George Soros may have broken the BOE and may well have been at least partially to blame for the Asian Financial Crisis, but he will not win an FX battle with the PBoC.
Or at least that’s Beijing’s message to the billionaire, as conveyed via a characteristically hilarious “op-ed” in the People’s Daily entitled “Declaring war on China’s currency? Ha ha”
Submitted by David Stockman via Contra Corner blog,
As of June 2008 no Wall Street banking house was predicting a recession, yet by then the Great Recession - the worst economic downturn since the 1930s - was already six months old, as per the NBER’s subsequent official reckoning.
Back in August we noted that John Paulson managed to get himself and his investors involved in two rather dubious "firsts" in 2015: Puerto Rico became the first US commonwealth in history to default, and Greece became the first developed country to default to the IMF.
As we noted in the overnight wrap, after sliding by 1%, and hitting an overnight low of 1,850, just as Europe opened US equity futures staged a furious rebound jumping nearly 30 point in under three hours for reasons largely unknown: surely it wasn't hope that the Saudis would do any aggressive oil production cutting especially when considering what the CEO of Aramco Amin Nasser said moments ago, namely that the global economy is not encouraging for demand growth, adding that "The current price is definitely a supply-demand issue" hoping that "With low oil prices, demand hopefully will also