Slowly all the wheels of the legacy propaganda narrative are falling off, only this time dealing not with some ridiculous economic "recovery" tripe (for those still confused, the global economy just suffered its worst USD-denominated GDP collapse in 50 years), but with the credibility of Chinese data, which most have known is completely fabricated, only there was never an actual admission from within. Now there is.
Today...
The Yellen effect pic.twitter.com/ogQgxINN2r
— Morris Cabrioli (@insidegame) December 14, 2015
Today's focus was on credit markets - rightly - as the contagion spread to IG markets...
But it started when China devalued the Yuan yet again...for the 6th day in a row - and in growing size - PBOC fixed the Yuan weaker to its weakest since July 2011
Authored by Paul Craig Roberts,
My warning that the neoconservatives have resurrected the threat of nuclear Armageddon, which was removed by Reagan and Gorbachev, is also being given by Noam Chomsky, former US Secretary of Defense William Perry, and other sentient observers of the neoconservatives’ aggressive policies toward Russia and China.
Confirming what we explained here, Goldman Sachs notes that the publication of a new CNY exchange rate index suggests an increased focus on broader CNY moves against other non-USDollar currencies and reinforces the likelihood of further depreciation versus the USD.
Goldman Sachs writes...
Authored by Mark St.Cyr,