills and bots. If you don't know this by now....

    Israel, under control of the Crown and, ultimately, the Vatican, own the USA. If you don't know this by now....

    Talk to people about liberty. You won't find it on websites, you won't find it in politicians.

    Visiting the Outer Banks of NC?
    Outer Banks NC Fishing Boat Rentals

  10. #398
    Quote Originally Posted by devil21 View Post
    That doesn't even make sense. A growing economy can't grow and collapse at the same time (caveat: unless not taking on new debt fast enough over a long period of time). Granted, the likelihood that their government numbers are any more honest than ours are is slim but still, your explanation doesn't make any economic sense. Never mind that it appears their worst GDP print is still better than our best GDP print yet they're the collapsing country?
    Their economy is structured differently than ours, it is even more like a Ponzi scheme, if it doesn't grow fast enough it will collapse, their debt and malinvestment problems are even bigger than ours proportionally and they don't have the advantage of being the world reserve currency.

    Once their growth slows past a certain point the weak points in their economy will begin to fail and then the whole house of cards will come tumbling down.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  11. #399

    Trump is losing the trade war and blaming China

    Trump is losing the trade war and blaming China

    US President Donald Trump boasted that he is winning the trade war, telling delegates at the recent United Nations General Assembly (UNGA) in New York that the US economy is booming whereas China’s is faltering. In light of the delegates’ snickering and laughing, however, few if any attendees took him seriously, perhaps for good reason.

    Official economic data and reality suggest the US economy may not be doing as well as Trump claimed. The number of homeless people rose in 2017. Soybean and other farmers are concerned about losing the lucrative Chinese market for good, while US businesses are worrying that they may be in the crossfire of the trade war. Consumers, who are already struggling to stay above water, worry that the tariffs imposed by the Trump administration might pull them under. These are just a few examples of the latest concerns.

    US business concerns

    A September survey by the American Chamber of Commerce in China found that more than 60% of US businesses in China will be hurt by Trump’s tariffs and only 6% will be returning home because of them. The last figure is interesting, and telling.

    First, the main reason for US firms not returning to the US might be for business interests. The Chinese market of 1.4 billion people, most of whom have sufficient savings and low debts, is too lucrative to give up. Besides, US manufacturing is far less productive than China’s because the latter has built a very comprehensive and efficient infrastructure system, from transportation to supply chains. Thus returning to US soil would make US businesses less competitive.

    Second, people have the right to choose and maximize their own self-interest. In a market economy like the US, profit expectation is a key determinant of investment decisions, going where the money is. Trump might in fact be the reason most would not return to the US, because his trade policies increase production costs, such as his steel and aluminum tariffs and the recent United States-Mexico-Canada Agreement (USMCA).
    Ford Motor Company has already complained that the steel and aluminum tariffs could reduce its profits by US$1 billion. The automobile-manufacturing provisions in the USMCA requiring 75% local content and increasing Mexican wages to $16 per hour will increase production costs further.

    Consumers also want the biggest bang for their buck, suggesting they will buy from whoever gives them the lowest price. Indeed, most US consumers have become addicted to lower-price Chinese goods. Given their increasingly indebtedness, that addiction would rise.
    Therefore, it should not be a surprise that domestic and foreign investment in the US is falling and will likely continue to decrease in the coming years if the trade war drags on. According to official government statistics, US inbound investment went into negative territory of -$8.2 billion in the first quarter. Chinese investment in America plunged by 92% because of “national security” concerns.

    Farmers’ concerns

    Most US food producers – from lobster fishermen to soybean growers and others in between – will tell us that they have worked for years to develop the China market. For example, it took many years to wrestle back Chinese soybean buyers from Brazil. Trump’s tariffs undid those efforts in just a few days because China is turning to Brazil and other soybean-growing countries. Once a business relationship is established with non-US farmers, America could lose the lucrative and huge Chinese market forever.
    On other food products, Trump’s tariffs are said to be responsible for billions of kilograms of beef in cold storage looking for buyers. The poultry and pork industries are also concerned with Trump’s “winner-take-all” trade stance because China is by far the biggest market for those two
    products. Pork and chicken in fact are China’s “national meats” – people there eat every part, from feet to intestines to meat, of the animals.

