China PMI Now Disappears
There are major problems with PMI’s as anything like a useful indicator of anything actually useful. However, what has taken place recently particularly with regard to the Chinese version is outright...
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The Business End Of Global Money
This morning HSBC announced plans to radically downsize its cost structure, mostly through cutting jobs. Most of the attention so far has been on the bank’s plans to use the expected profit boosts to...
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Woe Unto The First Decade Of A New Century
On February 8, 2007, exactly one decade ago today, shares of New Century Financial, a former darling of not just Wall Street but the mainstream, plunged 37% in panicky trading. The day before, February...
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Always Shrinking
I have no idea if Sir John Bond, former head of HSBC, is or was superstitious, but if he wasn’t maybe it would have helped the bank if had been. In November 2002, the British bank announced a huge...
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It Was ‘Dollars’ All Along
Ross Perot famously declared the “giant sucking sound” in the 1992 Presidential campaign. The debate over NAFTA did not end with George H. W. Bush’s defeat, as it simmered in one form or another for...
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‘Dollars’ All Along, There Are No Winners
China joined the World Trade Organization (WTO) on November 11, 2001. Its membership took a decade and a half to achieve, no small wonder given that when it started the process the country looked...
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The Eurodollar’s Soul; Part 1
You could say that SunTrust dodged a bullet. The Georgia bank was itself an amalgam of smaller banks cobbled together during the deregulation of the 1980’s. On the one side were the Florida...
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The Eurodollar’s Soul; Part 2
Part 1 is here. The story of the asset bubbles is one of eurodollars alone. We can tell so much of the history of the past few decades by examining its pieces. The primary component has been...
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