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borrowing

China Has No Room Or Any Real Reason To Rescue 2022

By |2022-01-25T19:02:46-05:00January 25th, 2022|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

When growth stops being growth, or the same growth, what do you do? The Keynesian textbooks all say “stimulus”, but what happens if the stimulus doesn’t stimulate? Worse, when it doesn’t stimulate because it can’t due to other pre-existing and intractable impediments.This is Xi Jinping’s dilemma and it only begins with the textbook’s missing chapters on eurodollar money.So, let’s start [...]

Given Past Few Years, C&I Slowdown Isn’t At All Surprising

By |2017-06-12T18:35:45-04:00June 12th, 2017|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

There isn’t much data available on the mechanics of lending or the other side of it borrowing. It’s a topic of interest nonetheless given the crucial role (sadly) of debt in determining the marginal economic direction (second derivative). A financialized economy is a drag without credit growth. One of the more encouraging signs on that account was an acceleration of [...]

There Was A Lot of Borrowing

By |2016-03-07T17:48:15-05:00March 7th, 2016|Economy, Federal Reserve/Monetary Policy, Markets|

Revolving consumer credit turned upward in March last year, which signaled to economists that the true end of the Great Recession was at hand. The largest impediment to the monetary version of the recovery was the “debt hangover” from the mortgage surge during the housing mania. Consumers, rightfully cautious after that disastrous experience, spent the early years of the “recovery” [...]

Ignorance or Deceit, Yet Again

By |2014-04-16T16:25:40-04:00April 16th, 2014|Economy, Federal Reserve/Monetary Policy, Markets|

I may be a week late to the “most important chart in the world”, but it demands a rational response. I had thought that the commentary surrounding this week’s retail sales release was the height of rational expectations theory deception, but I was clearly wrong. In what is passing for analysis, some are proclaiming a recovery narrative based on the [...]

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