オンラインストア値下げ office入り SSD256GB メモリ8GB Corei5-4300M 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 シャルル ジョルダン サンダル イエロー サイズ6 ヒール約8cm 日本製 黄色 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 ⭐⚾⭐ESPRIMO-D552⛄SSD&windows10&xp可⚡⛳⚡, 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 乙狩アドニス 誓約アクスタ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.

・・・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。



⑯ ワンピース 黒 gINA ラメ入り 未使用品 とても綺麗なラインです*°♡
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.



エレコム エクステンダー
* * *
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.

 
エポカウォモ カモフラ コート
 
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."



極美品!Apple iPad (10.2インチ, 32GB) - スペースグレイ
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。


ジェラートピケ  GELATO PIQUE HAPPY BAG 2022(B)

最新記事
Q3に自社株買いが$200Bを超えた、過去最高

お買得】 77【4世代Corei5】Office搭載✨新品SSD✨メモリ8GB✨高性能 富士通 LIFEBOOK A574 中古ノートパソコン WPS Office付き 【中古】 メモリ8GB 新品SSD256GB Windows10-HOME(MAR) コアi5-4300M搭載 液晶15.6型 テンキー付きキーボード DVDドライブ Bluetooth 無線LAN FUJITSU 逆輸入 office入り Corei5-4300M メモリ8GB SSD256GB ノートPC 富士通 A574 中古 ノートパソコン Office Win10 黒キーボード 第4世代 楽天市場】福袋 中古パソコン windows10搭載 東芝 TOSHIBA Dynabook R 【Amazon.co.jp 限定】富士通 ノートPC A574/MS Office 2019/Win 10/15.6型/Core i5-4300M/メモリ:8GB/(整備済み品) (SSD 128GB) office入り Corei5-4300M メモリ8GB SSD256GB - メルカリ カラーが Lenovo [Core i5 4300M 8G SSD256GB マルチ 無線 テンキー 楽天市場】中古パソコン【1年保証】TOSHIBA Satellite B65/J/Core i5 楽天市場】DELL E6440 選べるオリジナルカラー ノートパソコン Office 在宅勤務対応 富士通 FMV E754 第四世代 Core i5-4300M 4GBメモリ 新品 office入り Corei5-4300M メモリ8GB SSD256GB - メルカリ 楽天市場】ポイン最大43.5倍!【最大365日保証 Webカメラ】NEC VersaPro 東芝 dynabook B654 中古 ノート Office 最新OS Win11 第4世代 [Core i5 4300M メモリ8GB SSD512GB マルチ 無線 テンキー 15.6型 ] :良品 :b654-b-77666:中古パソコンのワットファン - 通販 - Yahoo!ショッピング 富士通 LIFEBOOK A744 中古  ノート Office Win10 テンキー [corei5 4300M 2.6Ghz メモリ8GB SSD256GB 無線 15.6型 ] :アウトレット office入り Corei5-4300M メモリ8GB SSD256GB - メルカリ 機能・目的から探す,SSD搭載モデル | 中古パソコン専門店 リサイクルPC 新品SSD搭載] 中古ノートパソコン Microsoft Office付き 富士通 Win7 64bit] 中古ノートパソコン 富士通 LIFEBOOK A574/H Windows7 デスクトップパソコン Office付き 富士通 ESPRIMO K555/H 20型ワイド 中古パソコン A574- 初期設定済み 第四世代Core i5-4300M / メモリ8GB 36%割引人気ブラドン 【サポート付き】 A574 富士通 Windows10 PC 富士通 A744 中古 テレワークおすすめ ノート Office Win10 テンキー ノートパソコン Microsoft Office( Word Excel )搭載 NEC VersaPro office入り Corei5-4300M メモリ8GB SSD256GB - メルカリ DELL E6440 選べるオリジナルカラー ノートパソコン Office Win10 第4 富士通 ノートPC A744/15.6型/MS Office H&B 2019/Win 11 Pro/Core i5-4300M/WEBカメラ/wajunのWIFI/Bluetooth/HDMI/DVD-RW/8GB/256GB SSD/TENキー非搭載 (整備済み品) 楽天市場】【中古】東芝 dynabook R734 中古 ノート Office Win10 第4 史上最も激安 office入り SSD256GB メモリ8GB Corei5-4300M ノートPC office入り Corei5-4300M メモリ8GB SSD256GB - メルカリ Bランク 富士通 LIFEBOOK A574/KX Win10 Core i5 メモリ8GB SSD256GB 【無期限保証】【R∞PC】dynabook R734(Core i5 4300M / メモリ8GB / SSD256GB / Windows10Home) / WPS Office付属 / 13.3インチ【再生中古パソコン】 ノートパソコン 【Office搭載】 SSD 256GB (新 品 換 装) 富士通 FMV LIFEBOOK A744 第4世代 Core i5 4300M FullHD (1920×1080) 15.6インチ 富士通 LIFEBOOK A744 中古  ノート Office Win10 テンキー [corei5 4300M 2.6Ghz メモリ8GB SSD256GB 無線 15.6型 ] :アウトレット :a744k-10k-i5-c:中古パソコンのワットファン - 通販 - Yahoo!ショッピング office入り Corei5-4300M メモリ8GB SSD256GB - メルカリ ノートパソコン 中古 富士通 LIFEBOOK A574/H Core i5 8GBメモリ 15.6インチ DVDマルチ Windows10 パソコン 重い 解消 ssd テンキー Office 付き (整備済み品)

オンラインストア値下げ office入り SSD256GB メモリ8GB Corei5-4300M PC/タブレット ノートPC