Quote from: Realpra on January 11, 2016, 02:43:42 AM

Maybe Gavin is wrong

Maybe? Just stop the fucking prevarication and admit it, the financial crisis is not over.

The longer you hem and haw, the more evasive, intensely dishonest, and economically illiterate you look.

[ZEROHEDGE] China Contagion Spills Over To Hong Kong Banks As HIBOR Explodes To Record High, Stocks Tumble

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Chinese stocks are trading at the lows of the day after Overnight HIBOR rates (Hong Kong's interbank borrowing rate) exploded a stunning 939bps to a record high 13.4%. It is clear that banks are utterly desperate for liquidity and/or are extremely concerned about one another's counterparty risk. This has dragged HSCEI down 5% (to its lowest since Oct 2011).

[ZEROHEDGE] This Is What Gold Does In A Currency Crisis, China Edition

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As Chinas leaders figure out that pegging the yuan to the dollar while quintupling their debt in five years was a colossal mistake, they are, apparently, concluding that the only way out is a sudden, sharp currency devaluation. As Reuters reports...

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China's central bank is under increasing pressure from policy advisers to let the yuan currency fall quickly and sharply, by as much as 10-15 percent, as its recent gradual softening is thought to be doing more harm than good.

The People's Bank of China (PBOC) has spent billions of dollars buying yuan over recent months to defend the exchange rate, but has failed to stabilize market sentiment.