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China Panics: Calls On US To "Jointly Ensure Global Stability", Exclaims "Economic Outlook Is Very Bright"
Hot on the heels of The World Bank demanding The Fed not hike rates, China issued a statement "calling on US to jointly ensure global economic stability," tonight following a farcical intervention last night on record low volumes and a small devaluation of the Yuan. Foreign Minister Wang added "China and U.S. should also properly handle disagreements and safeguard current international order," just as another minister spewed forth "China’s economic outlook is very bright," - well apart from the record debt, collapsing asset values, and masssive over-capacity, you mean. Further measures detailing the new capital restrictions for forward FX transactions were announced (which will likely do for CNH what regulators did to Chinese index futures). Chinese stoicks are extending their gains in the pre-open on vapid volume as China leaves Yuan practically unchanged.
As a reminder, here is last night's (and Monday's) epic farce of a "market"... after dropping 100s of billion of Yuan to "stabilize" the market already, why not do some more...
On the lowest volume EVER!!!
And then have the balls to issue a ststement, demanding this...
- *CHINA CALLS ON U.S. TO JOINTLY ENSURE GLOBAL ECONOMIC STABILITY
China and the U.S. should jointly ensure global financial and economic stability, Chinese Foreign Minister Wang Yi said when meeting with a former U.S. National Security Council official.
China and U.S. should also properly handle disagreements and safeguard current international order, as China President Xi Jinping is scheduled to visit the U.S. later this month, Wang said Sept. 7
But the propaganda did not stop there...
Liu He, director at the Office of China’s Central Leading Group on Financial and Economic Affairs, said that China’s economic outlook is “very bright” and the country will overcome current difficulties, Zhejiang Daily reports, citing Liu who commented during a trip to Zhejiang province.
Middle class is on the rise and domestic demand is “huge”
China needs to stabilize market expectation while working on reforms
Margin Debt dropped - after rising yesterday for the first time in over 2 weeks.
But stocks are extending gains in the pre-market futures trading...
- *CHINA'S CSI 300 STOCK-INDEX FUTURES RISE 2.8% TO 3,364
As PBOC leaves Yuan practically unchanged...
- *CHINA SETS YUAN REFERENCE RATE AT 6.3632 AGAINST U.S. DOLLAR
Charts: Bloomberg
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Xi Jinping surrenders to Blankfein.
Yep, the whole rest of the world is scared shitless that Ma Janet is going to raise rates.
Yes, they are.
The 84-month car loan goes away. And the payment on the 72 month note is now that of the 60 month note.
The four bath home turns into a 3.5 bath.
Sounds right to me.
OK, time to hold hands and sing Kumbayah.
Then we'll excoriate some straw-men and have a group hug.
That's right, guys, you ramp that shit when volumes are LOW. If you have to destroy the market to get volumes low, that's just the cost of doing business.
It's is not accurate to say "there are no markets any more". There most certainly are markets, but they have nothing to do with raising capital and price discovery any more- they are now a policy tool of the banks and governments that control them.
All markets. Everywhere.
Speaking of ramping, is anybody watching the Nikkei right now? Animal spirits.
Looks to me like China's plan is to blame the US when TSHTF.
Wait a minute...I thought it was supposed to be the other way around?
My bad. I really intended to replace the 42" 1080p set with a new 60" 4k screen. If I had of known China was so dependent on me...
Little piece of trivia, Yellen was a Munchkin in the original Wizard of Oz. The munchkin closest to Dorothy starting at about 0:52 https://www.youtube.com/watch?v=6KSiyaqnZYs (Still searching for Krugman, he's gotta be in there somewhere).
If you look closely he's the leader of the flying monkees...
Yes.
Can you surrender to a teammate?
But the didn't say "prease".
The Chinese evidently think the DC-Deep State has their best interests at heart. ROFLMAO
Xi sees the errors of his ways.
China took the stupid step of devaluing their currency hoping no one else will follow suit. Like anyone who makes a bad decision they do not like the consequences and are probably realizing how stupid they were.
You know all those wealthy Chinese who were buying properties abroad to hide or shelter cash, shelter value??? Well, ole Xi and pals proved them exactly right.
Now, he asks the US to help him out of his bad decision. He may get that help or at least he will not get retaliation.
I assert that most governments like each other more than they like their own people, particularly in the West.
China must be running out of non-exploding chemical warehouses.
"China and the U.S. should jointly ensure global financial and economic stability"
like you and the US are equals... get bent... once again, the Yankee-go-home crowd looks to the US to save their sorry asses... sure, we'll do it, but it's gonna cost ya...
Xi Jinping surrenders to Trump
And Trump has surrendered to marketing consultants. Just that some have more skills than others. We have professional campainers who have no applicable skills.
That is the Left, in general. Look at their backgrounds and skill sets. Null sets.
Trump: bankruptcy expert
Carson: Siamese twin expert
Cruz: government shutdown and Dr. Seuss expert.
Jeb!: nepotism expert.
Huckabee: Holly roller.
Walker: Koch sucker.
Santorum: gay sex expert.
