tag:blogger.com,1999:blog-251658612024-03-13T09:03:26.978-05:00The RecapitulatorMacro-economics, Investments, Law, and Power, with special emphasis on high finance and low humor.The Recapitulatorhttp://www.blogger.com/profile/16249940052220712158noreply@blogger.comBlogger1835125tag:blogger.com,1999:blog-25165861.post-90229116392988414162023-03-09T12:41:00.003-06:002023-03-09T12:41:27.152-06:00It's been some time...<p>...since I wrote here.</p><p><br /></p><p>We have had unprecedented coordinated responses to pandemics, earthly disasters, war (and the concomitant risk of human extinction) in Europe, AI threatening every job in the world, etc.</p><p>So what is there to be optimistic about?</p><p>Plenty. </p><p>The prospect of cheap unlimited (and "free" in a pollution sense) energy from Fusion alone is enough to pour your next cup of coffee and reflect upon the state of the world.</p><p>Much more to come as we enter into a new era, not one demarcated by time, but of accelerating human achievement.</p><p><br /></p>The Recapitulatorhttp://www.blogger.com/profile/16249940052220712158noreply@blogger.com0tag:blogger.com,1999:blog-25165861.post-60545572885242238992018-09-22T18:45:00.002-05:002018-09-22T18:45:39.778-05:00One MILLION jobs......a nice round number. This is analogous to me threatening a restaurant owner that I will not eat all the meals his current kitchen and his as yet unopened future restaurants can produce in perpetuity because we must discuss the meat/pasta ratio in his spahghetti.<br />
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Threatening imaginary numbers is not really the effective and professional response one would like to hear from the middle kingdom. <br />
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"Alibaba’s founder and chairman Jack Ma says the Chinese mega e-commerce company no longer has plans to create 1 million jobs in the US, citing the ongoing trade conflict as the reason Alibaba is retracting its promise to Donald Trump. A <a href="https://www.theverge.com/2018/9/18/17873440/trump-tariff-china-tech-apple-trade-war" style="background-color: transparent; border-bottom: 1px solid currentcolor; box-sizing: border-box; color: #e5127d; font-family: inherit; font-size: inherit; font-style: inherit; line-height: inherit; margin: 0px; padding: 0px; text-decoration: inherit; transition: color 0.1s ease 0s, background-color 0.1s ease 0s, fill 0.1s ease 0s; vertical-align: inherit;">new round of tariffs</a> between the US and China will make mutual trade more difficult.</div>
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The Recapitulatorhttp://www.blogger.com/profile/16249940052220712158noreply@blogger.com0tag:blogger.com,1999:blog-25165861.post-26406379777943799152018-07-21T10:59:00.002-05:002018-07-21T11:00:20.632-05:00A new API.To make a techy analogy: The current administration acts as a different API ("application programming interface") between the United States and China. However, the outputs and reaction functions continue to play a similar tune:<br />
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So we see statements like this:<br />
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<span style="background-color: white; color: #313132; font-family: , serif;">"China called on the United States to play its part in resolving trade frictions between the two countries, and said <i><b>Beijing isn’t devaluing its currency to boost exports</b></i> as tensions simmered ahead of President Xi Jinping’s first meeting with U.S. President Donald Trump."</span><br />
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In light of evidence like this:<br />
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<img height="176" 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" width="320" /><br />
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(Graph depicts Yuan dropping against the dollar since May...a bit counter-intuitive given the tarriffs put in place.)<br />
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Now, Trade Deficits are like political positions themselves...they typically change state ("good" or "bad") depending on whatever political position one wants to make at a given time...more on that later. Devaluation is a response based on purchasing power, and is much more systemic than Trade arguments in that it effects all goods and services.***<br />
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***Which is, of course, why Trade Deficits/Surpluses are not quite as meaningful anymore. In the Days of Adam Smith or David Ricardo, goods and services may have been unique to a country or region. In the modern era, a product designed in California, with parts manufactured in several Asian countries, yet assembled in Latin America makes the very notion of country balances a much less powerful indicator of economic position.The Recapitulatorhttp://www.blogger.com/profile/16249940052220712158noreply@blogger.com0tag:blogger.com,1999:blog-25165861.post-65782389020330956092017-10-10T21:56:00.001-05:002017-10-10T21:56:26.713-05:00It has been some time......since I last posted. What with world events being so vexing, why was this so?<br />
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The answers are coming, dear readers.<br />
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But for now, let us ruminate on the trivial observation that the past 60 years of market data was formed from a historical period of truly remarkable peace. The theories and assumptions derived form this period are similarly pollyanish in assessments of future market behavior.<br />