    Thanks to Trump, US hog and chicken farmers may kiss 1.4 billion consumers goodbye.

    Poverty and homelessness on the rise

    According to the US Tax Policy Center and others including the United Nations, the US Federal Reserve, and the US Department of Housing and Social Development, the numbers of poor and homeless people are on the rise or becoming more destitute under Trump.
    The Housing Department estimated that nearly 540,000 people slept on the streets in 2017, a year-on-year rise of almost 1%. A recent UN report found that the poor had become more destitute since Trump had been in charge, an assessment concurred by some US politicians such as Senator Bernie Sanders because of increasing wealth inequality. The Fed revealed that more than 40% of American workers are still struggling, living from paycheck to paycheck.

    Comparing US and Chinese economic growth

    Most reputable economic forecasting organizations – the Organization for Economic Cooperation and Development, the International Monetary Fund, the World Bank and others – expect the second-quarter growth of 4.2% in US gross domestic product will not be repeated in the third and subsequent quarters.

    According to the Tax Policy Center, the $1.5 trillion worth of tax cuts pushed through by the Trump administration and Republican-controlled Congress primarily benefited the top 1%. Those findings would suggest future consumption will be low or flat. Besides, the government spending that helped to boost the second quarter’s “robust” growth increased the US budget deficit.

    America’s massive fiscal debt could preclude the government from instituting future stimulus packages. The IMF predicts that US economic growth will likely drop by between 1 and 2 percentage points in the coming quarters and years, estimated at 2.9% and 2.5% respectively in 2018 and 2019.

    While China’s economy will also be hit by the trade war, the IMF and other organizations project that it will grow 6.8% and 6.5% this year and next. Indeed, HSBC and the IMF predict that China will replace the US as the world’s biggest economy by 2030 if not sooner. Meanwhile China’s public and consumer debts are far lower than those of the US.

    And for those who suggest that declining stock prices are a sign that China is losing the trade war, don’t be too sure. China’s stock markets are in essence gambling houses for small investors to make a quick buck. They are not indicative of economic performance like stock markets in the West


    Some economic commentators have remarked that mounting a trade war against China is wrong, hurting America just as much as if not more than China. Perhaps Trump also sees that, because he appears desperate, creating problems and blaming China for them. He even told the world at the recent USGA meeting that China is “meddling in the US midterm and presidential elections” because the “communist” country dared to retaliate against him.

    The latest news is the South China Sea “freedom of navigation operation” in which a Chinese destroyer chased an American one out of China’s 12-mile exclusive economic zone. CNN and other news outlets reported that the Chinese navy “behaved irresponsibly and aggressively,” hoping to gain support for escalating the trade and possibly military war against China. It seems that “yellow journalism,” sensationalizing an incident to sell papers or increase viewers, is alive and well in the US.
    Trump should be aware of the consequences of fighting a war based on “fake news.” He should consult George W Bush, who will likely be tarnished in history by the Iraq war. Lyndon Johnson’s Vietnam War not only cost more than 50,000 American lives, it also cost him a second term. China will be a far more formidable foe.

  12. #400
    Quote Originally Posted by Swordsmyth View Post
    Their economy is structured differently than ours, it is even more like a Ponzi scheme, if it doesn't grow fast enough it will collapse, their debt and malinvestment problems are even bigger than ours proportionally and they don't have the advantage of being the world reserve currency.

    Once their growth slows past a certain point the weak points in their economy will begin to fail and then the whole house of cards will come tumbling down.
    Actually, that's exactly like ours. The PBOC is a Rothschild western central bank, also. It's why they, and us, have to constantly take on more and more debt and blow bigger and bigger bubbles to stay afloat. The only difference is that they haven't been able to export their inflation like we have. They've exported goods, we've exported debt.
    "Let it not be said that we did nothing." - Ron Paul

    The entire internet is the domain of paid shills and bots. If you don't know this by now....

    Israel, under control of the Crown and, ultimately, the Vatican, own the USA. If you don't know this by now....

    Talk to people about liberty. You won't find it on websites, you won't find it in politicians.

