Bill’s commentary:
In 1929, the US was the emerging powerhouse, today it is China. Britain was the old failing guard in 1929, today the US occupies that spot. China sits at a debt to GDP ratio of 300% …what could possibly go wrong?
As Bloomberg’s Garfield Reynolds writes in the aftermath of last night’s unexpected Chinese rate cut, while the nation’s economic struggles were (finally) severe enough for the authorities to respond with their biggest interest-rate cut since the pandemic, it will be nowhere near powerful enough to help spark a turnaround.
For a start, Reynolds writes, that scope “is rather less impressive when you realize the reduction in the rate on one-year PBOC loans — or medium-term lending facility — was all of 15 basis points. Most central banks faced with the sort of slowdown China is facing might well decide to cut by three times as much or more.”
Bill’s commentary:
“More good stuff from Russ and Pam Martens”
The Bill Clinton administration’s repeal in 1999 of the 1933 Banking Act, commonly known as the Glass-Steagall Act, ushered in the greatest kleptocracy America has ever known. The Cambridge dictionary defines “kleptocracy” as: “a society whose leaders make themselves rich and powerful by stealing from the rest of the people.” In fact, the actual goal of repealing Glass-Steagall was to do just that.
Bill’s commentary:
“OMG! I have had all sorts of thoughts as to what to say to this. I will keep it very simple WE ARE SCREWED!”
Bill’s commentary:
“So here is a logical question that any normal person might ask. How is it possible that this book was written and offered for sale on Amazon Aug. 10th when the fire started on Aug. 8? Did the author have some sort of heads up like the vaccine creators had in 2019? Just sayin’…? “
BillHolter.com 