売上最激安 【説明必読】Dynabook Satelite B554-k PC/タブレット ノートPC

Tyler Durden's picture




 

Back in December 2013 we pointed out something that virtually nobody had noted or discussed: when it comes to "credit" creation, China's $15 trillion in freshly-created bank loans since the financial crisis - ostensibly the global credit buffer that allowed China to not get dragged down by the western recession - dwarfed the credit contribution by DM central banks.

当時の状況を簡単に概観すると:

In order to offset the lack of loan creation by commercial banks, the "Big 4" central banks - Fed, ECB, BOJ and BOE - have had no choice but the open the liquidity spigots to the max. This has resulted in a total developed world "Big 4" central bank balance of just under $10 trillion, of which the bulk of asset additions has taken place since the Lehman collapse.
 
How does this compare to what China has done? As can be seen on the chart below, in just the past 5 years alone, Chinese bank assets (and by implication liabilities) have grown by an astounding $15 trillion, bringing the total to over $24 trillion, as we showed yesterday. In other words, China has expanded its financial balance sheet by 50% more than the assets of all global central banks combined!
 
And that is how - in a global centrally-planned regime which is where everyone now is, DM or EM - your flood your economy with liquidity. Perhaps the Fed, ECB or BOJ should hire some PBOC consultants to show them how it's really done.


This dramatic divergence in credit creation continued for about a year, then gradually Chinese new loans topped out primarily due to regulation slamming shut 【お値下げ】アディダス ジェレミースコット JSベアー 24cm 新品未使用 and since credit accumulation resulted in parallel build up in central bank reserves, the current period of debt creation going into reverse has led to not only China's currency devaluation but what we first warned was Reverse QE, and has since picked up the more conventional moniker "Quantitative Tightening."
But while China's credit topping process was inevitable, a far more sinister development has emerged: as we 《Boxカバー付》Maison Margiela マルジェラTabi ブーツ, while DM central banks - excluding the Fed for the time being - have continued to pump liquidity at full blast into the global, fungibly-connected, financial system, there has been virtually no impact on risk assets...




... especially in the US where the S&P is now down not only relative to the end of QE3, but is down 5% Y/Y - the biggest annual drop since 2008.
This cross-flow dynamic is precisely what David Tepper was 超薄型 無線接続可能 EPSON プロジェクター EB-1780W 1when the famous hedge fund manager declared the "Tepper Top" and went quite bearish on the stock market.
This dynamic is also the topic of a must-read report by Citi's Matt King titled quite simply: "Has the world reached its credit limit?" and which seeks to answer a just as important question: "Why EM weakness is having such a large impact", a question which we hinted at 2 years ago, and which is now the dominant topic within the financial community, one which may explain why development market central bank liquidity "has suddenly stopped working."
King's explanation starts by showing, in practical terms, where the world currently stands in terms of the only two metrics that matter in a Keynesian universe: real growth, and credit creation.

・・・特に米国ではS&P500はいまやQE3終了時よりも下落しており、年率5%下落となっている、この年率下落は2008年以来のものだ。

Kingはこう解説する、ケインズ学派のもとでは世界経済は二つの指標で成り立っている:実成長と信用創造(債務)。


His summary: there has been plenty of credit, just not much growth.
So the next logical question is where has this credit been created. Our readers will know the answer: the marginal credit creator ever since the financial crisis were not the DM central banks - they were merely trying to offset private sector deleveraging and defaults; all the credit growth came from Emerging Markets in general, and China in particular.

彼の要点:債務は増えるが成長はわずか。

答えははっきりとNO、Kingは更に解説する。



starlight 12 niko様専用
Alternatively, it should come as no surprise that credit creation in EMs is the opposite: here money creation took place in the conventional loan-deposit bank-intermediated pathway, with a side effect being the accumulation of foreign reserves boosting the monetary base. Most importantly, new money created in EMs, i.e., China led to new investment, even if that investment ultimately was massively mis-allocted toward ghost cities and unprecedented commodity accumulation. It also led to what many realize is the world's most dangerous credit bubble as it is held almost entirely on corporate balance sheets where non-performing loans are growing at an exponential pace.



セール!定18万 Alexander McQueen スカル ブーツ
* * *
The above lays out the market dynamic that took place largely uninterrupted from 2008 until the end of 2014.
And then something changed dramatically.
That something is what we said started taking place last November when we pointed out the "death of the petrodollar", when as a result of the collapse in oil prices oil exporters started doing something they have never done before: they dipped into their FX reserves and started selling. This reserve liquidation first among the oil exporting emerging market, is essentially what has since morphed into a full blown capital flight from the entire EM space, and has also resulted in China's own devaluation-driven reserve (i.e., Treasury) liquidation, which this website also noted first back in May.
As King simply summarizes this most important kink in the story, after years of reserve accumulation, EMs have now shifted to reserve contraction which, in the simplest possible terms means, "money is being destroyed" which in turn is the source of the huge inflationary wave slowly but surely sweeping over the entire - both EM and DM - world.