    Visiting the Outer Banks of NC?
    Outer Banks NC Fishing Boat Rentals



  13. Remove this section of ads by registering.
  14. #401
    China's central bank announced it would cut the Required Reserve Ratio (RRR) for most banks by 1.0% effective October 15 for the fourth time in 2018, a little over three months after the PBOC announced a smaller, 0.5% cut on June 24, as Beijing seeks to stimulate the slowing economy amid the growing trade war with the US, a slumping stock market, a sliding yuan and a record number of bond defaults.

    The People’s Bank of China announced on Sunday local time that it lowered the required reserve ratio for some lenders by 1 percentage point according to a statement on its website. The cut, which will apply to a wide range of banks including large commercial banks, joint stock commercial banks, city commercial banks, non-county rural banks and foreign banks, will release a total of 1.2 trillion yuan ($175 billion), of which 450 billion yuan will be used to repay existing medium-term funding facilities which are maturing, and the remaining RMB 750bn will help offset the seasonal rise in liquidity demand during the second half of the month due to tax payments, according to the PBOC.
    But the real reason behind the RRR cut is that it is intended to boost sentiment before the onshore equity market re-opens on Monday after the week-long holidays, as well as to support liquidity conditions at a time when global interest rates have suddenly spiked to multi-year highs..
    Commenting on the cut, Goldman economists said that while they had been expecting one RRR cut per quarter in H2, "the 1pp magnitude surprised us on the upside."

    More at: https://www.zerohedge.com/news/2018-...ade-war-record
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  15. #402
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  16. #403
    At roughly the same time that China announced its latest 1% RRR cut, whose net liquidity injection would be roughly 750BN yuan, the PBOC reported that FX reserves decreased by US$23bn in September to $3.087Tn from $3.110TN after an $8bn drop in August. With consensus expecting a far more modest drop of only $500MM to $3.105TN, this was the biggest drop in Chinese reserves since February; to find a greater outflow one would need to go back all the way to December 2016.

    Unlike in recent months when the value of the Yuan declined sharply, in September the currency valuation effect was quite modest, and according to Goldman calculations amounted to only -$2bn suggesting that capital outflows have returned, if at a modest pace for the time being.
    Additionally the rise in US Treasury yields during the month might also have contributed to the reserves' decline: In the official statement, SAFE said the rise in global yields was one factor for the decline in reserves. Based on historical observations, though, it is not clear to what extent reported FX reserve readings take into account asset price changes. As a reminder, the PBOC's FX reserve report is viewed somewhat skeptically by the analyst community, and subsequently released - and more exhaustive - PBOC and SAFE flow data will give further information to gauge the underlying FX flow.
    China's reserve holdings, the world’s biggest, have so far exhibited modest fluctuations as capital controls remain in place and policy makers have taken measures to stabilize the falling currency. That said, amid a worsening trade-war outlook, negative sentiment around China’s economy and a surging U.S. dollar could yet test the nation’s defenses.
    "China’s foreign-exchange reserves should decline given a stronger dollar and increasing depreciation pressures on the yuan, which could prompt the PBOC to intervene," said Mizuho FX strategist Ken Cheung. "Also, capital outflows should be increasing due to mounting risks on China-U.S. trade war risks."
    And speaking of the depreciation pressure on the yuan, which today just increased again after the abovementioned required reserve ratio cut, with China returning form a week-long holiday its currency is bracing for renewed trade war - and rate shock - impact, and weakened in offshore trading to a new 7-week low as traders prepared for mainland markets to reopen.
    The offshore yuan dropped as low at 6.9152, down -0.3%, after falling another 0.3% last week, and was approaching the lowest level since August 16 when it tumbled as low as 6.95 before recouping some losses.

    The CNH is once again dangerously close to the PBOC's redline of 7.00, with 3-month USD/CNH points, which have reached their highest this year, suggesting that a breach of that level is increasingly probably and implying a CNH yield of around 2% above equivalent USD 3-month rates.

    More at: https://www.zerohedge.com/news/2018-...hs-yuan-slides
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  17. #404
    On the energy front, China has already blinked, maybe even twice. First, it conceded in August by removing U.S. oil imports from a list of possible duties. Two months earlier, China - perhaps trying to either intimate U.S. oil producers (who have been largely supportive of Trump’s policies thus far) who would in turn pressure President Trump, or either by pressuring Trump directly, indicated it would levy a 25 percent duty on U.S. oil imports.

