独特の素材 lenovo ideapad 5500u値下げ可! ryzen5 slim550 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 カーハート carhartt wip nimbus jacket 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 iPad Pro 11インチ第二世代 256GB wifiモデル, 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 低価格で最強クラスのシングル性能PC Core i3 12100when 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。



Lad musician MA-1 ブルゾン
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.



Dr.Martens 8ホール Jadon UK6
* * *
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.

 
新品 NIKE AIR MAX KOKO SANDAL ココサンダル 26cm
 
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."



jimmychoo パテント パンプス ワインレッド
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。


Surface Pro 7 PUV-00027 ブラック 付属品あり

最新記事
Q3に自社株買いが$200Bを超えた、過去最高

新品Lenovo IdeaPad Slim 550 Ryzen5 5500U - www.asepasa.com.py すぐったレディース福袋 Lenovo IdeaPad Slim 550 Ryzen5 5500U ノート クラシック 新品Lenovo IdeaPad 14 Slim550 Ryzen5 5500U ノートPC PC 【中古】ideapad Slim 550 82LN004VJP プラチナグレー 10/09(日 44%割引交換無料! Lenovo IdeaPad Slim 550 AMD Ryzen 5搭載 ノート PayPayフリマ|Lenovo IdeaPad Slim 550 (14型FHD Ryzen 5 8GBメモリ マルチタッ Lenovo - 新品即納 Lenovo IdeaPad Slim550 Ryzen5 5500Uの 42%割引最も優遇 Lenovo IdeaPad 15.6 Slim550 Ryzen5 5500U ノートPC 46%割引高評価! lenovo レノボ Win11 Ryzen5 256GB 8GB WiFi6 ノート Windows11 公式レノボ直販 最大50%OFFクーポン ノートパソコン Office ザ・オーソドックス。Lenovo「IdeaPad Slim 550(15)」は5.7万円 タブレット Lenovo - 新品 Lenovo IdeaPad Slim550 Ryzen5 5500Uの通販 ブランド Lenovo - 新品即納 Lenovo IdeaPad Slim550 Ryzen5 5500Uの 即納&大特価】新品 Lenovo IdeaPad Slim 550 Ryzen5 5500U ノートPC Lenovo IdeaPad Slim 550 15.6型をレビュー高性能のRyzen 5 5500U搭載 消費税無し Lenovo IdeaPad 15.6 Slim550 Ryzen5 5500U ノートPC します】 新品 Lenovo 15.6FHD Ryzen5 8GB 256GB WiFi6 WcH5K 純正新作 薄型ノートパソコン Lenovo 15.6型 360 Slim IdeaPad ノート 純正新作 薄型ノートパソコン Lenovo 15.6型 360 Slim IdeaPad ノート Lenovo IdeaPad Slim 550、Ryzen 5 5500U、PCIe SSD 512GBを搭載し 57 安価 即納新品Lenovo IdeaPad Flex550 Ryzen5 5500U 人気正規品-css.edu.om Lenovoの本命はこれ。IdeaPad Slim 570 (14型 AMD)が6万円台 一流の品質 新品Lenovo IdeaPad 14 Slim550 Ryzen5 5500U abuomar.ae Ryzen5000シリーズ搭載、コスパ優良機「IdeaPad Slim 550(14)」の全 Ryzen 5 5500U+512GB SSDで5万7288円! レノボのIdeaPadが値下げ カメラ Lenovo Lenovo Ideapad Slim 550 AMD Ryzen 5の通販 by セール】Lenovo「半期決算セール」でRyzen 5 5500Uノートが5.8万円 色々な Slim Ideapad 新品未開封品 550 15.6型ノートPC 5500U/8GB 【希望者のみラッピング無料】 lenovo ideapad 5500u値下げ可! ryzen5 slim550 ノートPC 即納&大特価】新品 Lenovo IdeaPad Slim 550 Ryzen5 5500U ノートPC 新品Lenovo IdeaPad 15 Slim550 Ryzen5 5500U - メルカリ すぐったレディース福袋 Lenovo IdeaPad Slim 550 Ryzen5 5500U ノート PayPayフリマ|Lenovo IdeaPad Slim 550 (14型FHD Ryzen 5 8GBメモリ きます Lenovo - Lenovo IdeaPad 15.6 Slim550 Ryzen5 5500Uの通販 by 44%割引ホワイト系欲しいの lenovo ideapad slim550 ryzen5 5500u 直送商品Lenovo IdeaPad 15.6 Slim550 Ryzen5 5500U ノートPC 家電

独特の素材 lenovo ideapad 5500u値下げ可! ryzen5 slim550 PC/タブレット ノートPC