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Kinetic war will not be the cause of the next conflagrations. This is wonderful news for absolute living standards.<br />
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Relative living standards, "not so much" as the colloquialism goes...<br />
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<br />The Recapitulatorhttp://www.blogger.com/profile/16249940052220712158noreply@blogger.com0tag:blogger.com,1999:blog-25165861.post-45666170117544851512016-12-03T16:49:00.004-06:002016-12-03T16:49:39.877-06:00Of course it is.China is<a href="http://www.npr.org/sections/thetwo-way/2016/12/02/504111056/full-size-replica-of-the-titanic-is-under-construction-in-china"> building a replica of the Titanic.</a><br />
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Can countries sink to the bottom of the sea? This particular rendition of the Titanic will not even sail. A massive construction project to build an enormous boat which will never drop anchor.<br />
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Patrons of the Restaurant China have had a nice dinner, but it is time to skip dessert and request the check.<br />
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<br />The Recapitulatorhttp://www.blogger.com/profile/16249940052220712158noreply@blogger.com0tag:blogger.com,1999:blog-25165861.post-58756286430156973652016-06-24T11:14:00.002-05:002016-06-24T11:14:45.183-05:00Interesting to note......that the "sell of" of Brexit is the market returning to the levels of 10 days ago.<br />
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This is cosmetic.The Recapitulatorhttp://www.blogger.com/profile/16249940052220712158noreply@blogger.com0tag:blogger.com,1999:blog-25165861.post-70305410684378484062016-02-01T11:56:00.001-06:002016-02-01T11:56:13.807-06:00PoofAbracadabra, sayeth the magician...<br />
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Its also no wonder housing prices in the U.S. Cascadia region as well as British Columbia have exploded. Will the last politically connected corrupt billionaire please turn off the lights before they leave?<br />
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<div class="firstPar" style="background-color: white; color: #282828; font-family: georgia, 'times new roman', times, serif; font-size: 10px;">
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<i>Authorities in China have arrested 21 people on suspicion of defrauding almost one million <a href="http://http//www.telegraph.co.uk/news/worldnews/asia/china/" style="color: #234b7b; font-weight: bold; outline: 0px; padding: 0px; text-decoration: none;">Chinese</a> investors of 50bn yuan (£5.3 billion) after an online peer-to-peer lender turned out to be a giant Ponzi scheme, state media has alleged.</i></div>
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<i>Police used two mechanical diggers for 20 hours to retrieve 1,200 account books that were buried six feet underground as part of the investigation into one of the biggest financial frauds in the country’s history, <a href="http://http//news.xinhuanet.com/legal/2016-01/31/c_1117948306.htm" style="color: #234b7b; font-weight: bold; outline: 0px; padding: 0px; text-decoration: none;">Xinhua state news agency</a> said.</i></div>
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<i>A total of 21 people were arrested at Ezubao, the company at the centre of the scam, which rose to become China's largest online financing platform in just 18 months.</i></div>
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<i>The firm launched in July 2014 and attracted business by offering investors annual returns of between 9pc and 15pc, far higher than mainstream financial products.</i></div>
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<br />The Recapitulatorhttp://www.blogger.com/profile/16249940052220712158noreply@blogger.com0tag:blogger.com,1999:blog-25165861.post-15419615466530091222015-11-30T10:08:00.002-06:002015-11-30T10:08:44.705-06:00Three dominant themes......of this blog during the previous five years have been:<br />
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1. The Chinese Crazy Crony Capitalism Corruption Crisis ("CCCCCC"<span style="background-color: white; color: #252525; font-family: sans-serif; font-size: 17.5px; line-height: 28px;">™,</span><b style="background-color: white; color: #252525; font-family: sans-serif; font-size: 14px; line-height: 22.4px;">®)</b><br />
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2. The EU experiment, lacking in real amphictyonic cohesion, doing its best to proxy the CCCCCC in creating a new elite class of largely unaccountable and disinterested technocrats with entirely predictable results.<br />
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3. Rate Compression and deflation throughout the Western World.<br />
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All of these themes are now fully assimilated. They are "known". History will write itself over the next two years.<br />
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On to the next project. Courage, and shuffle the cards dear readers.The Recapitulatorhttp://www.blogger.com/profile/16249940052220712158noreply@blogger.com0tag:blogger.com,1999:blog-25165861.post-83415384459932520912015-10-07T10:40:00.000-05:002015-10-07T10:45:44.013-05:00When accountability is vacant......<a href="http://www.reuters.com/article/2015/10/07/us-usa-crime-macau-idUSKCN0S01CG20151007">corruption takes a seat.</a> No-one should be "shocked and deeply troubled" by this.<br />
