"Keep Reporting On Bright Economic Future" - China Ministry Of Truth Demands Media "Properly Interpret" Data

The following censorship instructions, issued to the media by government authorities, have been leaked and distributed online. As China Digital Times reports, propaganda directives issued by the Xinhua News Agency and the Central Propaganda Department show that Chinese media are being instructed to "properly interpret economic data," and "promote discourse on China’s bright economic future."

ADB Joins OECD, WTO In Dismal Assessment Of Global Growth

"Softer growth prospects for the People’s Republic of China (PRC) and India, and a slow recovery in the major industrial economies, will combine to push growth in developing Asia for 2015 and 2016 below previous projections."

US Equity Futures, Yuan Plunge After China Manufacturing PMI Collapses To March 2009 Lows

US equity futures plunged (Dow -140)

Following Xi's earlier speech reassuring Yellen that the "Chinese economy is stable," and the Yuan tumbled 0.25% against the USD ahead of the data. China's Flash Manufacturing PMI printed a disastrous 47.0 (against expectations of a slight rise to 47.5 from August's 47.3). This is the lowest print since March 2009. Caixin Group confidently suggests this utterly crap data is the bottom and that "patience may be needed for policies designed to promote stabilization to demonstrate their effectiveness.”

PBOC Devalues Yuan For 3rd Day As President Xi Reminds The Fed "China's Economy Is Stable" - Live Feed

Ironically, As Xi says "won't devalue the Yuan," The PBOC devalues the Yuan for the 3rd day to the weakest in a month...

Following last night's ADB China growth downgrade, and warnings from The IMF's Lagarde that a "China slowdown is a major risk to the global economy," the weakness seen in Europe and US is continuing across AsiaPac tonight ahead of China's much-watched PMI data (though we are not sure why - since no "bad news" excuse is needed to enable super-easy policy). With Xi in the US, one would imagine a 'beat' for PMI will be engineered, although industrial metals are extending their losses. Credit markets area nxious with Malaysia CDS at 2011 highs, Philippines highest since 2014, and China back on the rise. Xi begins his speech tonight reminding The Fed that China "is the biggest developing nation in the world," and its economy "is stable" despite Yellen's fears.

The Clock Is Ticking On The U.S. Dollar As World's Reserve Currency

After 35 years of falling and now zero rates, the direction is only up for the cost of money, as is the cost to service debt, along with the burden to those who are most indebted (i.e. the U.S.). What should no longer be unthinkable is that the clock is ticking on America’s status as the holder of the reserve currency. If you still doubt this proposition, consider that China is in the process of setting up a third benchmark for oil, along with Brent and West Texas Intermediate, for trading oil futures contracts. And unlike the existing contracts, these will be traded in Renminbi. Who needs the dollar?

Guest Post: Is The Pope's Dream Our Totalitarian Nightmare?

Some high-profile commentators think they smell a Marxist clothed in white papal robes, who dreams of redistributing the world's wealth. Pope Francis insists that he has little interest in Marxism and that his political advocacy against materialism, capitalism, greed and idolatry are largely religious in nature but with the UN poised to strong-arm member nations to sign on to an impossible globalist agenda that will require a total shift of the world's wealth, and a restructuring of international politics and economics with a one-world government and a universal religion at the steering wheel. Even to the Pope's admirers, that sounds a less like peace and love and more like a utopian totalitarian nightmare.

Top UK Hedge Fund Manager Admits: "Central Banks Made The Rich Richer"

Quantitative easing, as this policy is known, has bailed out bonus-happy banks and made the rich richer.  Banks have been the biggest beneficiaries, with their 20- or 30-times leveraged balance sheets. Asset managers and hedge funds have benefited, too. Owners of property have made out like bandits. In fact, anyone with assets has grown much richer. All of us who work in financial markets owe a debt to QE.

A Currency War That Few Economists And Analysts Notice, Much Less Understand

Most economists and financial analysts think that 'currency war' merely refers to the competitive devaluations that nations sometimes engage in to help boost their domestic economies, as they had done in the 1930's for example. This time the currency war is a much more profound confrontation of differing agendas revolving around the historically unusual role of the US dollar, based on nothing more than the will of the Federal Reserve and the 'full faith and credit' of the US, as the reserve currency for global central banks and international trade.

U.S. Will Station New Nuclear Weapons in Germany Against Russia

Germany’s ZDF public television network headlines on Tuesday September 22nd, "New U.S. Atomic Weapons to Be Stationed in Germany," and reports that the U.S. will bring into Germany 20 new nuclear bombs, each being four times the destructive power of the one that was used on Hiroshima. Hans Kristensen, the Director of the Nuclear Information Project at the Federation of American Scientists, says, "With the new bombs the boundaries blur between tactical and strategic nuclear weapons.”

The Crony Capitalism Of Hillary Clinton

The economics of Hillary Clinton is first and foremost about expanding the power and scope of the US government, and as government gains more control, the more employers and business owners need to be in the good graces of American politicians. To be blunt, Clinton believes that people like herself can continually loot US businesses, with business owners paying their protection money without complain. After all, Hillary knows best; just ask her.