Democracy Leads To Chaos

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On Tuesday, the People’s Bank of China set a daily midpoint for the yuan at 7.1293 per dollar, the lowest level since February 2008. The central bank lets the onshore yuan trade in a band around this fix… With traditional monetary policy responses such as interest rate cuts having less impact in reviving economic activity than in the past, China is trying to increase fiscal stimulus to both shore up short-term growth and fend off growing deflationary pressures. October 14 - Reuters (Yawen Chen and Gabriel Crossley): “China’s factory gate prices declined at their fastest pace in more than three years in September, reinforcing the case for Beijing to unveil further stimulus as manufacturing cools on weak demand and U.S. Certainly, the expansion of paper currency has been inconsequential to the grand scheme of Washington stimulus. Total Commercial Paper declined $6.7bn to $1.051 TN. However, nearly 90% of the defaulted paper in 2018 was issued by private sector companies… It is the vast middle class, however, that is left greatly exposed. December 9 - Bloomberg: “Crude stockpiling for commercial and emergency use may account for 300,000 barrels a day of China’s incremental oil demand in the next two years, the nation’s largest investment bank said.

May 25 - Bloomberg: “China condemned the U.S. May 27 - Reuters (Marc Jones): “The number of companies or countries at risk of having their credit ratings cut has been pushed to an all-time high by the coronavirus pandemic, S&P Global analysis shows. ‘No reasonable person can assert today that Hong Kong maintains a high degree of autonomy from China, given facts on the ground,’ Pompeo said… Foreign investors are also skeptical they can assess risk accurately when most of the $2.1 trillion in corporate bonds are rated investment grade by domestic rating agencies… A total of 1,287 of S&P’s ratings are now on a downgrade warning - either with ‘negative outlooks’ where a move might take two years, or on ‘CreditWatch with negative implications’ where the risk is almost immediate. 33 Chinese entities to a trade blacklist, a move that risks potential retaliation from Beijing as tensions between the world’s two-biggest economies deteriorate further.

Hong Kong was no longer autonomous from China, a move that could jeopardize the special administrative region’s favorable trade relationship with the U.S. The other problem is new: the uncertainty of open-ended trade negotiations is beginning to weigh on growth, even in America. Chase Manhattan $349,154,000,000, Bank of America $217,237,000,000, Salomon Smith Barney $93,304,000,000, JPMorgan $57,459,000,000, and Bank One $48,118,000,000. Bank of America Corp., Goldman Sachs Group Inc. and ABN Amro Bank NV together handle about half of the $5.5 trillion gross flows into and out of ETFs, according to… Companies that derive more than half their sales outside the U.S. Ms. Hou… was one in a group of angry home buyers who had gathered at a real estate sales office in Tianjin… Statesmen and women should have excoriated governor Bernanke for suggesting the “government printing press” and “helicopter money” - the type of crazy talk that should disqualify one for a position of responsibility at the Federal Reserve. December 6 - Financial Times (Robin Harding ): “Ben Bernanke, chairman of the US Federal Reserve, said that ‘it’s certainly possible’ that the Fed will increase its new round of asset purchases beyond an initial $600bn.

Federal Reserve Credit last week expanded $137.5bn to a record $7.060 TN, with a 38-week gain of $3.338 TN. M2 (narrow) "money" supply jumped $93.8bn last week to a record $18.084 TN, with an unprecedented 12-week gain of $2.577 TN. Over the past year, Fed Credit expanded $3.240 TN, or 85%. Fed Credit inflated $4.249 Trillion, or 151%, over the past 394 weeks. Both countries are devoid of any natural resources, and their only means of survival and success have been to step out of the way and let the market take over. great wall 99 - Politico (Rachael Bade and Heather Caygle): “Concern is growing in both parties that a clash over the fate of Dreamers will trigger a government shutdown this December. December 1 - Wall Street Journal (Miriam Gottfried): “U.S. The package available for international programming is Dish Latino Max, Dish Latino Dos, Great Wall TV and many more. The package includes the Aukey Omnia 100W PD wall charger, a user manual, and warranty information (that has an Aukey logo sticker on the back).