Saturday, August 22, 2015
The Anatomy Lesson: It turns out that the foot bone (China's stock market, the Hang Seng is off over 20% since May) is connected to the leg bone (China's economy) and – despite repeated claims to the contrary by US economic and financial geniuses – the whole damned appendage is attached to the entire world economy, including Wall Street. The Dow is down 10% from late May highs, as are the S&P and the NASDAQ and nearly every other stock index in the world. Oil prices have declined for eight straight weeks, with WTI briefly below $40 a barrel. It is all part of a global currency war brought on by deflation as far as the eye can see. It's trickling down out there.
Quoted: “Pregnancy is painful, difficult, and dangerous. No one should be forced into it.”
Moving Target: The WSJ assures us that “a strenghening economy” has increased us trucking activity. On the next page it tells us that “Major container-shipping lines are slashing sailings on the world’s busiest shipping route between Asia and Europe as lower growth in China and a sluggish eurozone economy hurt container volumes”. Pick one - or do you think the US trucks can keep running around without hauling Chinese salad-spinners?
Them That Has, Keeps: The Pohlad family, owners of the Minnesota Twins, negotiated a $255.8 million IRS tax bill down to a single $36 million payment.
Porn O'Graph: Hand in hand.
Posted by Charles Kingsley Michaelson, III at 7:26 AM