Legacy in one picture...
During the past year, the Chinese yuan (CNY) has shed a bit more than 7 percent of its value against the greenback.
Recent trash is once again treasure.
“Something unexpected may occur due to imbalances in the market.”
Building up a big pile of dry powder.
Some of the smartest money got out last year.
Jobs, labor force are already declining; with impeccable timing, housing construction is in epic boom.
Reality plods forward.
Inventory glut, lousy consumer demand, the global economy…
There’s no respite in sight.
Relentless deterioration meets stunning overcapacity.
Something broke in the gears of financial engineering!
And then there’s S&P’s “pessimistic scenario.”
Central banks have lost their aura of omnipotence.
Default Rate Highest since 2009, US Distress Ratio Soars.
The goods-based economy swoons.
A terrible deterioration.
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