Rubin: anchor baby
Perry: campaign finance expert. Oops.
Fiorina: Driving Fortune 500 company into a ditch expert.
Rand Paul: making hay on your father's name expert.
These right wingers have a fine lineup.
Rubio, not Rubin. Wrong ethnicity.
Right wing...
Left wing....
You've fallen for it.
Take a serious look at any of the candidates and ask yourself, if you ran across any of them in person, do you think you'd want to repeat the experience?
If you vote, you are complicit in the crimes of government.
Good list, though.
You should do the same for the 'D' Party, just for balance.
Hmmm I like that, think I will add to it...
Obama, secret lover of Mohammed would love to suck his balls
Hillary, Nixon to the third power
Bernie, socialist tool like all the above
Government shutdown is a bad thing? I suppose if you're one of the socialist or crony capitalists parasites
Yeah, bad try at humor. Good try at stupidity. You are the exact voter they count on. That is not being funny. I am being stone cold serious. You ARE the left. You don't deal with reality and you prefer the lie. You can critique each of these people but you know how they got where they are and why. You also know that Kerry, Obama, Hillary, Pelosi and Reed have nothing but getting wealthy in office to their credit or having married their meal ticket. That is no exaggeration.
You are not only stupid...you choose it. This is why the left cannot govern. The Left is not the slightest bit interested in truth unless it accidentally aligns with their agenda. The are always and ever interested in power. That is it.
Trump: Some of the most successful shows on TV, 90% good investments, 10% bad. Takes risks, cuts losses at times. Makes hard decisions.
Carson: One of the foremost neurosurgeons who passed courses you could not, nor 95% of Congress.
Jeb: Political insider, royal family. At least a former govenor.
Rand Paul: Staunch, principled libertarian, straight shooter, very well published. Bernie Sanders' counterpart on the right.
Fiorina: CEO for better or worse and in better or worse. Pretend you could even get there.
And so on.
The whole Far(cical) East exchanges opened massively green. The only one down was Sri Lanka. WABOB
The fucking Nikkei is up 800+ points right now.
850 and running. Good on me for closing out all puts but fuck me for not shorting the fuck out of the vix.
Shorting is the providence of fools and geniuses alone.
Welcome to another episode of "Algos Gone Wild", brought to you by....
I'm not in a funny mood right now. Someone else can finish it for me.
Make that almost 1000
I've fallen and I cawn't get up!
The whole world is groveling to bowlcut yellen. Pathetic.
What TF could go wong in Obama's Utopia?
Meanwhile China plans to open a Crude oil futures contract denominated in RMB in October... When you consider the trade surplus China is still producing at US expense it is mind bending to see how the China's politburo/elite is so misguided and continues spitting in the very soup it has been using to feed itself for the last 15 years. Capitalist beware: customer is king!
Shanghai International Energy Exchange sent a draft futures contract to market players in August, Reuters reported quoting sources.
Coincidentally that was right around the first chemical plant 'accident'
No way I'm drinking this Kool aid. No way.
When Mr balks such as this, the answer for him to consider otherwise usually involves tits.
Miffed
Why didn't I think of that?
Honey! I can't take this anymore .... Yes, that is my .... Whatchu mean put it away? But Miffed said ... Well, I met her on Zerohe .... No, I didn't meet her, I mean ... Listen, you're taking this the wrong way. OK, OK, I'm putting it away .... Ouch! Stop hitting me! ..... No, I'm not sleeping at your sister's .....
Oh dear, once again I have been granted another turn on the spit due to my foolish ideas. Perhaps I should take up self flagellation. I'm sure mrs knuk would enthusiastically assist.
Social propriety seems to be an art I lack. Why so some work associates laugh at the penis snail I bring home from the Museum of Sex while others run in horror to management? Hopefully someday the mothership will return and take me back to my home planet.
Miffed;-)
P.S. Try cocktails first before treading that path again.
I was hoping you would pop in today, was curious of what you think of this.
http://www.rt.com/news/314816-giant-virus-revive-siberia/
Too late.
The U.S. has already unleashed Japan.
Japan is finishing the touches on the piece of paper which will ’allow’ aggression. Then the build-up phase. Hell, yea!
Mao blowing a Shofar from the grave. Bwaaaaaaaaaaa
Yellen is goofy and his mother dresses him funny.
(....what..... Yellen is a...... are you sure? Ok. )
Ahem...
Yellen is goofy and her mother dresses her funny.
LOL
Blankfein and Xi Jinping; brothers from another mother...bwaaaaaaaaaaaaaaaaaa
And to think I was expecting these clueless fuckers to be the ones who rise the price of Gold ........
hallelujah, the world is fixed...stock markets to the moon....we can get back to fucking over savers with negative rates...full speed ahead
BIGLOL
Son, you got a future as a retired Goldman partner becoming SecTreas.
if that came from anyone but you, i'd be offended
What this town needs is a better class of criminal. You. :)
good to see you posting again.........
I think the Chinese sent their brightest and best to American and European colleges to learn economics. They are so screwed.
Plus we should not expect them to act hugely different than our financial types
It wont unwind until it cant be controlled. I figure we are up DOJ 1000 in a week.