 
ルイヴィトン iPhone13 Pro max バンパー iPhoneケース
 
But while one can debate what the impact on money destruction would be on equities and treasurys, a far clearer picture emerges when evaluting the impact on the underlying economy. As King, correctly, summarizes without the capex boost from energy (which won't come as long as oil continues its downward trajectory), and DM investment continues to decline, there is an unprecedented build up in inventory, which in turn is pressuring both capacity utilization, the employment rate, and soon, GDP once the inevitable inventory liquidation takes place.




The take home is highlighted in the chart above, but just in case it is missed on anyone here it is again: the "fundamentals point overwhelmingly downwards."



最安値 2017/5k/i5/新品SSD1TB+HDD1TB メモリ16GB
Furthermore, while we have listed the numerous direct interventions by central banks over the past 7 years, the reality is that an even more powerful central bank weapon has been central bank "signalling", i.e., speaking, threatening and cajoling. As Citi summarizes "The power of CBs’ actions has stemmed more from the signalling than from the portfolio balance effect."

で結論はどうかというと。


カラー対応 BOOX Nova3 Color 純正 Case Cover 付き

最新記事
Q3に自社株買いが$200Bを超えた、過去最高

新しいエルメス 2.50Mhz/320GB/4GB/DVDRW/WiFiテンキーボード付 中古品 2022年最新】dynabook b554の人気アイテム - メルカリ 年末のプロモーション特価! 美品☆dynabook Win10 4GB Corei3 B554K 特価在庫あ ヤフオク! 東芝 Dynabook satellite B453/M - 15.6型 在庫あり】 ノートPC PC/タブレット-sdgsdesa.kemendesa.go.id 2022年最新】dynabook b554の人気アイテム - メルカリ ビッグ割引② 東芝 dynabook B554/K i3/4GB/320GB/win10 ノートPC 家電・スマホ・カメラ¥10,620-www.epmhv.quito.gob.ec 新しいエルメス 2.50Mhz/320GB/4GB/DVDRW/WiFiテンキーボード付 中古品 最新東芝 dynabook B554/K i3/4GB/320GB/win10 ノートPC 家電・スマホ お得な情報満載 訳有り!美品!東芝 5世代 i5カメラB35R SSD 8GB ビッグ割引② 東芝 dynabook B554/K i3/4GB/320GB/win10 ノートPC 家電・スマホ・カメラ¥10,620-www.epmhv.quito.gob.ec 2022年最新】東芝 DynaBook B554の人気アイテム - メルカリ タブレット 東芝 B554/M Corei3 Office2019の通販 by スマイル坊や's オリジナル ノートPC PC/タブレット-broussards.com 年末SALE❤新品 Win11対応カメラ東芝8世代i3CPU Office 8GB SSD B65M 2022年最新】dynabook b554の人気アイテム - メルカリ ヤフオク! -「)ノートパソコンDynabook」の落札相場・落札価格 くのアプリ 東芝 SSD Office 美品の通販 by プランクトン's shop ビッグ割引② 東芝 dynabook B554/K i3/4GB/320GB/win10 ノートPC 家電 2022年最新】dynabook b554の人気アイテム - メルカリ 在庫あり】 ノートPC PC/タブレット-sdgsdesa.kemendesa.go.id ヤフオク! -「(改造 リペイント)」(Windows) (パソコン)の落札相場 スペック 東芝 - ノートパソコン 東芝 dynabook Windows10 T350/56BBの セール品の値段 【説明必読】Dynabook B554-k Satelite ノートPC 2022年最新】dynabook b554の人気アイテム - メルカリ 50%割引贈り物 NEC CORE i3 Office Wi-Fi すぐに使える ノート 34%割引【メーカー公式ショップ】 MSI ゲーミングノート ノートPC PC スペック 東芝 - ノートパソコン 東芝 dynabook Windows10 T350/56BBの 商品 【説明必読】Dynabook Satelite B554-k ノートPC カード・リ 東芝 - 東芝 Dynabook B554/M i5-4310M 8GB 500GB Kの通販 オリジナル ノートPC PC/タブレット-broussards.com とはなりま 送料無料 八世代Core i5-8250U 8GB 爆速256GB-SSD 無線 48%割引ブラック系経典ブランド ゲートウェイNV56R /i7 3632Qm ートは 東芝 - 東芝 ノートパソコン B554/M Office2019 Corei3の通販 高質で安価 ノートPC-東芝 dynabook B554/K i3/4GB/320GB/win10 - www 超歓迎 【サポート付き】快速 美品 TOSHIBA B554 東芝 Windows10 PC

売上最激安 【説明必読】Dynabook Satelite B554-k PC/タブレット ノートPC