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<br />The Recapitulatorhttp://www.blogger.com/profile/16249940052220712158noreply@blogger.com0tag:blogger.com,1999:blog-25165861.post-65477642060547896102015-09-25T12:24:00.002-05:002015-09-25T12:24:46.216-05:00Still in the tunnel...<div class="separator" style="clear: both; text-align: center;">
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...of volatility. I don't expect an exit until the holidays, one way or another.The Recapitulatorhttp://www.blogger.com/profile/16249940052220712158noreply@blogger.com0tag:blogger.com,1999:blog-25165861.post-30630491287324162682015-09-08T13:46:00.002-05:002015-09-08T13:46:23.208-05:00Cnidarian Bleaching......occurs during the sudden collapse of symbiosis between corals and the polyps that reside in them. This may be caused by many factors and scientists appear to be unable to consistently predict which causal factor determines the final outcome.<br />
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There are many factors contributing to the collapse of symbiosis between the U.S. and China, a significant one being the importation by China of U.S. fiat currency policy without associated oversight and built-in safeguards and failsafe mechanisms not implemented but evolved from experience with the shortcomings and dangers of the policy.<br />
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A major liquidity crisis is underway and the paper dragon is not equipped to counter its effects...and will find few friends given its myriad other objectionable political positions.<br />
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I note also China has announced it "intends" to cut its military personnel by 300k. This announcement was made at a military parade.<br />
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Subtle.The Recapitulatorhttp://www.blogger.com/profile/16249940052220712158noreply@blogger.com0tag:blogger.com,1999:blog-25165861.post-60349273930161146842015-09-08T13:04:00.001-05:002015-09-08T13:04:18.862-05:00Volatility......is recursive. That is, volatility generally begets more volatility until some form of dark equilibrium is met. This current sell off is not over.<br />
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Some very strange activity from several levered volatility ETFs have captured my attention recently...and they do not portend well for the next following few weeks, today's rally notwithstanding.The Recapitulatorhttp://www.blogger.com/profile/16249940052220712158noreply@blogger.com0tag:blogger.com,1999:blog-25165861.post-6177940087802570472015-08-12T12:49:00.001-05:002015-08-12T12:49:55.047-05:00Band-aids......over bullet wounds.<br />
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China's devaluation does not address any of its core problems and will only exacerbate financial imbalances. It merely serves as a signal to party members (and their families) that the party will go on a bit longer.<br />
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Do not be shocked if Bermuda and the Caymans suddenly benefit from massive custodial fund balances.The Recapitulatorhttp://www.blogger.com/profile/16249940052220712158noreply@blogger.com0tag:blogger.com,1999:blog-25165861.post-29376791210271695472015-07-26T20:16:00.001-05:002015-07-26T20:16:56.776-05:00The plot thickens...<div class="firstPar" style="background-color: white; color: #282828; font-family: georgia, 'times new roman', times, serif; font-size: 10px;">
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"A secret cell at the Greek finance ministry hacked into the government computers and drew up elaborate plans for a system of parallel payments that could be switched from euros to the drachma at the "flick of a button" .</div>
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The revelations have caused a political storm in Greece and confirm just how close the country came to drastic measures before premier <a href="http://www.telegraph.co.uk/news/worldnews/europe/greece/11740686/Alexis-Tsipras-gambled-away-Greeces-future.-Now-he-must-make-amends.html" style="color: #234b7b; font-weight: bold; outline: 0px; padding: 0px; text-decoration: none;">Alexis Tsipras gave in to demands</a> from Europe's creditor powers, acknowledging that his own cabinet would not support such a dangerous confrontation."</div>
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The Recapitulatorhttp://www.blogger.com/profile/16249940052220712158noreply@blogger.com0tag:blogger.com,1999:blog-25165861.post-48256137994721226362015-07-05T15:04:00.001-05:002015-07-05T15:04:07.352-05:00The Euro experiment.This blog has certainly been critical of the euro experiment. Now with events transpiring that will test the structure of the system, will the inner core countries blink?<br />
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I believe Europe is becoming <i>bored</i> with the project.<br />
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<br />The Recapitulatorhttp://www.blogger.com/profile/16249940052220712158noreply@blogger.com0tag:blogger.com,1999:blog-25165861.post-22176854718620267832015-07-05T14:33:00.001-05:002015-07-05T14:33:04.514-05:00Recall this story......from last month...<br />