    Since China is the largest buyer of American crude, Beijing likely discarded one of its strongest bargaining chips in the trade war so far. Some reports claim that U.S. oil imports to China are worth $8 billion all by themselves, so erasing oil from the tariff list reduced the value of sanctioned goods by roughly one-third.
    As far as Beijing’s LNG tariff threats are concerned, the reduction from an earlier 25 percent duty to 10 percent could also be considered another blink on China's part. Beijing, though it does have a host of other gas and LNG suppliers, at the end of the day still needs American LNG as the country continues to pivot away from dirtier burning coal needed for power production in favor of cleaning burning natural gas. By 2020, per government mandate, gas is earmarked to make up at least 10 percent of China’s energy mix, with further earmarks by 2030.
    Moreover, Being's 10 percent duty on U.S.-sourced LNG will merely see that cost passed onto China's state-run oil majors, while also increasing revenue for LNG sellers, including American LNG exporters.
    Tariffs will also increase the price of LNG in Asia as producers and traders in the region will likely increase LNG on the spot market (which China needs to fill gaps in winter supply) to prices just under U.S. LNG prices with the tariff cost added in. Complicating the matter further, the 10 percent LNG retaliatory tariff comes just before winter when LNG demand is set to increase, and customers are already vulnerable to price hikes for the cleaner burning fuel.
    Energy consultancy Wood Mackenzie estimates that China will need to buy about 8 million tons of LNG on the spot market, where commodities are purchased for immediate delivery or shipment in the near future CNBC, citing analysts, claims that Chinese LNG buyers will also try to swap as many LNG cargoes as possible to avoid the 10 percent tariff, but if they can’t swap cargoes they will be stuck paying the 10 percent duty.
    As other LNG producers take advantage of China’s 10 percent tariff increase and hike LNG prices, the markup could add another $4 million to $5 million on LNG cargoes for Chinese buyers, Wood Mackenzie added.

    More at: https://oilprice.com/Energy/Natural-...f-With-US.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  18. #405
    STILL haven't been out tariff'd. Can't be done.
    Theye have refused their Assent to Laws, the most wholesome and necessary for the public good.

    Theye have erected a multitude of New Offices, and sent hither swarms of Officers to harass our people and eat out their substance.

    Theye kept among us, in times of peace, Standing Armies

    Theye have combined with others to subject us to a jurisdiction foreign to our constitution,

    For protecting them, by a mock Trial from punishment for any Murders which they should commit on the Inhabitants of these States:

    For cutting off our Trade with parts of the world:

    For imposing Taxes on us without our Consent:

    For depriving us in many cases, of the benefit of Trial by Jury:

    Theye plundered and destroyed the lives of our people.

    Theye are at this time transporting Armies of Mercenaries to compleat the works of death, desolation, and tyranny, already begun with circumstances of Cruelty & Perfidy scarcely paralleled in the most barbarous ages, and totally unworthy of a civilized nation.

  19. #406
    As China returns from its Golden Week vacation, it is not just its currency and stock market that is collapsing...
    As Bloomberg reports, an indicator produced by a Beijing-based business school in the style of the closely-watched purchasing managers index plunged last month, adding to concerns about the slowing economy and raising the question of whether business conditions may be worse than official statistics show.

    The index is based on a survey of CKGSB students and graduates who are executives at companies operating in China. The respondents represent around 300 privately-owned small and mid-sized enterprises across several sectors of the economy.
    "Most surveyed companies are now experiencing unprecedented difficulties and have become increasingly pessimistic about business prospects for the next six months," Li Wei, the economics professor at CKGSB who oversees the survey, said in a commentary accompanying the September survey results.
    "For most, business has never been worse."
    In fact, one look at the 'real' economic data in China and it is evident that it has been disappointing for the longest period since 2015...



