by John Galt
August 2, 2015 13:30 ET
And not the kind of signs in the headlines one wants to see if they think the economy is going stay “strong” for much longer.
For example, on Friday the headlines directly contradicted the triple washed super duper electrochemically re-calculated GDP figures from the previous day:
Of course the used car salespeople masquerading as journalists on the financial broadcast networks don’t want you to see this story either:
The mainstream financial press is maintaining that $450 billion in capital outflows over the last 4 quarters from China is no big deal, even though it is the largest outflow in the past decade. So don’t worry about this sign, stop means go, left means right, etc. The funny thing is, these are the same “experts” who said the housing problems in 2006-2007 were ‘no big deal’ and that the system could handle any shocks because of it.
Of course the oil and mining collapses have not created a shock that is not a big deal either, right?
Expendable industry: Oilfield service companies, workers deal with layoffs in wake of low oil prices
From the last article above via Bloomberg, this chart speaks volumes about not just the coal industry, but the steel industry:
To illustrate how severe the collapse in demand for steel has become in China and the developing/developed world, here is the CME October 2015 price for Iron Ore:
But don’t worry, despite the slowdown, China wants to maintain their safe haven in the United States, right? After all, the U.S. is still the safest rubber ducky in the midst of a hurricane…
But that’s only China, there’s nothing to worry about unless you’ve been reading the Financial Times this summer:
And this chart below from the above article? Pffft, who cares, Obama has it all under control with Old Aunty Yellen at the helm:
It’s just another sign of trouble, immediately ahead of our markets.
But don’t worry boys and girls. We are only heading into August, September, and October; the most volatile periods for financial markets and trading almost every year.
And we are only light years past due for a correction.
Or a crash.