大阪の正規取扱店舗 adidas マリメッコ スタンスミス 23.5 靴 スニーカー

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 シャネルCHANEL⭐︎レインブーツ⭐︎黒36 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 75年製 M65 フィールドジャケット, 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 W23.5cm新品NIKE DUNK LOW ナイキダンクローウィメンズ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.



美品 エンジニアドガーメンツ ナイロンコート
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.

戦極21章Authority着用 ナイロンジャケット
* * *
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.

バーバリー コート 1990
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."

37 新品正規品 メゾンマルジェラ Tabi ヴィンテージ タビブーツ 6cm
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."


【時逢様専用】MacBook pro 2021 16インチ M1 pro


グレイ系,23.5cm超人気新品 スタンスミス マリメッコ adidas マリメッコ スタンスミス 23.5 最上の品質な フォース マリメッコ スタンスミス GX8848 23.5cm J5YUZ-m51795722707 49%割引23.5cm幸せなふたりに贈る結婚祝い adidas アディダス シリーズの 新品 MARIMEKKO STAN SMITH レディース スニーカー コラボ 23.5㎝ adidas アディダス マリメッコ スタンスミス ≵スミスが スタンスミ↻ adidas スタンスミス 23.5cmの通販 by みず's shop 新品*アディダス×マリメッコ スニーカー スタンスミス 23.5㎝* - www ヤフオク! - 新品 23.5㎝ adidas アディダス マリメッコ スタ 31%割引ホワイト系,23.5cm今ならほぼ即納! adidas マリメッコ 新品】adidas アディダス マリメッコ スタンスミス 23.5cm♡ - apply マリメッコ × アディダス スタンスミス W 23.5cm Marimekko × ADIDAS アディダス公式通販】マリメッコ スタンスミス / Marimekko Stan Smith 輝い スニーカー-☆新品 アディダス マリメッコ スタンスミス 23.5cm 41%割引23.5cm本店は adidas×マリメッコ スタンスミス 23.5 adidas×marimekko アディダス×マリメッコ STAN SMITH J スタンスミスJ ホワイト系,23.5cm即日発送 アディダス マリメッコ スニーカー 格安販売の アディダス adidas マリメッコ スタンスミス H04073 23.5 スタンスミ↻ adidas スタンスミス 23.5cmの通販 by みず's shop 新品】23.5㎝ アディダス ×マリメッコ スタンスミス ベージュ - メルカリ アディダス スタンスミス × マリメッコ スニーカー 38%割引ホワイト系,23.5cm【2021春夏新色】 めんま様 アディダス marimekko - 新品 adidas× Marimekko スタンスミス マリメッコ 23.5cm 感謝価格】 スタンスミス 23.5 アディダス マリメッコ - スニーカー 新品】adidas アディダス マリメッコ スタンスミス 23.5cm♡ - apply adidas アディダス × マリメッコ コラボ スタンスミス Marimekko Stan 47%割引ホワイト系,23.5cm売れ筋介護用品も! 【新品未使用 adidas marimekko stan smith スタンスミス 23.5 春夏新作 マリメッコ スタンスミス GX8848 23.5cm - メルカリ売り出し価格 adidas マリメッコ スタンスミス 23.5 スニーカー マリメッコ アディダス スタンスミス 23.5 - takanokono.jp ホワイト系,23.5cm100%の保証 アディダス マリメッコ スタンスミス 50%割引ホワイト系,23.5cm【新発売】 アディダス マリメッコ スタンス 最大89%オフ! マリメッコ marimekkoスタンスミススニーカー adidas - アディダス マリメッコ スタンスミス 23.5ホワイト ABCマート マリメッコ adidas スタンスミス 23.5 ABCマート限定 【2022春夏新色】 私も。adidas×マリメッコ×ABCマートのスタンスミスを2色買い! | LEE

大阪の正規取扱店舗 adidas マリメッコ スタンスミス 23.5 靴 スニーカー