新作情報 iPad pro 12.9 第3世代 256G セルラーモデル 最終値下げ! PC/タブレット タブレット

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 COACHフライトジャケット 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 MacBook pro 2017 13インチ, 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 Rady 大人気完売品 ミルフルールセットアップ 迷彩when 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.



古着 90s アディダス 3ライン 刺繍ロゴ ナイロンジャケット ネイビー XL
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.

New Balance MR530SH
* * *
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.

ジェラートピケ ヨッシールームウェア上下セット
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."

《未使用》ALEXANDER WANG ブーツ オープニングセレモニー
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."




Apple iPad Pro 12.9インチ 第3世代 Wi-Fi+Cellular 256GB 2018年秋 最も優遇の pro iPad 12.9 最終値下げ! セルラーモデル 256G 第3世代 最も優遇の pro iPad 12.9 最終値下げ! セルラーモデル 256G 第3世代 2022新発 Wi-Fiモデル Pro iPad Apple 注)下記情報に、必ず目を通して 45%割引ブラック系最終値下げ iPad Pro 11インチ(256G、SIMフリー 2022年最新】ipad pro 1 .9 第3世代 cellularの人気アイテム - メルカリ ブラウン系【限定製作】 iPad Pro 12.9 第3世代 256GB/セルラー 34%割引ブラック系新品 iPad Air 第3世代(256GB) WiFiモデル 12.9インチiPad Pro Wi-Fi 256GB - ゴールド(第2世代) [整備済製品 2022年最新】ipad pro 12.9 第3世代 256gbの人気アイテム - メルカリ 最も優遇の pro iPad 12.9 最終値下げ! セルラーモデル 256G 第3世代 最も優遇の pro iPad 12.9 最終値下げ! セルラーモデル 256G 第3世代 47%割引ブラック系【一部予約販売】 iPad Pro 12.9インチ 第5世代 最も優遇の pro iPad 12.9 最終値下げ! セルラーモデル 256G 第3世代 ブラック系生まれのブランドで iPad Pro 12.9(第5世代) Wi-Fiモデル 31%割引ブラウン系大勧め ♫ iPad pro 12.9インチ (第3世代) 256GB 大切な Pro iPad 12.9 セルラーモデル 256GB 第4世代 タブレット iPad Pro 12.9インチ 第3世代 256GB スペースグレイ MTH… - lusa.afkar.id 最も優遇の pro iPad 12.9 最終値下げ! セルラーモデル 256G 第3世代 2022年最新】ipad pro 1 .9 第3世代 cellularの人気アイテム - メルカリ 34%割引超熱 iPad Pro 12.9 WI-FI 256GB 第3世代 タブレット PC 本命ギフトiPad Pro 12.9インチ 第3世代 セルラー 256Gスペースグレイ アイパッドの値下げアイテム | フリマアプリ ラクマ 2022年最新】ipad pro 12.9 第3世代 256gbの人気アイテム - メルカリ 品質検査済 pro iPad 12.9 最終値下げ! セルラーモデル 256G 第3世代 グレイ系(訳ありセール 格安) 【最終価格】iPad Pro 12.9インチ 第3 49%割引ブルー系【初回限定お試し価格】 「本日だけ値下げ」Ipad pro Apple iPad Pro 12.9インチ 第3世代 Wi-Fi+Cellular 256GB 2018年秋 直営のアウトレット店舗 iPad pro 12.9 第3世代 256G セルラーモデル 最終値下げ! タブレット 最も優遇の pro iPad 12.9 最終値下げ! セルラーモデル 256G 第3世代 2022年最新】ipad pro 12.9 第3世代 256gbの人気アイテム - メルカリ iPad 第3世代 Cellular 256GBの通販 by はるか|アイパッドならラクマ ホワイト系お見舞い 【本日限り】iPad Pro 12.9インチ第3世代512GBWi 37%割引オレンジ系【SALE/10%OFF 第3世代 iPad Pro 12.9 Wi-Fiモデル 256GB タブレット PC/タブレットオレンジ系-APP.TABBIEMATH.COM 最も優遇の pro iPad 12.9 最終値下げ! セルラーモデル 256G 第3世代 31%割引最終値下げ iPad Pro12.9第三世代256GB Wi-Fiスペースグレイ

新作情報 iPad pro 12.9 第3世代 256G セルラーモデル 最終値下げ! PC/タブレット タブレット