    More at: https://www.zerohedge.com/news/2018-...de-war-strikes
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  20. #407

  21. #408
    Growth in China's manufacturing sector stalled this September, with export orders falling faster than they have in two years. The Caixin/ Markit Manufacturing Purchasing Managers' Index (PMI) for September fell more than expected to 50.0 from 50.6 in August. The index measures the rate of expansion or contraction in an economy, and the neutral 50-mark divides expansion from contraction. What was once the world's fastest growing economy, destined to overtake the United States at any moment, is now poised, not simply to cool off, but to begin to shrink in size. New export orders from Chinese firms, the all-important indicator of what the future portends, are now shrinking across the board.
    "Expansion across the manufacturing sector weakened in September, as exports increasingly dragged down performance and continued softening demand began to have an impact on companies' production," said Zhengsheng Zhong, director of macroeconomic analysis at CEBM Group, a company specializing in analysis of the Chinese economy. "Downward pressure on China's economy was significant," said Zhong.
    China's currency is in free fall. China's foreign exchange reserves fell more than expected in September 2018 to a 14-month low as the yuan weakened against the dollar.
    China's stock market is crashing. It has lost $2 trillion in value already this year. China, which overtook Japan as the second largest stock market in the world only a few years ago, has now officially fallen behind Japan. The losses show no signs of abating.
    Chinese investments in the US plummeted 92 per cent in the first nine months of 2018 from their peak two years ago. In New York, where Chinese money was once driving real estate prices through the roof, the Chinese are now selling and going home. In the second quarter of 2018 Chinese investors sold $1.29 billion worth of US commercial real estate. During the same time period, Chinese investors bought only $126.2 million of property, according to data firm Real Capital Analytics. This marked the first time that these investors were net sellers since 2008.
    Meanwhile, back home, China is on pace for a record year in corporate-bond defaults. Chinese companies have reneged on about $2.5 billion of public bond payments so far this year. As the economy downshifts and the threat of US tariffs hangs over everything, Chinese companies increasingly simply cannot pay their debt.
    "Corporate profits have worsened this year and are unlikely to improve against the backdrop of an economic slowdown," said Li Shi, general manager of the rating and bond-research department at China Chengxin International Credit Rating Company.
    Meanwhile a spokesman for the Chinese Supreme People's Court is warning of an impending flood of Chinese bankruptcies and telling the Chinese judiciary to prepare in advance.
    "It's hard to predict how this trade war will develop and to what extent," the spokesman said. "But one thing is sure: if the US imposes tariffs on Chinese imports following an order of US$60 billion, US$200 billion, or even US$500 billion, many Chinese companies will go bankrupt."
    Against this backdrop China-based manufacturers, many of whom were already in the process of moving out, have intensified the speed with which they are leaving.
    "Companies aren't as eager to have production in China," says Nathan Resnick, CEO of startup company Sourcify.
    "We run production runs in India, Bangladesh, Vietnam, Philippines and Mexico right now. Labor costs are actually more affordable outside of China, so for products like apparel where there is a lot of cut-and-sew labor, most companies are moving out of China anyway," he says.
    "I've been going back and forth to China for years, and it is getting more expensive. With all these tariffs coming, why not run some of your production runs elsewhere? Companies are saying that the scare of these tariffs has decreased the incentives to manufacture in China."
    Discussing the trend, William Ma Wing-kai, managing director of Kerry Logistics Network, a Hong Kong-listed firm owned by Malaysia's billionaire Kuok family, stated,
    "Our clients have been shifting part of their production lines as early as March from China to other Asian countries where they already have manufacturing plants. This is a reallocation of global production bases."
    In retrospect none of this should come as a surprise. The result of this confrontation was preordained. The United States is far and away the world's largest market for consumer goods. China, which lives or dies based on exports cannot lose access to the American market and even begin to replace those sales elsewhere. There are on the other hand an almost endless number of other locations other than China, including the United States, to which manufacturers can move their factories and shift production. China was already seeing the beginnings of this shift before the trade war began. The confrontation with the United States simply intensified the trend.
    What comes next will reshape the global economy and the world's geopolitical landscape. China will ultimately cave and sign a deal. Its economy will not collapse. It will, however, never again see growth on the scale it has seen for the last thirty years. Within a year or two, in fact, we are likely to see a red-hot American economy surge past China in its rate of growth. China, which once thought fit to challenge the United States for global supremacy will remain a second-tier power.
    Chinese influence around the world, heavily dependent on the availability of funds to invest, will decline precipitously. Chinese plans for massive defense spending will be still born. Outposts in the South China Sea once taken as harbingers of relentless expansion will instead stand as high-water marks for a nation facing the harsh reality of economic contraction.
    The ultimate reckoning will come inside China however. Ever since China opened its economy to the world it has had an implicit bargain with its citizens. They would accept continued authoritarian rule by the Communist Party in exchange for a rising standard of living and greater economic opportunity. The Communist Party is about to be forced to admit that it can no longer keep its end of that bargain. What the people do next remains to be seen.


