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And here we are now after 10 years of negative rates, zero rates, bank and sovereign bailouts - maybe the invisible hand of the banking system is finally re-emerging.

"I found Evergrande's promotion ad on WeChat moments and the incentives are quite attractive. I cannot remember such large discounts a Chinese developer offered in recent years."

The economic damage will be massive. It will cause financial pain, impact financial asset prices, and will trigger central bank reaction. Get ready.

The global supply chain Armageddon is happening.

"Liu's article sent a clear signal that China would not stimulate the economy by rolling out another massive monetary stimulus."

...veneration of the Fed has long struck me as perverse. Its record can hardly be said, after all, to supply grounds for complacency, much less for the belief that no other system could possibly do better...

"We will support qualified firms so that they can resume work and production as soon as possible, helping maintain stable operations of the economy and minimizing the epidemic's impact."

Which is good news - the closer we get to a depression, the closer we are to the moment when central bankers will literally buy everything.

...a seemingly mild current like democratic socialism is just as dangerous as all the other members of the socialist family.

Economic activity in the world's second largest economy has literally ground to a halt.

...the end-game cometh!

Will the Federal Reserve really be able to buffer the supply chain disruption and sales declines in the first quarter of 2020?

The drastic outlook shift comes after the company posted its first quarterly net loss in almost 10 years...

And this is before the impact of the virus had fully hit global supply chains.

..clothing stores sales slumped 3.1% (due to the warm weather)...

What is going on in China right now is nothing short of unprecedented.

Sales of EV vehicles also plunged in January, falling 54%.

And China was not even impacted by the Coronavirus pandemic yet.

..Services inflation is running at +3.1% YoY (the last time it was hotter was August 2016) while goods prices are deflating YoY...

Sun Hung Kai Properties, which owns major malls in some of the local districts that host international fashion brands ranging from Coach to Zara, said on Wednesday it would reduce February rent by up to 50% for most of its tenants.