Last week the US Federal Reserve announced the second move in its so-called tapering process, and reduced its bond buying by another $10bn/month. But there was only a temporary repeat in stock markets of the enthusiastic response to its first reduction in December. We are thus about to test whether the blog’s theory of ‘two steps and a […]
Chemicals and the Economy
China lending remains out of control ahead of November’s plenum
The blog’s views on the unsustainability of China’s epic economic growth since 2009 have now become truly mainstream. Everyone now agrees, including the new leadership, that it was created by a credit bubble. State-owned China Daily has even now warned that a commercial property bubble potentially now exists alongside the residential bubble and the infrastructure ‘white elephants’, adding: “Once […]
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