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<span style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;">June 14, 2015 6:02 am</span><br style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;" /><span style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;">China's hedge fund industry blooms as stocks boom</span><br style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;" /><br style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;" /><span style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;">More than 4,000 new Chinese hedge and private equity funds have</span><br style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;" /><span style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;">launched in the last three months, fuelling a mass exodus from</span><br style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;" /><span style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;">traditional investment houses, as ambitious fund managers seek to</span><br style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;" /><span style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;">profit from the country's booming stock market.</span><br style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;" /><br style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;" /><span style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;">The number of private investment funds — including securities, private</span><br style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;" /><span style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;">equity, and venture capital — totalled 12,285 by the end of May, up</span><br style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;" /><span style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;">from 7,989 three months earlier, figures from China's securities</span><br style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;" /><span style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;">regulator show. Assets under management increased by $75bn to $433bn.</span><br style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;" /><br style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;" /><span style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;">Feng Gang, chairman of hedge fund WinSure Capital, said the government</span><br style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;" /><span style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;">is encouraging entrepreneurship in finance. He launched his fund in</span><br style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;" /><span style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;">January after 14 years at Chinese mutual fund companies, most recently</span><br style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;" /><span style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;">China International Fund Management, a joint venture with JPMorgan</span><br style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;" /><span style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;">Chase.</span><br style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;" /><br style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;" /><span style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;">"In the past 14 years I've never seen regulators so encouraging of</span><br style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;" /><span style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;">innovation. In the investment industry, we're taking the lead."</span><br style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;" /><br style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;" /><span style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;">Last February, the government switched to a streamlined registration</span><br style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;" /><span style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;">procedure for private equity and hedge funds, abandoning the more</span><br style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;" /><span style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;">onerous approval process.</span><br style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;" /><br style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;" /><span style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;">Employees at hedge and private equity funds have risen by over 60,000</span><br style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;" /><span style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8000001907349px;">in three months, topping 199,000 by the end of May.</span><br />
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<br />The Recapitulatorhttp://www.blogger.com/profile/16249940052220712158noreply@blogger.com0tag:blogger.com,1999:blog-25165861.post-89179209758237980482015-06-29T10:01:00.002-05:002015-06-29T10:01:22.952-05:00Signs of the punch bowl......getting empty.<br />
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<i>China’s main stock index is in freefall after enjoying a bull run that saw the Shanghai Composite gain 106pc in the past year on a wave of exuberance among investors lured by valuations, talk of initial public offerings and the expectation that Beijing will eventually launch a massive fiscal stimulus programme to boost the economy.</i></div>
