最終特価 モバイルモニター 15 6インチ eviciv PC/タブレット ディスプレイ

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 【美品】18A/W FCRB TOUR BENCH COAT 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 ナイキ エア マックス ココ ウィメンズサンダル / 厚底, 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 旧リアルマッコイズMA–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.



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.



あっきー様 リョウタカシマ トレンチコート
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.

ヴァレンティノ ロックスタッズ パンプス 37
* * *
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.

LGモニターディスプレイ 43UD79-B
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."

VALENTINO ロックスタッズ パンプス
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."


stussy 非売品 超限定コーチジャケット


価格は安く 15.6インチ 4K モバイルモニター EVICIV ディスプレイ PC まだ買うな!EVICIV 15.6インチ 4Kモバイルモニターを自腹レビュー!6 モバイルモニター タッチパネル EVICIV モバイルディスプレイ 15.6インチ ゲームモニター 軽量 薄型 収納式スタンド IPS液晶パネル 1920x1080FHD PS4/ XBOX/Switch/PC/Macなど対応 PSE認証済み 市場 モバイルモニター EVICIV 15.6インチ ゲームモニター モバイル イエロー系【メール便無料】 EVICIV モバイルモニター 15.6インチ モバイルモニター EVC-1506 モバイルディスプレイ 15.6インチ EVICIV タッチパネル搭載 15.6インチ モバイルモニター【使い道のご 格安即決 EVICIV 15.6インチ アンチグレア モバイルモニター 楽天市場】♥5年間延長保証!♥EVICIV モバイルモニター 15.6インチ 4k ♥5年間延長保証♥EVICIV モバイルモニター 非光沢 アップグレード版 15.6インチ 1080P モバイルディスプレイ 薄型 IPSパネル USB スリーブケース イヤホンジャック 在宅勤務 VESA 送料無料 3年+2年間保証 持ち運び ゲーミングモニター ポータブルディスプレイ EVICIV モバイルモニター15.6インチを使って感じた良い点、悪い点 15.6インチ EVICIVモバイルモニターを購入 フルHDでコスパよし | ギリズム Amazon | EVICIV モバイルモニター 17.3インチ 2K モバイル 上品】 モバイルモニター EVICIV 15.6インチ モバイルディスプレイ 4K EVICIV モバイルモニター15.6インチを使って感じた良い点、悪い点 モバイルモニター EVICIV モバイルディスプレイ 15.6インチ ポータブルモニター 2K 100%色域 IPS液晶パネル 薄型 軽量 USB Type-C 標準HDMI 保護カバー PS4/XBOX/Switch/PC/Macなど対応 EVC-1508 43%割引人気新品入荷 ★値下げしました★ EVICIV モバイルディスプレイ/モニター 15.6インチ ディスプレイ PC/タブレット-ROAKBREWING.COM EVICIV モバイルモニター タッチパネル 15.6インチ モバイルディスプレイ タッチ 一体自立式 ゲームモニター フルHD IPSパネル 軽量 薄型 収納式スタンド1920x1080FHD PS4/ XBOX/Switch/PC/Macなど対応 楽天市場】【送無+5年間延長保証!】MISEDI モバイルモニター 15.6 EVICIV EVC-1301 レビュー】PD対応で豊富な入力ポートを搭載した サイズ交換OK】 EVICIV 15.6インチモバイルモニター EV-15620 爆買い!】 モバイルモニター 15.6インチ EVICIV - ディスプレイ - www モバイルモニター EVC-1506 モバイルディスプレイ 15.6インチ EVICIV 15.6インチ モバイルディスプレイ 4K60Hz IPSパネル EVC-1504 モバイルモニター EVICIV モバイルディスプレイ 15.6インチ ゲームモニター IPS液晶パネル 薄型 軽量 USB Type-C/標準HDMI スタンドカバー PS4/XBOX/Switch/PC/Macなど対応 EVC-1506 モバイルモニター EVICIV 15.6インチ EVC-1506 専用 強化ガラス と 同等の 高硬度9H 液晶 保護 フィルム :f9h-lsmn15-mc002021:液晶保護フィルムとカバーケース卸 - 通販 - Yahoo!ショッピング 楽天市場】【5年間延長保証!】EVICIV モバイルモニター 15.6インチ ブルー系【残りわずか】 新品未使用 EVICIV モバイルディスプレイ 15.6 【通販 人気】 モバイルモニター 15 6インチ eviciv ディスプレイ 4KモバイルモニターEVICIV 15.6インチのレビュー。薄型でサブモニター 楽天市場】【5年間延長保証!】EVICIV モバイルモニター 15.6インチ 4k ブラック系【中古】 モバイルモニター EVICIV 15.6インチ EVC-1506 Amazon | モバイルモニター EVICIV モバイルディスプレイ 15.6インチ SALE/37%OFF】 ディスプレイ-未開封 EVICIV 4Kモバイルモニター 15.6 EVICIV EVC-1506 レビュー】15.6インチのモバイルディスプレイでは人気 Amazon | モバイルモニター EVICIV モバイルディスプレイ タッチパネル

最終特価 モバイルモニター 15 6インチ eviciv PC/タブレット ディスプレイ