China's 3 Trillion Dollar Mistake

When looking at the current state of the Chinese economy it is important to note what happened leading up the ongoing predicament.

Weekend Reading: The Awakening

"More monetary stimulus, wherever it is in the world, isn’t the answer for a global economy still trying to find a new growth path. Pay attention to bonds and ignore the sirens of the stock market."

The First Warning Sign That Cushing May Be About To Overflow

Enterprise Products Partners has told at least some counterparties that it is experiencing delays in delivering crude from its tanks, according to three sources who were informed of unspecified "terminalling and pump" issues.  The hiccups may be a sign of things to come as traders fear a further increase in stocks at Cushing would test the upper limits of tanks and cause the next leg of an 18-month rout.

"High-Skilled Hillbillies" Become Computer Programmers As Coal Dies Slow Death

The death of coal as had a dramatic impact on Appalachia, where generations of miners depended on the industry to provide economic stability. Now, with coal rapidly becoming a black relic of a bygone era thanks in part to cheap natural gas and angry environmentalists, some Kentucky residents have taken up a new profession: coding.

Divided America

There is not one America today, nor two. Politically, there are at least four.

Oil Jumps As US Rig Count Plunges Most Since April

After weeks of modest declines, the US Oil Rig Count plunged by 31 to 467 this week - the biggest drop since April 2015 led by a 19 drop in Texas. Total rig count crashed 48 to 571. The reaction, though muted, was a jump in crude prices.

Robust Job Growth Doesn't Make Sense And The Numbers Show Why

There is no productivity mystery, only a distinct and illegitimate lack of curiosity on the part of economists to simply take the Establishment Survey as gospel regardless of how little it fit the rest of the world. It also calls into question the legitimacy of the FOMC and monetary policy that was certainly subject to, and predicated upon, the same quackery. No matter how little the payroll reports described the economy as it was, including the relation to GDP, they held on to nothing else to instead deny everything.

The Chart Of Doom: When Private Credit Stops Expanding...

Three out of the five major economies are already experiencing stagnant or negative private credit growth. Three down, two to go. Helicopter money--government issued "free money" to households--is no replacement for private credit expansion.