M2

A New Chinese Threat Emerges: Net Bond Issuance Crashes Most On Record

China just suffered a record collapse in net corporate bond financing, the latest and far more "tangible" threat to China's debt-fuelled economy. In May a quarter trillion yuan in corporate bonds matured, or were repaid, or defaulted, resulting in the biggest corporate debt drain in history.

The Math Of Bitcoin And Why One Analyst Says It's Not Yet In A Bubble

"I have read many articles lately claiming that Bitcoin is in a bubble similar to the famous Great Tulip bubble of 1637... but that comparison is only for those who do not understand the significance of what is happening currently with blockchain technology... The bubble is the dollar... And thus there is no store of value to be found. This is a terribly ugly situation for people who believe in hard work and saving to get ahead"

"How Does This Ever End?" An Interview With Lacy Hunt

"...our results will mirror Japan over time... They've tried to solve an indebtedness problem by taking on more debt... the secular low in long treasury bonds is not at hand.. [rates] are not going to be able to stay up. The economy is too fundamentally weak..."

Exposing The Soft Underbelly Of Scandinavian "High-Tax Happy-Capitalism"

Take away these unsustainable bubbles, and how "happy" will these economies (or their suddenly impoverished residents) be? Central planning based on central-bank inflated debt-asset bubbles works until it doesn't. The day of reckoning draws ever nearer in every economy that's created the illusion of solvency with debt/asset bubbles and export-dependent economies.

The Great Shadow Unwind: Chinese Entrusted Loans Post First Decline In 10 Years

What was the most notable revelation in the overnight Chinese loan data was the "entrusted loans" category, (the broadest proxy for ‘shadow financing’) which confirmed China's recent crackdown on shadow banking, and posted the first contraction in a decade, going all the way back to 2007. 

Axiom: "Red Flags" Suggest China Credit Event Is "Closer Than It Appears"

The more recent red flags are among the most profound we’ve seen in years – in short, we agree with fresh observations made by some of the world’s most famous iron ore bears. Thus, while it is nearly impossible to pinpoint exactly when the credit bubble will definitively pop in China, a number of recent events, in our view, suggest the threat level is currently at red/severe

Fasanara Capital Explains How The "Fake Market" Works In One Chart

"‘Fake Markets’ are defined as markets where the magnitude and duration of artificial flows from global Central Banks or passive investment vehicles have managed to overwhelm and narcotize data-dependency and macro factors. A stuporous state of durable, un-volatile over-valuation, arrested activity, unconsciousness produced by the influence of artificial money flows... The higher it goes, the higher it can go, as more swathes of private investors are pulled in. The more violently it can subsequently bust."

China's Plan To Subvert The Global Dollar Standard

The instability brought into the geopolitical equation by the Trump presidency, and the early signs the US economy is grinding to a halt under the sheer weight of consumer and government debt, are increasingly likely to prompt China and Russia into firm financial action, if only to protect themselves in an unstable financial and monetary environment.

'Reflation' In Danger Due To Low Liquidity

The poorer liquidity backdrop for broad and narrow money will represent a headwind to economic growth, risk assets and specifically bank stocks, which we recommend as shorts...