Inelasticity Not Outflows

By |2016-01-25T16:00:52-05:00January 25th, 2016|Economy, Federal Reserve/Monetary Policy, Markets|

More and more the media are finally starting to get the message about Chinese liquidity and its tendency for or against “devaluation.” For their part, the PBOC has been quite clear about its intentions all along; it was only the impenetrable fog of orthodox economics that prevented more widespread acknowledgement and understanding. There are no “reserves” at least not in [...]