America

While the primary topic of Albert Edwards' most recent note is the question how long China can sustain its FX intervention before tapping out and letting the hedge funds win with their short Yuan bets once total reserves drop below the critical redline of $2.7 trillion (the answer incidentally is between 5 months and 10 months assuming monthly reserve burn rates of $130BN to $60BN), we will skip that part as we have discussed it extensively in the past, and instead will fast forward to some chart porn by the SocGenarian.

(Consider this post to be the other half of the Tudor Farm & Charles Taylor post I put up this morning.)

Submitted by Patrick Buchanan via Buchanan.org,

Donald Trump won more votes in the Iowa caucuses than any Republican candidate in history.

Impressive, except Ted Cruz set the new all-time record.

And Marco Rubio exceeded all expectations by taking 23 percent.

Cruz won Tea Party types, Evangelicals, and the hard right.

Trump won the populists and nationalists who want the borders secure, no amnesty, and no more trade deals that enable rival powers like China to disembowel American industries.

Yesterday, on the way to documenting the malaise China’s hard landing has inflicted on Minnesota’s mining country, we discussed the dramatic impact falling crude prices have had on the American and Canadian oil patches.

Donald Trump won more votes in the Iowa caucuses than any Republican candidate in history.

Impressive, except Ted Cruz set the new all-time record.

And Marco Rubio exceeded all expectations by taking 23 percent.

Cruz won Tea Party types, Evangelicals, and the hard right.

Trump won the populists and nationalists who want the borders secure, no amnesty, and no more trade deals that enable rival powers like China to disembowel American industries.