    More at: https://www.zerohedge.com/news/2018-...ready-lost-war
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment



  22. Remove this section of ads by registering.
  23. #409
    ^^^^^^^^
    I know I like to get my news from CIA intel officers.
    "Let it not be said that we did nothing." - Ron Paul

    The entire internet is the domain of paid shills and bots. If you don't know this by now....

    Israel, under control of the Crown and, ultimately, the Vatican, own the USA. If you don't know this by now....

    Talk to people about liberty. You won't find it on websites, you won't find it in politicians.

    Visiting the Outer Banks of NC?
    Outer Banks NC Fishing Boat Rentals

  24. #410
    Quote Originally Posted by devil21 View Post
    ^^^^^^^^
    I know I like to get my news from CIA intel officers.
    No, you prefer Chinese communist propaganda.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  25. #411
    Quote Originally Posted by Swordsmyth View Post
    No, you prefer Chinese communist propaganda.
    6 or a half dozen. At least I recognize that neither are working for the American people.
    "Let it not be said that we did nothing." - Ron Paul

    The entire internet is the domain of paid shills and bots. If you don't know this by now....

    Israel, under control of the Crown and, ultimately, the Vatican, own the USA. If you don't know this by now....

    Talk to people about liberty. You won't find it on websites, you won't find it in politicians.

    Visiting the Outer Banks of NC?
    Outer Banks NC Fishing Boat Rentals

  26. #412
    Last March, we discussed why few things are as important for China's wealth effect and economy, as its housing bubble market. Specifically, as Deutsche Bank calculated at the time, "in 2016 the rise of property prices boosted household wealth in 37 tier 1 and tier 2 cities by RMB24 trillion, almost twice their total disposable income of RMB12.9 trillion." The German lender added that this (rather fleeting) wealth effect "may be helping to sustain consumption in China despite slowing income growth" warning that "a decline of property price would obviously have a large negative impact."

