Michael Pettis's picture

The 2013 NPC and CPPCC Annual Sessions have ended with the formal selection of China’s new leaders. Not surprisingly there were few surprises. My quick take is that the leadership is saying all the right things, but they have been saying these things for quite a while – nearly two years in the case of Li Keqiang, the new premier.

Michael Shedlock's picture

Things have no gone full circle. Wolfgang Munchau, a staunch euro supporter now realizes the political hopelessness of it all. In an article in Der Spiegel, Munchau shows he is ready to throw in the towel.

Sheraz Mian's picture

The only rational explanation for the market’s gravity-defying performance is the Fed. As long as investors remain convinced that the Fed has their back, they want to be in stocks even if fundamentals don’t justify the market’s recent performance.

Dave Lauer's picture

There is no doubt anymore that our modern market structure has problems. Nobody with a fully functioning frontal lobe will tell you that it doesn't. Still, as obvious as it is that things are broken, many of us disagree on exactly what is broken and how to go about fixing it.

Chris Puplava's picture

As highlighted in the last few “Market’s Bill of Health” reports, the S&P 500 has been showing weakening breadth and momentum which typically occurs before short-term tops. In prior reports it was shown that weakness in cyclicals was the culprit as the defensive sectors led by health care continued to power higher. Currently, however, recent movements in the cyclical sectors suggests that their underperformance to the broad market may be ending, with a weakening USD providing the catalyst.

Grant Williams's picture

On April 4, 2013, bank of Japan Governor Haruhiko's extraordinary monetary measures rocked the headlines. Grant predicts that day will live in Yenfamy, propelling Japan's economy toward an ever more certain reckoning.

Jon Matonis's picture

Once you get past the childish title, the recent bitcoin piece from Karl Denninger raises some issues that warrant consideration from bitcoin economists. Denninger is an intelligent student of the capital markets and his essay deserves a serious reply.

Clif Droke's picture

Cracks are starting to appear in financial edifice suggesting that the Fed's loose money policy isn't have the desired effect. We also discuss what will ultimately become of the world's bad debts.

Michael Shedlock's picture

The eurozone was supposed to equalize trade and interest rates. The Maastricht Treaty supposedly ensures the free movement of goods, capital, people and services. Tensions were supposed to drop. Instead, the eurozone has been a complete failure.

John Mauldin's picture

We begin this week with a simple pop quiz. Is inflation good or bad? Answer quickly. I’m sorry – your answer is wrong.