Here, in one chart, is the reason why anyone following China's devaluation is very nervous. And if they aren't yet, they should be. As Goldman explains, "if the recent CNY moves are the start of a journey, even undoing half of the accumulated trade-weighted appreciation of the last three years, this may provoke a meaningful additional bout of currency depreciation across the EM complex."
"We are imperial, and we are in decline... People are losing confidence in the Empire."
Americans, both the destitute and the destitute-in-waiting middle class do need a champion to forever improve their lives, or at least one to light up their torch of hope. But the senator from Vermont isn’t likely to become that champion, becoming instead the prophet heralding the advent of a savior for America’s democracy, national dignity and pride; in Christian-speak, Bernie is not a Jesus but a John the Baptist.
Today many are talking about the economy, but that’s all they’re doing: talking. Doesn’t matter if its today’s politician, CEO’s from the largest corporations, some national or regional business association figure-head, right down to academia with its self-perpetuating gaggle of Ivory Tower economic aficionados. All they are doing is paying lip-service to the problems. And the reason? They can’t do anything about it because as of today, the U.S. economy is being controlled high-handedly by The Federal Reserve. The U.S. economy has never before been under the command and control of a single entity – until now. Today the Fed. entices nearly all businesses to focus on short-term games of financial engineering rather than on core business principles to grow. This is what a stance at the zero bound gives rise to.
A look at next week's data in the somewhat larger context, and a look at interest rate differentials
The following map lays out the embedded, and regulator blessed, latencies between the three big New Jersey exchange centers: Mahwah (NYSE), Secaucus (BATS), and Carteret (Nasdaq) for everyone but the top tier exchange clients, the HFTs, who are greenlighted to frontrun everyone else, and generate quarter after quarter of perfect trading records.
Open Thread ...
Implantable RFID tracking chips. You know, to stop terrorism...
Just a few weeks ago, US talk show host Stephen Colbert was asked if he thought that Donald Trump had a chance of becoming President of the United States. Colbert responded sincerely. “Honestly, he could. And that’s not an opinion of Trump. That’s my opinion of our nation.” He’s right. The Land of the Free may very well be ready for something completely different. And Trump certainly seems able to deliver.
Anyone with any sense for global economic trends ought to be worried. The signs are everywhere of a serious deflationary crisis.
China Sends In Chemical Warfare Troops, Orders Tianjin Blast Site Evacuation After Toxic Sodium Cyanide FoundSubmitted by Tyler Durden on 08/15/2015 13:32 -0400
Chinese authorities ordered the evacuation of residents within a 3km radius of the Tianjin blast site “over fears of chemical contamination” according to BBC. According to a tweet by The People's Daily, anti-chemical warfare troops have entered the site to handle highly toxic sodium cyanide which had been found there.
While making its devaluation announcement, Beijing said that it wanted its currency "to reflect fundamentals" and to no longer simply mirror the movement of the dollar. It acknowledged the fact that its peg to the dollar was problematic and that it wanted a better, more natural mechanism. This is the key to understanding the announcement: The Chinese are preparing for a time in which the financial world does not spin in orbit around the dollar. Such a reality must make us think about the future.
Hundreds of millions of people throughout the Western world are being forced to admit an obvious, yet uncomfortable reality. Democracy is dead. Your vote and your voice doesn’t matter. Not at all. No group of people understand this as intimately as the Greeks. They voted for one thing, got something else, and in the process were unceremoniously reminded of their political irrelevance. The Greeks are now in a position to show the rest of us how it’s done. Communities need to take matters into their own hands and tackle challenges at the grassroots level. Nowhere is this more impactful and necessary than in the monetary realm, and some Greeks are already leading the charge.
Most Americans have no idea that the U.S. corporate fraudulent government can legally lie to you every single day to get you to believe whatever they want you to believe and then turn around behind closed doors and laugh at you for believing their legal lies. Try telling that to most Americans and see how they look at you. This is another example of a hard-to-handle lie that is pushed on Americans every day; and the average working American has no time to truly wrap their heads around this stunning fact so they bury their heads in the sand instead, unwilling to look at the issue because they fear they won’t know what to do with the information.