Tuesday, September 1, 2015
Again, Cam Hui nails it I guess
Cullen Roche is on BI saying how this crash is like 1998. Which he got from some guy on CNBC this morning - don't remember who, it was some clown was saying it's 1998 all over again.
Which is stupid, because I've been reading Joe Stiglitz's account of 1998 (he was there, working at the World Bank) and this is not 1998. 1998 saw the complete collapse and forced IMFing of multiple countries one after another.
China, today, by contrast, is shutting down polluting steel plants and switching over their economy, they love-tapped their currency by 4%, and their stock market has simply gone back to where it was in February. No money was lost, except for phantom 1s and 0s born in spring and now fading in summer.
I was especially dumbfounded about CNBC's newfound interest in EM currency crises: they seem to have forgotten the ruble dropped almost 50% BECAUSE WE ARE AT (economic) WAR WITH THEM.
So here's Cam Hui bringing us a little bit of sense:
Humble Student of the Markets - 2015=1998?
Though unfortunately he gives 5 seconds of attention to Ray Dalio, who is a clown.
at 5:54 PM