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<i>On Friday, the blue-chip CSI 300 index plummeted 7.8pc, while the smaller Shenzhen Composite declined by the same margin to post its lowest close since May. In the past two weeks around $1.2 trillion (£600bn) has been wiped off the value of Chinese listed companies since the market reached its peak on June 12.</i></div>
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The Recapitulatorhttp://www.blogger.com/profile/16249940052220712158noreply@blogger.com0tag:blogger.com,1999:blog-25165861.post-5931545565467304112015-05-05T07:21:00.004-05:002015-05-05T07:21:54.884-05:00Leverage works......on both sides of the ledger.<br />
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Another one for the "what could possibly go wrong" file. U.S. margin debt at galactic levels as well.<br />
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<i>SHANGHAI, May 5 (Reuters) - China stocks slumped early on Tuesday, as media reports of tougher margin requirements by some brokerages added to concerns about market liquidity ahead of a new batch of share listings.</i></div>
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<i>Several Chinese brokerages, including CITIC Securities Co Ltd, Haitong Securities Co Ltd and Huatai Securities Co Ltd have tightened requirements for margin financing this month in a bid to control risks, the Shanghai Securities News reported on Tuesday.</i></div>
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<i>The move could curb money inflows in a highly-leveraged stock market rally. The outstanding value of margin financing - the amount of money investors have borrowed to buy stocks - has exceeded 1.8 trillion yuan ($290 billion) and repeatedly smashed records in recent sessions.</i></div>
The Recapitulatorhttp://www.blogger.com/profile/16249940052220712158noreply@blogger.com0tag:blogger.com,1999:blog-25165861.post-10245278782927435372015-04-23T19:01:00.000-05:002015-04-23T19:01:21.310-05:00A small reminder...<div class="separator" style="clear: both; text-align: center;">
<a href="http://1.bp.blogspot.com/-eKcsOpB7xfQ/VTmHrMo66BI/AAAAAAAABL4/ynqpnZToyKo/s1600/tv67Zzj.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://1.bp.blogspot.com/-eKcsOpB7xfQ/VTmHrMo66BI/AAAAAAAABL4/ynqpnZToyKo/s1600/tv67Zzj.jpg" height="192" width="320" /></a></div>
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of what totalitarian rule decays into. The border mark delineates North Korea, in all its spendor.The Recapitulatorhttp://www.blogger.com/profile/16249940052220712158noreply@blogger.com0tag:blogger.com,1999:blog-25165861.post-74876394780381085012015-04-23T07:12:00.000-05:002015-04-23T07:12:05.722-05:00The great rate compression......continues its march, just in time to be completely misunderstood by some of the more mainstream economists. Note the conspicuous absence of Central Bank QE activities in <a href="http://blogs.wsj.com/economics/2015/04/21/is-government-debt-too-low/?mg=blogs-wsj&url=http%253A%252F%252Fblogs.wsj.com%252Feconomics%252F2015%252F04%252F21%252Fis-government-debt-too-low">this article</a>. Also note the misapplication of traditional financing terms to Sovereign Currency Issuers.The Recapitulatorhttp://www.blogger.com/profile/16249940052220712158noreply@blogger.com0tag:blogger.com,1999:blog-25165861.post-91970244358082582492015-04-23T05:41:00.002-05:002015-04-23T05:41:16.968-05:00The answer......to the question of "Why does China not spend more of a portion of GDP on defense?" has always been "why would we give Billions to generals who may be in the unenviable positon of preventing revolution...and expecting them to simply return to the status quo.<br />
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<i>Having found themselves shut out of local bond and loan markets seven years ago, a band of developers began looking elsewhere for funds. First an initial public offering, and then a dollar bond sale. It became a well-trodden path. By 2010, a core group of four -- Kaisa Group Holdings Ltd., Fantasia Holdings Group Co., Renhe Commercial Holdings Co., Glorious Property Holdings Ltd. -- raised a total of $5.6 billion. On Monday, Kaisa buckled under $10.5 billion of debt and defaulted.</i></div>
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<i>China’s home builders became the single biggest source of dollar junk debt in Asia amid government measures to prevent a property bubble. Developers already funneled $78.8 billion from international equity and bond markets into an industry that’s grown to account for one third of the world’s second-biggest economy. Most of the first rush of dollar offerings, in 2010, falls due in the next two years.</i></div>
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<i>“It was an unintended consequence of the Chinese government that property developers are selling equity and debt to offshore investors,” said Ben Sy, a Hong Kong-based managing director in JPMorgan Chase & Co.’s private banking division. “There happened to be huge demand from international investors in the past few years driven by the intense search for yield.”</i></div>
The Recapitulatorhttp://www.blogger.com/profile/16249940052220712158noreply@blogger.com0tag:blogger.com,1999:blog-25165861.post-73412556680428367062015-04-20T09:30:00.004-05:002015-04-20T09:30:56.579-05:00This relationship......clearly has several levels of trust throughout the decades. Forget the pollyanic notions of global unity or similar theories of peace based on commercial ties or the like. It all reduces to military capability...and the more U.S. military assets one purchases, the more likely continued "support" is forthcoming.<br />
