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China vowed that this time it was serious about finally deleveraging its economy. Once again, it lied.

First, a quick tangent: as a reminder, when it comes to the global economy, increasingly more analysts are realizing that just one number truly matters: that of the global credit impulse, which as we cautioned for the first time two months ago, had recently turned negative, mostly as a result of the recent deceleration in China's credit creation.

Authored by Christof Gisiger via Finanz Und Wirtschaft,

Raghuram Rajan, Professor of Finance at the University of Chicago and former governor of the Reserve Bank of India, warns of more turmoil ahead if the developed world fails to adapt to the fundamental forces of global change.

It's been a bad start to the week for bank CEOs and ex-CEOs.

Hours after Barclays chief executive Jes Staley was slammed with a regulatory probe and learned he would see substantial cuts to his compensation after he tried to "unmask" a whistleblower, the board of Wells Fargo said it has clawed back an additional $72 million of pay from the two former execs it holds responsible for last year's biggest banking scandal, namely the bank's unprecedented cross-selling practices which went on for years, and which, too, resulted in numerous whistleblowers being silenced.

It appears that "unmasking" is not merely a scandalous ploy employed in US politics.

While Jamie Dimon made headlines with the warning that "something is wrong" with America, to which he dedicated a substantial portion of his latest annual letter to shareholders, a less discussed declaration by the JPM CEO was that the too-big-to-fail problem, one which clearly impacts his own bank, JP Morgan, has been solved.