Category

Week-in-Review: Mon: China’s Zhou “growth rate has tumbled a bit too much,” China lowers 2nd home down-payment requirement to 40%, Japan Feb IP -3.4% (-2.6% yoy), Sarkozy’s UMP party leads Sunday elections, Arab leaders announce joint military force (confronting Iran), US Feb personal spending +0.1% (income surges +0.4%), PCE core prices +0.1% (+1.4% yoy), pending home sales +12% yoy (June 2013 highs), Dallas Fed -6.

Do corrections start on bad news? Or do they end on bad news? Might corrections mysteriously anticipate bad news? Or do corrections create bad news? I don’t know. But by the time I figure it all out, I’ll be older than King Salman. More senile too. Confused. Which is why you can’t hold him responsible for naming Yemen’s new war Operation Decisive Storm. Because desert storms are never decisive. They’re divisive. Dupl

“If this unprecedented journey continues, technical, economic, legal and even political boundaries may well be tested,” warned Claudio Borio of the BIS, stunned by the prevalence of negative bond yields, frightened of change. In a changing world. Solar Impulse 2 touched down in Myanmar, completing its latest leg of a circumnavigation, powered solely by the Sun. Oil touched new lows. Elon Musk tweeted, “Au

“Is interesting, no?” whispered Vladimir, to the mirror, smoking a cigar, surrounded by tabloids. The headlines betraying editorial bias. Putin’s Dead! A Stroke! Palace Coup! And, Vladimir’s a Father! Which is my favorite. Because faced with uncertainty, we believe what we want to believe, we fear what we want to fear. And I want to believe Putin slipped out to Lugano, where his 31yr old baby mama gave birth to their

“Countries with different ideologies, different priorities, different systems of government, cooperated to defeat the Nazis,” said Iraq’s Prime Minister, “It’s foreseeable we see countries which might not get along well in terms of their bilateral relations working to help defeat this threat.” Iran’s military mastermind, America’s nemesis, General Suleimani, draped in black, sporting a grim grin, sipping tea, appeare

“The Prophet took down idols with his bare hands when he went into Mecca,” said the militant, destroying a statue of the ancient Assyrian deity of protection, ignorant of the irony. Because the only thing more dangerous to a jolly band of Jihadis than letting a Buddha statue stand, is knocking one down. And besides, anyone confident in his own faith should quite naturally find no insult in the faith of another. “NEIN

Obama’s Treasury Secretary spoke all day. And felt no one understood him. Because Jack’s mother tongue is English, the language of business; but more precisely, Lew spoke American, with a New York accent – the dialect of money. Sapin spoke the language of love. Of course, there’s no more beautiful tongue, but those who speak French have grown tone deaf to American, bitter that it’s not love, but money, that mak

Week-in-Review: Mon: China trade surplus record $60bln (imports -19.9% yoy, exports -3.3%), Japan CA surplus Y187bln (trade deficit –Y396bln), UAE/Jordan announce joint ISIS airstrikes, Abbot survives no-confidence vote, Greece’s Tsipras refuses bailout extension, Merkel/Obama meeting (disagree over arming Ukraine), Obama “Won’t extend Iran nuclear deal deadline,” S&P -0.4%; Tue: China CPI 5yr low +0.8% yoy (PPI

“We want as little market distortion as possible,” announced the French central banker, a career contortionist. You see, in early March the ECB will create money from the ether, buying bonds, and continue until inflation magically rises to 2%. One-third of Europe’s sovereign debt already trades at negative yields. Because ECB deposit rates are -0.20%. Denmark announced the globe’s 542nd rate cut since Dick fulded Leh

“We can make it cheaper to invest,” said Benoit Coeure, defeated. “But people have to want to invest,” bemoaned the European central banker. “That’s the role of government.” Which is the heart of today’s political paradox: the role of government. You see, Benoit and the boys tried for 6yrs to get European governments to do their job; without asking, what is that job? 40yr old Alexis Tsipras refused the customary Gree