Floyd Norris, who I once respected, has written an interesting column titled “In China, Detecting Fraud Riskier Than Doing It.” Norris states that China’s hostility to those who expose fraud is so unusual that it is worthy of a column: “It can be very risky to do things in China that are taken for granted in other countries.”
In China’s debt-fired economy, lenders are going to take the heat.
The hollowing out of corporate strengths to enable short-term profiteering by the handful at the top leads to systemic fragility.
Early openers lethargic: Kiwis and Aussies -0.1%, Sth Korea -0.6%. Nikkei showing some life, +0.8%.
In Aussie sectors, Energy +1% down to Utilities -1.3%.
It was tempting to dismiss a recent Financial Times op-ed by a China-based international lawyer with a few (appropriately) cynical tweets. The author, after all, was urging the Chinese government to heed Premier Li Keqiang’s call for more rule of law in the People’s Republic,
Capitalism gets into deep trouble when the price of financial assets becomes completely disconnected from economic reality and common sense. What ensues is rampant speculation in which financial gamblers careen from one hot money play to the next, leaving the financial system distorted and unstable—a proverbial train wreck waiting to happen. That’s where we are now. And nowhere is…
If anyone above a kindergarten pay-grade has figured out America’s vital interest in the Ukraine, it has not been reported — or even leaked from the foundering vessel that is the US State Department. In fact, when you consider the …
Japan’s 10-year government bond yield is hovering around 0.5%, an all-time low.