    Naturally, as long as the housing bubble keeps inflating and prices keep rising, there is nothing to worry about as the population will keep spending money buoyed by illusory wealth appreciation. It is when housing starts to drop that Beijing begins to panic.
    Fast forward to today, when Beijing may be starting to sweat because whereas Chinese property developers usually count on September and October to be their “gold and silver” months for sales, this year has turned out to be different. As the SCMP reports, not only were sales figures grim for September, but the seven-day national holiday last week also brought at least two "fangnao" incidents – when angry, and often violent, homeowners protest against price cuts offered by developers to new buyers.
    These protests are often directed at sales offices, with varying levels of intensity – from throwing rocks to holding banners and putting up funeral wreaths. The risk, of course, is that as what has gone up (wealth effect) will come down, and as home ownership has remained the most important channel of investment for urban households in China in the past decade, price cuts have become increasingly unacceptable and a cause for social unrest.
    Just last week, angry homeowners who paid full price for units at the Xinzhou Mansion residential project in Shangrao attacked the Country Garden sales office in eastern Jiangxi province last week, after finding out it had offered discounts to new buyers of up to 30%.
    Country Garden cut the selling price at one of its residential developments by 1/3. Those who paid full price smashed the sales office. Similar incidents had happened before, and will again. It’s impossible to remove “the guarantee of principal”(刚性兑付)in China. pic.twitter.com/UxHFODYxmc
    — Hao Hong 洪灝, CFA (@HAOHONG_CFA) October 6, 2018
    A similar incident took place in suburban Shanghai, where the same developer slashed prices at another project called One Mansion by a quarter.
    While the protests have been isolated so far, the risk is that the greater the slide in property prices, the more widespread popular anger will become:
    "Property accounts for roughly 70 per cent of urban Chinese families’ total assets – a home is both wealth and status. People don’t want prices to increase too fast, but they don’t want them to fall too quickly either,” said Shao Yu, chief economist at Oriental Securities.
    Or fall at all, for that matter.
    While China's stock market has had its ups and down, along the way accompanied by various "rolling" bubbles affecting assored Chinese assets, China’s property market has soared since the 2000s making home ownership the quickest way to gain wealth. In Beijing, homes that went for an average of around 4,000 yuan (US$580) per square metre in 2003 are now above 60,000 yuan (US$8,600) a square metre, according to property price data provider creprice.cn.
    And, in a page right out of Ben Bernanke's playbook, who in 2005 claimed that "we've never had a decline in housing prices on a nationwide basis" and as a result never would, what is now taking place in China is nothing short of a shock to the general population: "People are so used to rising prices that it never occurred to them that they can fall too. We shouldn’t add to this illusion," Shao said.
    Meanwhile, dreading that this moment would eventually come, the government has been working on measures to cool property prices for years, calling residential real estate not only an economic issue but also “an important issue for people’s livelihoods that influences social stability”, in a directive back in 2010.
    And while the industry remained strong in the first eight months of the year it started slowing last month, according to data provider China Real Estate Information Corp. Official statistics showed that in Shangrao, where the violent protest occurred, transactions of homes last month fell by 22% from August and 18% from the same month last year. In Shanghai, sales in the past five weeks have risen slightly from the same period last year, but average prices dropped in September by over 3% from August and 1.4% from the same period last year.
    Quoted by SCMP, Zhang Dawei, chief analyst at Centaline Property, warned that not only were the overall sales dropping, but poor construction quality could also be a cause for more violence. “Try not to buy homes built in 2018, because while the developers were short of money, the same is the case with contractors,” he said, and had an even more ominous warning about what's coming: "The fourth quarter would be a peak time for residential project completion. Issues which used to be papered over by rising prices could erupt in this period… so we should look out for a sudden surge [public violence] in the coming months."
    Ultimately, it's all a question of public expectations: expectations that have been number following years of government bailouts and bubble reflating, making sure that every single drop in housing was promptly offset. Hu Xingdou, a Beijing-based economist, said despite China’s market-oriented reforms 40 years ago, investors still lacked respect for market and social rules.
    "They don’t have the spirit of contract, and they always think they can fight against the rules,” he said. “As a commodity, the value of homes can both rise and fall. Investors should obey this fundamental rule."
    But why should they if until recently, policymakers did everything in their power to avoid them this simplest of lessons.
    To be sure, public anger at falling prices is hardly new. Rampaging against price cuts was first seen in 2011, when homebuyers of a residential project named Oriental Rose in Beijing’s Tongzhou district mobbed a Huaye sales office after the firm cut prices by a tenth.
    Similar incidents have erupted whenever investors have found their property value depreciating. And, in a country where there are relatively fewer investment channels and an unpredictable stock market, such protests are always couched as a struggle to protect individual rights. In many such cases, protesters demand compensation or cancellation of their purchase, and in order to prevent further social disorder, developers often accept their demands.
    In other words, moral hazard in China is so pervasive, it threatens the very fabric of society.

    More at: https://www.zerohedge.com/news/2018-...e-prices-slide
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  27. #413
    When it comes to estimating China's total outstanding debt, there has long been confusion about the real number with most putting the debt/GDP at around 250%, while the IIF last year calculated China's debt load as high as 300% of GDP.

