Charts That Matter - Jan. 19th

The biggest issue China faces is that their growth model is debt funded. Tightening put the brakes on this and growth predictably rolled over. Without large scale QE (which only makes their housing bubble worse) they are reaching the limits of what they can do to stimulate.

S&P500 vs. Bloomberg Commodity Index: At some point the crocodiles mouth will snap and financial assets will be revalued vs. real assets…

The Fed can resume hiking: Since Dec 24 financial conditions have eased by the equivalent of two and a half rate cuts

All in The last one month …

Europe’s most important river is running dry: The Rhine waterway, critical to moving coal, car parts, food and thousands of other goods, risks becoming impassable because of climate change


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