爆発的な割引 GUCCI グッチ バケットハット バケハ デニム 帽子 帽子 ハット

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.


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 ソーラーひまわり シェル 縦長ガーランド✨プリザーブドフラワー 流木ガーランド 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 新品 GUCCI グッチ オールドグッチ ハンドバック バンブー黒型押し, 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 ポケモンカード VMAXクライマックス シュリンク付き 10BOXwhen 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.



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.



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.

ポケモンカード VMAX Premium Collection 夏ポケカ 海外版
* * *
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.

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."

【天然】タイチンクオーツ ルース 28.3*28.3*6.5mm
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."


LOUIS VUITTON ダミエ ウェストミンスターPM


ブラウン系定番のお歳暮 グッチ gucci GUCCI バケットハット バケハ M グッチ ハット(レディース)(コットン)の通販 31点 | Gucciの 未使用品】 超美品 GUCCI グッチ モノグラム 帽子 デニム バケット 38%割引オレンジ系【送料無料/新品】 GUCCI グッチ 帽子 デニム 44%割引ブラック系【人気No.1】 GGデニムバケットハット gucci GUCCI バケットハット GUCCI(グッチ)|新作を海外通販【BUYMA】 ブラック系リアル GUCCI グッチ バケットハット 帽子 Mサイズ 正規品 今年人気のブランド品や バケハ グッチ 帽子 バケットハット GUCCI グッチ ハット(レディース)(デニム)の通販 15点 | Gucciのレディース 35%割引ブラック系【国内発送】 グッチ GUCCI GG柄 バケットハット 特価】 GUCCI グッチ 帽子 バケットハット ハット - landmobility.ie 定番のお歳暮 GUCCI バケットハット バケハ デニム 帽子 グッチ 100%正規品 グッチ GUCCI 帽子 バケットハット バケハ デニム - ハット 38%割引オレンジ系【送料無料/新品】 GUCCI グッチ 帽子 デニム GUCCI グッチ バケットハット バケハ gg 定番のお歳暮 GUCCI バケットハット バケハ デニム 帽子 グッチ GUCCI 帽子 バケットハット - arkhoediciones.com 38%割引ブラック系【在庫処分】 GUCCIグッチバケットハット 帽子GG柄 GGデニム バケットハット 逆輸入 46%割引ブラック系\半額SALE/ GUCCI グッチ バケットハット GG柄 GGデニム バケットハットブラック&アイボリー GGデニム | GUCCI 格安即決SALE!!Gucciグッチ♪638301☆花柄 (GUCCI/ハット) 80103060 47%割引ブラック系【日本未発売】 レア GUCCI(グッチ)スエード帽子 グッチ Gucci メンズ ハット バケットハット 帽子 Off The Grid Bucket Hat Anthracite/White :hb4-p00583857:フェルマート fermart 3号店 - 通販 - Yahoo!ショッピング 未使用品】 超美品 GUCCI グッチ モノグラム 帽子 デニム バケット 41%割引ブラック系【お気に入り】 GUCCI グッチ バケットハット ブラック系超美品の GUCCI GG バケットハット デニム 帽子 黒 X 定番のお歳暮 GUCCI バケットハット バケハ デニム 帽子 グッチ 人気の通販サイト GUCCI グッチ バケットハット バケハ デニム 帽子 ハット 品多くGGデニムバケットハット gucci ハット レディース¥33,284-www ブラック系特売 GGデニムバケットハット gucci ハット 帽子ブラック系 ブラウン系【代引き不可】 GUCCI グッチ バケットハット バケハ 新作 超人気新品 グッチ GUCCI 帽子 バケットハット バケハ デニム - ハット ブラック系都内で GUCCI グッチ 帽子 グッチ バケットハット ハット 定番のお歳暮 GUCCI バケットハット バケハ デニム 帽子 グッチ グッチ Gucci メンズ ハット バケットハット 帽子 Reversible Off-White ' Eschatology' Bucket Hat Camel :hc-221451m140013:フェルマート fermart 3号店 - 通販 - Yahoo!ショッピング

爆発的な割引 GUCCI グッチ バケットハット バケハ デニム 帽子 帽子 ハット