Liquidity sloshes around the world in rising and receding tides. As tides recede, funding dries up in the following order: (1) cool to have; (2) nice to have; (3) need to have.

January 2014 to mid 2016 saw a reversion of the JPY depreciation against the CNY. Will it happen again? What would need to happen for it to take place again?

Carnage4Life The technology will leave a pervasive impact in a decade, but I observe the current financial mania with bemusement. To quote the financial historian and writer Charles McKay - "We find that whole communities suddenly fix their minds upon one object, and go mad in its pursuit;

#China's 30-yr govt #bond futures gains 0.4% to hit a new record high. The 10-yr, 5-yr govt bond futures also hit all-time highs. yuantalks.com/the-wire-live-…

The yield on China’s benchmark government bond fell to another record low. So, recent central bank rate cuts to boost the economy have ended up undermining its own effort to puncture a bond market bubble. Atlantic Council GeoEconomics Center ACGlobalChina bloomberg.com/news/articles/…

"Incremental measures Beijing has taken, including earlier cuts, are “having precisely no effect on borrowing activity,” according to China Beige Book’s Shehzad Qazi. “The credit transmission mechanism is broken.” barrons.com/articles/polit…

This is the most important chart in the world today. It's the chart of the Japanese Yen vs the USD. Why is it so important? 1. For 30 years Japan has 0% interest on their currency. 2. As a result for 30 years investor borrowed YEN at no cost and invested it globally. They

SemiAnalysis: Nvidia’s Blackwell chip family “is encountering major issues” that have impacted production targets through the 1st half of 2025. The problems will affect Nvidia’s shipment volumes and revenue. Thread 1/6 $NVDA $TSM $AMKR $ASX $SSNLF $DELL $SMCI $AMZN $GOOGL $META

The Fed is probably monitoring the market volatility closely. It will stabilize US financial institutions that may encounter liquidity issues through the NY Fed's open market operations and discount window. I doubt that they will do an emergency rate cut, but they will definitely

Squawk Box The Fed is probably monitoring the market volatility closely. It will stabilize US financial institutions that may encounter liquidity issues through the NY Fed's open market operations and discount window. I doubt that they will do an emergency rate cut, but they will definitely

The credit cycle in the US is improving! NOT weakening! This is the stuff we see in early stages of a cycle. The credit contraction will likely be avoided now that cuts are around the corner. More: stenoresearch.com/watch-series/m…

Goldman Pours Cold Water On 'Emergency Rate-Cut' Hope Narrative zerohedge.com/markets/goldma…

Sir John Templeton The original value investor

My take on VP Harris's economic plan: it actually has some good ideas -- help for first-time homebuyers, tax credit for parents of newborns. But the notion that you can control inflation by limiting "corporate price-gouging" is absurd. That isn't the cause of inflation. It is the

First batch companies that are embarking on AI projects to support their core businesses: (1) Half baked technology that is not mature enough or has gaps not yet solved; (2) high expectations by board members and senior management who have been reading the media; (3)

Global investment firm with $1.6T AUM expands its L1 blockchain footprint to Avalanche. The Franklin Templeton OnChain U.S. Government Money Fund (FOBXX) is the first and only U.S.-registered mutual fund to leverage a public blockchain as the system of record to process

As you get older, you’ll realize that a $30,000 watch and a $30 watch both tell the same time. A Gucci wallet and a Target wallet hold the same amount of money. A $10,000,000 house and a $100,000 house host the same loneliness. A Ford will also drive you as far as a Bentley.