Who are the brave souls who have decided to very openly fight the People's Bank of China? Here is a sample: Soros, Bass, Ackman, Druckenmiller, Tepper, Schreiber, Einhorn, Scogging, and Carlyle, Nexus and many more.
Today, another Texas-based hedge fund manager who just like Kyle Bass correctly predicted, and profited from, the subprime crisis, Corriente Advisors' Mark Hart, has not only reiterated Kyle Bass CNY devaluation call, but has gone as far as quantifying by how much the Chinese currency will have to fall. Cited by Bloomberg, Hart has said that "China should weaken its currency by more than 50 percent this year."
We won't be shocked if the Fed actually follows through and hikes rates this week. If they put off hiking every time the market has a little hissy fit, they’ll never get off zero. On the other hand, the stress in markets right now is real and growing. Raising interest rates doesn’t seem likely to improve those conditions. With a riot in the junk bond market, a complete lack of inflation and an already weakening economy, we won't be shocked if they pass either. For the first time in years, it appears people are actually worried about people being worried.
Enter The Donald.His popularity is traceable to the fact that he rejects the moral authority of the media, breaks their commandments, and mocks their condemnations. His contempt for the norms of Political Correctness is daily on display. And that large slice of America that detests a media whose public approval now rivals that of Congress, relishes this defiance. The last thing these folks want Trump to do is to apologize to the press.