from The Daily Bell:
China move calms credit concerns … Chinese authorities have been trying to curb excessive lending … China’s central bank has pumped $5bn (£3.1bn) into the banking system to ease concerns over a credit squeeze that has caused rising interest rates. The People’s Bank of China did not explain its actions, but over the last few days there has been growing concern over the availability of credit. That has been reflected in the interest rates banks charge each other. – BBC
Dominant Social Theme: The economy is perched on a precipice. Let’s stimulate. We’ve stimulated too much. Let’s stop. Well, let’s slow down anyway. The markets are doing fine.
Free-Market Analysis: Every central bank of note in the world is printing money faster and faster. We don’t think this is any coincidence. The world’s top bankers seem to want a huge stock market explosion that will make current averages look fairly tame.
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