Don't worry we will be BTFATH soon.
China doesn't want the propaganda against them. They want to show an out reached hand wanting to play as a team.
The 'elite' in ____ , fill in the country, have the same interests as the 'elite' in ...... , fill in the country.
Anyone seeing past the bullshit yet?
for those in the know, or just curious...[?]
{1914 - 1992?} "The History of Money: Part III" http://www.xat.org/xat/worldbank.html
'All you want to know about the GOLD TRADE !!!' {1816 -1913?} "The History of Money: Part II" http://www.xat.org/xat/usury.html
lastly, Lincoln's waterloo? http://en.wikipedia.org/wiki/National_Bank_Act [*1863 - 64]
I just said fuck it and moved my 401k out of stawks and into savings account mode.
Hopefully by close of business tomorrow the chinks will still be spinning the plates.
Make sure it is a savings account and not a Money Market...Money Market Funds are BOND instruments...given this landscape, they are not safe....
Please don't refer to the gooks as chinks.
Please don't refer to the slant-eyes as gooks.
Ok- But can we still call them fish heads?
Done, and thanks for the tip.
Them plates is starting to look real wobbly.
"ensure global economic stability" you mean market rigging?
Real money and honest exchange would fix most of humanity's problems.
You know whats really funny and scary all at the some time?
We always said it was bullshit, all they have left is begging for moar government printing, the devaluation of the worlds labor, your labor. And look who's always asking for it, governments, the governing bodies, their cronies & the parasites.
Come to me my anarchist children, let us build a fire and watch it burn.
Government is the problem.
Wake me when they start being pulled from their limos and strung from streetlights.
Bastards can't properly jack themselves off with both hands and one of mine.
Can't touch that. And I'm not interested in helping.
The whole world has gone completely insane in the worship of inflating asset prices at any cost. China, the US and Japan act like the stock markets are at generational lows and feel like they have to invervene daily to create 'stability', which is code for parabolically up is the only direction allowed.
Markets have skyrockted past fundamentals over recent years by a wide margin and these people should all be committed/jailed for creating one dangerous bubble after another. I've not seen one overhyped market or stock end well. Not one.
so when ''markets'' are down dramatically , the following morning futures are pumped up to make sure that all loses are wiped away by the open, yet when the ''market'' is up substansially, futures of course just r pu,mped higher and higher as no ''investors'' want to take profits.
mother fucking farce
The day will come when the markets go on strike and call BS on all of this manipulation. I probably won't have a job at that point, but the day will come.
WOW! We blow-up your ports, kill your citizens, and you're asking us for help? You pussies...
Hmmm. looks like some sort of trap to me. Is there anything in that Book "Art of War" that describes a feigning weakness when you are really strong?
Is there anything in that Book "Art of War" that describes a feigning strength when you are really weak?
You speak about US right ? :)
A bunch of useless incompatent greedy fuckers... They dig a big fucking holes themselves. And now they have to beg for help. Sending 5 target shooting ships to the north sea and try to make threats ?! I can't believe these retards communists are so retarted.
Communism and Islam are two worst things human invented.
China was all set to take over from the U.S. and lead the world. LOLOLOL.
China rolls out their counter to SWIFTNet on the 15th of this month, they dumped over a 100 billion UST last month, how much will we find out they dumped this month. BRICs aren't our allies, you have to be smoking the proverbial crack pipe to think all is going to end well.
Credit crises people credit crises! Deflation in 3 2 1!
Bravo - great column ????
May be they should panic? May be the Chinese Gov. came to the conclusion that the US FED wants to destabilize the economies of emerging countries, as their businesses are financed in part on a USD basis?
Lube up Jing-a-ling Jinping!
"China’s economic outlook is very bright"
I hereby name the person to whom this quote is attributed "Beijing Bob".
It's just there way of saying . . . "Would you quit nuking our chemical warehouses, we have bad enough air already".
"8 Sep 2015 - In a joint statement late Monday, the Shanghai and Shenzhen stock exchanges announced they would halt all trading in shares for 30 minutes if the country's CSI 300 index rose or fell by 5 percent or more. Swings of 7 percent would halt trading for the rest of the day."
FAR tighter than the circuit breaker trip points and associated actions on the NYSE:
"On the New York Stock Exchange (NYSE), one type of trading curb is referred to as a "circuit breaker." These limits were put in place after Black Monday in order to reduce market volatility and massive panic sell-offs, giving traders time to reconsider their transactions.
At the start of each quarter, the NYSE sets three circuit breaker levels at levels of 7% (Level 1), 13% (Level 2), and 20% (Level 3) of the average closing price of the S&P 500 for the month preceding the start of the quarter, rounded to the nearest 50-point interval. As of the first quarter of 2014, these levels are 126 points, 234 points, and 360 points respectively.[2] Depending on the point drop that happens and the time of day when it happens, different actions occur automatically: Level 1 and Level 2 declines result in a 15-minute trading halt unless they occur after 3:25pm, when no trading halts apply. A Level 3 decline results in trading being suspended for the remainder of the day."