LIBOR up 43 basis points yesterday ( a basis point is 1/100th of a percent) – so that means the rate spiked up almost 1/2 of a percent. This means the banks are getting nervous again about lending to each other, and instead are dumping excess cash into US Treasuries or similar “safer” investments.
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A trillion dollars just doesn’t go as far as it used to. Man the pumps, time to manufacture another bailout!
John Batchelor’s financial guests have been saying that the Chinese real estate bubble is about to burst – and China’s government is creating completely bogus economic data
I have long suspected that China’s out-of-this-world economic growth numbers were a product of fraud and number-fudging.
The theme is that over the past year, China has pumped over a Trillion into domestic “stimulus” in a $4 Trillion economy – far more than the economy can absorb – so that extra cash has been bidding up the price of real estate and raw materials rather than creating new “stuff”. What they believe the government is covering up is the inflation rate. The powers that be declared that inflation will be 3%. so the economists declared inflation at 2.8%, having a desire to stay among the living. People inside China know 3% is a bogus number. China has been trying to discourage the cash from winding up in real estate speculation, but the government is too corrupt to enforce those rules, even if they had a chance of working
Either I misread the source or they stated it wrong…. 43 basis points was the rate, not the increase. Today it settled at 43.6 basis points