    Now, China watchers can one add another ~40% of debt/GDP to the total because according to S&P, China’s local governments have accumulated 40 trillion yuan ($5.8 trillion) - or even more - in off-balance sheet debt, suggesting the already record surge in defaults is set to accelerate further.
    "The potential amount of debt is an iceberg with titanic credit risks," S&P credit analysts wrote in a report Tuesday, Bloomberg reported, with much of the build-up related to local government financing vehicles, which don’t necessarily have the full financial backing of local governments themselves.
    LGFV debt has emerged as a growing risk for China's economy, because with the national economy slowing, and as a result of a crackdown on shadow lending and a Beijing quota for issuance of local-government bonds not enough to fund infrastructure projects to support regional growth, authorities across the country have resorted to LGFVs to raise financing, according to S&P.
    That’s left LGFVs “walking a tightrope” between deleveraging and transforming their businesses into more typical state-owned enterprises, S&P warned.
    Meanwhile, debt vulnerabilities continue to rise as a result of the previously reported record surge in Chinese corporate defaults this year, as Beijing seeks to roll back a decades-old practice of implicit guarantees for debt.

    And while so far LGFV debt has avoided an event of default, several issues have come close, with local government bailouts taking place only in the last minute, adding to concerns about LGFVs vulnerabilities. Meanwhile, according to S&P the riskiest LGFVs include the following:

    • Those tied to weaker prefectural, city or district-level governments with lax supervision over state-owned enterprises.
    • Those focused on commercial activities - thus having diminishing importance to local governments.
    • Those with significant refinancing risks thanks to large short-term debt or reliance on borrowing from the shadow-banking sector.

    As Bloomberg notes, the focus on funding to sustain growth at the local level echoes a broader shift in the central government, which last year was focused on reducing leverage in the financial system. That phase is essentially over, thanks in part to an escalating trade war with the U.S., according to Citi. The result has been a sharp slowdown in China's debt-reliant economy.
    “The markets are right, in our view, to feel more concerned about the sustainability of China’s debt and the increased financial risks," said Citi's chief China economist Liu Li-Gang, who also saw “renewed pressure” on the yuan as the currency continues to creep ever lower to the PBOC "redline" of 7.00.

    More at: https://www.zerohedge.com/news/2018-...c-credit-risks
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  28. #414
    Marking the worst year since 2008, China's tech-heavy (Nasdaq-equivalent) Shenzhen Composite index is down a shocking 35% year-to-date, and it's starting to become a self-feeding vicious circle...

    As Bloomberg reports, the most recent slump in the teach-heavy index comes despite regulators' efforts to rein in risks of share-backed loans following reports over the weekend that insurers are being 'encouraged' to invest in listed companies to reduce liquidity risks connected to such loans.
    Share pledges, where company founders and other major investors put up stock as collateral, have emerged as a pressure point in China’s debt-laden economy, especially as the stock market tumbles.
    There’s a liquidity crisis in the stock market, and pledged shares are again starting to sound the alarm,” said Yang Hai, analyst at Kaiyuan Securities Co.
    "Stocks in Shenzhen typically bear the brunt of loss of confidence in the stock market because of their higher valuations.”
    Bloomberg additionally notes that this attempt to slow the impact of this crisis has been ongoing all summer...
    China in June told brokerages to seek approval before selling large chunks of stock that have been pledged as collateral for loans, according to people familiar with the matter...
    while the top financial regulator in August warned the industry that it’s closely watching corporate stock pledges.
    And quite clearly, has failed... with two-thirds of Shenzhen Composite stocks now at 52-week lows or worse...


    More at: https://www.zerohedge.com/news/2018-...-chinas-nasdaq
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

Page 14 of 14 FirstFirst ... 4121314


Similar Threads

  1. Tariff Wars- Round Three: Now Trump wants another $100 billion
    By Zippyjuan in forum U.S. Political News
    Replies: 120
    Last Post: 04-18-2018, 06:48 PM
  2. Trump's Tariff Threats Are Working On China
    By dannno in forum U.S. Political News
    Replies: 2
    Last Post: 04-11-2018, 06:57 PM
  3. Trump’s Tariff Turducken
    By Ender in forum U.S. Political News
    Replies: 49
    Last Post: 03-09-2018, 02:30 AM
  4. [VIDEO] Trump tariff is a tax, and I don’t like taxes
    By nikcers in forum Ron Paul Forum
    Replies: 0
    Last Post: 03-07-2018, 09:32 PM
  5. Trump just proposed 35% tariff on Mexico
    By cindy25 in forum 2016 Presidential Election: GOP & Dem
    Replies: 37
    Last Post: 08-22-2015, 03:52 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •