Gen. Robert Spalding on China’s Vision for the Future, a New Cold War
The absurdity of the West’s accomodative narrative on what’s really going on in China
Jim Grant: The Problem Isn’t Liquidity, It’s Debt
“Maybe the problem is not the lack of so-called liquidity… Maybe the problem is too many bonds to be financed”
QE4 in All But Name: Normalization Is Officially Dead
The idea that we were ever going to normalize policy is dead and buried
Christopher Balding: Chinese Capital Outflows Growing Faster than Widely Understood
‘This is the largest year of net errors and omissions in their capital account this decade’
My Recipe for Destroying the Global Economy in One Easy Step
Accommodative monetary policy is not a free lunch. It’s a no-money down, 0% interest rate installment plan on a very, very overpriced lunch.
In Brief: China’s Other Trade Imbalance
Despite having significantly lower labor costs than China, India imports more than four times more from China than than it exports
El-Erian: No Evidence Credit Is Constrained, Cutting Rates Limits Future Flexibility
“What will a rate cut do to counter the trade issue? What evidence do we have that anybody is credit constrained?”
Fiscal Deficits Are Not Stimulative, Monetizing Deficits Is Stimulative
Today’s talk of using fiscal stimulus in the US and Europe to supplement the diminishing potency of monetary policy is a dead-end
El-Erian: ECB Policy Is Now Harmful to Economy
“Already in the case of the ECB, in my opinion, they are not just ineffective, they are harmful to the economy”
Nassim Taleb on Having Skin in the Game
What it takes to create a financial system that is more resilient to shocks and ‘black swan’ events