ASIA:   China’s central bank extended its bilateral currency swaps with European Central Bank, worth 350 billion yuan or 45 billion euros, according to a statement published on the Chinese central bank’s website on Monday. The swaps extension will help deepen bilateral cooperation and safeguard financial market stabilization, the Chinese central bank said. The International […]

COMMENT From Europe: There is another side to the pipeline explosions also. There is growing dissatisfaction among average Europeans over electricity prices and gas prices. Normal people that don’t have any connections with either Russia or Ukraine and do not care if Donbas and Crimea belong to Russia or any other nation. Europeans just want […]

This is a reminder of why I warn against listening to the talking heads. Unlike advanced AI software, these mouthpieces speak from a biased perspective. On March 11, 2008, Jim Cramer told his audience on CNBC’s “Mad Money” that “Bear Stearns was fine!” At the time, the stock was going for $62 before crashing down […]

COMMENT: Thank you for your monthly subscription, interviews, and blog. I have a monthly subscription to Socrates. I did do investments and made more than enough to pay my yearly dues, albeit with some stomach ache. Weekly might have been better than monthly, but my investment amounts are not at the institutional level. Socrates doesn’t […]

ASIA: Profits at China’s industrial firms sank in July, reversing previous gains as fresh COVID-19 curbs dragged down demand and squeezed factory margins, while power shortages due to heatwaves threatened production. Profits at China’s industrial firms fell 1.1% in January-July from a year earlier, wiping out the 1.0% growth logged during the first six months, […]

ASIA: China’s central bank surprisingly cut key interest rates on Monday to revive demand as data showed the economy unexpectedly slowed in July, with factory and retail activity squeezed by Beijing’s zero-Covid policy and the property crisis. Industrial production in July rose 3.8% from a year earlier, according to the National Bureau of Statistics (NBS), […]

ASIA: China’s export sector posted strong growth in July, providing a much-needed boost to the world’s second-largest economy, which is almost certain to miss its GDP target this year. Exports measured in US dollars jumped 18% in July from a year earlier, marking the fastest pace of growth this year, according to Chinese customs statistics […]

QUESTION: Mr. Armstrong; I have followed your comments on the future of inflation for the last five years at least since a friend attended your conference. I must say you have alone singlehandedly defeated every economic theory I have studied. Since the start of this pandemic in 2020, most prominent neoliberal economic voices warned of […]

ASIA: Japan’s central bank forecast inflation would exceed its target this year in new forecasts on Thursday but kept interest rates ultra-low, signaling its determination to remain an outlier in a wave of global central bank policy tightening. BOJ Governor Haruhiko Kuroda brushed off the chance of policy tightening in the near future, saying he […]

ASIA: Singapore’s sovereign wealth fund GIC reported steady returns for the year but warned of “deep uncertainties” as investors face concerns over inflation, pandemic risks and geopolitical challenges. The fund’s portfolio posted an annualized nominal dollar return of 7% over the 20-year period ending March 31, 2022, GIC said in its annual report released on […]