the punch bowl

it always happens at the margin 

the fed is advertising that eight years of credit expansion is over: rates are going up and the balance sheet is going down -- deftly transmitted to europe, the gulf, japan, and china

chinese bad loans are over 15 % of assets (the official number) and in the shadow banking system collateral has been pledged more times than the lands west of the mississippi by napoleon before the Louisiana Purchase

oil prices are down and going lower

the japanese in denial form the late 80's and a nikkei of 40,000

any buyers ?



















Comments