China’s economic slowdown and nascent recovery in charts

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by cefpodoxime FT China economic activity index https://ig.ft.com/autograph/graphics/china-economic-activity-indicator.svg?frame=webM FT China subindices https://ig.ft.com/autograph/graphics/china-economic-activity-indicator-subindices.svg?frame=webL Shanghai composite stock index stood at 3115 on Jan 13 before China shutdown. Then it fell to a short term bottom of 2746 on Feb 3, recovered to 3071 on March 5, before plummeting past it’s nadir now (2660 right now on March 23). Perhaps … Read more

Helicopter Money: Short-Term Relief Won’t Cure our Financial Disease

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by Charles Hugh-Smith The collateral supporting the global mountain of debt is crumbling as speculative bubbles deflate. A great many freebies are being tossed in the Helicopter Money basket. That households experiencing declines in income need immediate support is obvious, as is the need to throw credit lifelines to small businesses. But beyond those essentials, … Read more

Here comes first of many High Yield defaults… Junk bond default rate to triple within 12 months, S&P says

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here comes first of many High Yield defaults$NMG #NeimanMarcus pic.twitter.com/FyQXGcUXCd — Gold Mansacks (@Gold_Mansack) March 23, 2020 $HYG $JNK $BKLN $LQDJunk bond default rate to triple within 12 months, S&P says – CNBC*S&P Global Ratings said the default rate for high-yield, or junk, bonds is heading to 10% over the next 12 months, more than … Read more

Spend! Spend! Spend!

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by Shaun Richards The weekend just passed was one which saw one of the economic dams of our time creak and then look like it had broken. This was due to the announcements coming out of Germany which as regular readers will be aware has a debt brake and had been planning for a fiscal … Read more

New York’s mayor calls on Trump for nationwide LOCKDOWN

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New York’s mayor urged US President Donald Trump Monday to enforce a nationwide lockdown to contain the spread of the deadly coronavirus, as he pleaded for desperately needed hospital supplies. Bill de Blasio said America’s federal government should roll out orders — such as “shelter-in-place” in California and similar measures installed in New York — … Read more

Police: Man Arrested for Lying About Having Coronavirus to Get Paid Vacation

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Thursday, police arrested former Sitel Group employee Jeffrey Travis Long after he reportedly gave a forged letter to his superiors, claiming he had the virus, according to Fox Carolina. “The individual is no longer employed at Sitel,” an update on the company’s website read, adding that it was working closely with law enforcement officials during … Read more