Submitted by Gordon Johnson of Axiom Capital
We believe that exhibit 1 says a lot: it shows that despite a record level of new credit issued by China’s PBoC YTD through Oct. 2017 (which stands in stark contrast to government authorities continued statements that China is de-levering), China’s economic backdrop is currently experiencing:
Authored by David Stockman via Contra Corner blog,
The GOP has become so politically desperate that they might as well enact a two-word statute and be done with it. It would simply read: Tax Bill!
As excerpted from Fasanara Capital’s “Positive Feedback Loops and Financial Instability: the blind spot of policymakers.” The next time a Fed chair or macroprudential regulator argues that “there is no leverage in the market”, send them this.
Liberal politicians in Washington D.C. often complain about the federal tax code being too regressive and thus placing too large a burden on low-income families while allowing "millionaire, billionaire, private jet owners" to get a free pass (one must to be willing to ignore actual statistics to reach this conclusion but lets just take the word of Bernie Sanders at face value for the moment).
Update: Cryptocurrencies are widely bid tonight with Bitcoin over $10,150, Ether holding $475, and LiteCoin topping $100 for the first time...
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Bitcoin has now soared over 20% since Black Friday's close, topping $10,000 for the first time in history (rising from $9,000 in just 2 days)... now up over 950% year-to-date.
image courtesy of CoinTelegraph
It's been quite a year....