Anchoring Globally Synchronized Growth, Or We Gave Up Long Ago?
January was the last month in which China’s National Bureau of Statistics (NBS) specifically mentioned Fixed Asset Investment (FAI) of state holding enterprises (or SOE’s). For the month of December 2017, the NBS reported accumulated [...]
Tax Cuts And (Less) Spending
After being rumored and talked about for over a year, at the end of last year the tax cuts were finally delivered. The idea had captured much market attention during that often anxious period of [...]
Transitory and Now Overheating; They Don’t Even Know Why They Really Don’t Know What They Are Doing
What does it mean to be data dependent? The term immediately conjures up the image of studious Economists working their mathematics to perfectly calibrate the proper monetary policy response. It is attached to the Federal [...]
Chart of the Week: PBOC Clumsily Stumbles Into Step 1
A few weeks ago, the PBOC stunned many mainstream observers by reducing the RRR. It cut against the preferred narrative that the central bank was “tightening” in anticipation of an economic and therefore inflationary breakout [...]
Bank Reserves Appendix; One Additional Case Study
Early last month, Deutsche Bank replaced one CEO pledged to paring back the bank’s ailing franchise with another committed to doing the same thing only more quickly. As I wrote at the time, “Cryan isn’t [...]
All The World’s A (Imagined) Labor Shortage
Last year’s infatuation with globally synchronized growth was at least understandable. From a certain, narrow point of view, Europe’s economy had accelerated. So, too, it seemed later in the year for the US economy. The [...]
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