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<i style="font-size: 16px; line-height: 1.4375rem;">WASHINGTON — To wage war in Yemen, Saudi Arabia is using F-15 fighter jets bought from<a class="meta-org" href="http://topics.nytimes.com/top/news/business/companies/boeing_company/index.html?inline=nyt-org" style="color: #326891;" title="More information about Boeing Company">Boeing</a>. Pilots from the United Arab Emirates are flying <a class="meta-org" href="http://topics.nytimes.com/top/news/business/companies/lockheed_martin_corporation/index.html?inline=nyt-org" style="color: #326891;" title="More information about Lockheed Martin Corporation">Lockheed Martin</a>’s F-16 to bomb both Yemen and Syria. Soon, the Emirates are expected to complete a deal with General Atomics for a fleet of Predator <a href="http://topics.nytimes.com/top/reference/timestopics/subjects/u/unmanned_aerial_vehicles/index.html?inline=nyt-classifier" style="color: #326891;" title="More articles about unmanned aerial vehicles.">drones</a> to run spying missions in their neighborhood.</i></div>
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<i>As the Middle East descends into proxy wars, sectarian conflicts and battles against terrorist networks, countries in the region that have stockpiled American military hardware are now actually using it and wanting more. The result is a boom for American defense contractors looking for foreign business in an era of shrinking Pentagon budgets — but also the prospect of a dangerous new arms race in a region where the map of alliances has been sharply redrawn.</i></div>
The Recapitulatorhttp://www.blogger.com/profile/16249940052220712158noreply@blogger.com1tag:blogger.com,1999:blog-25165861.post-20970622015713239652015-04-16T07:59:00.002-05:002015-04-16T07:59:48.371-05:00Here we go...<a href="http://liberland.org/en/news/press-release-a-new-state-has-been-declared-liberland-21.htm">A small but noticeable attempt at new country formation.</a> Given the geological limitations and difficulties, micro-countries seem very attractive.<br />
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<i><span style="color: #555555; font-family: roboto; font-size: 15px; line-height: 22px;">In accordance with international law, a group of Czech citizens, gathered in a Preparatory Committee, decided to declare a new state, Free Republic of Liberland, in the territory defined by the coordinates below.</span><br style="color: #555555; font-family: roboto; font-size: 15px; line-height: 22px;" /><br style="color: #555555; font-family: roboto; font-size: 15px; line-height: 22px;" /><span style="color: #555555; font-family: roboto; font-size: 15px; line-height: 22px;">Its total area of about 6 square kilometres makes Liberland the third smallest sovereign state, after the Vatican and Monaco. Liberland is located along the Danube River between Croatia and the Republic of Serbia. The territory is not claimed by either of these two states. It was a no man's land - terra nullius – as defined by international conventions.</span></i>The Recapitulatorhttp://www.blogger.com/profile/16249940052220712158noreply@blogger.com0tag:blogger.com,1999:blog-25165861.post-33373004056627596542015-04-08T09:44:00.000-05:002015-04-08T09:44:03.315-05:00Dudley understands......that wage pressure is "the game". And here is where the causality chicken and egg game begins and why Fed watching is an infuriating avocation. Do anticipated Fed actions cause market fluctuations (yes), or is the opposite more true?<br />
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<i>But, he added, the U.S. central bank will need to "determine whether the softness in the March labor market report ... foreshadows a more substantial slowing in the labor market than I currently anticipate."</i></div>
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<i>The job market had been a lone bright spot in the world's largest <a class="vglnk" href="http://www.reuters.com/finance/markets" rel="nofollow" style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #006e97; text-decoration: none;">economy</a>. But it has ebbed and then slowed sharply last month, reinforcing the notion the Fed would delay an initial rate hike until later in 2015 or even 2016.</i></div>
The Recapitulatorhttp://www.blogger.com/profile/16249940052220712158noreply@blogger.com0tag:blogger.com,1999:blog-25165861.post-42935989973046371642015-04-07T10:20:00.002-05:002015-04-07T10:20:55.304-05:00Skepticism...<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-axg4nztfPXQ/VSP1W4nxvFI/AAAAAAAABLI/VTFIj4_jHic/s1600/April%2B2015%2BTen%2BYear.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://4.bp.blogspot.com/-axg4nztfPXQ/VSP1W4nxvFI/AAAAAAAABLI/VTFIj4_jHic/s1600/April%2B2015%2BTen%2BYear.png" height="168" width="320" /></a></div>
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Recall that the entire world was predicting a massive rise in U.S. rates coupled with every economist's preferred bogeyman: INFLATION!<br />
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The opportunity set for massively scalable businesses is closing. We have not seen "any" pressure on labor rates in the previous seven years...and yet the Fed has sent trial balloons indicating a possible rate hike.<br />
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It appears the markets are unconvinced...to put it mildly.The Recapitulatorhttp://www.blogger.com/profile/16249940052220712158noreply@blogger.com0