The Ultimate Crony Capitalist State continues its unwinding.
But don’t worry the central banks will save us all. Ha!
(From David Stockman’s Contra Corner)
Worse than expected is an understatement.
Things are not getting better in China as Exports crashed 25.4% YoY (the 3rd largest drop in history), almost double the 14.5% expectation and Imports tumbled 13.8%, the 16th month of YoY decline – the longest ever.Altogether this sent the trade surplus down to $32.6bn (missing expectations of $51bn) to 11-month lows.