{"id":15614,"date":"2017-07-21T17:41:35","date_gmt":"2017-07-21T21:41:35","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=15614"},"modified":"2017-07-21T17:41:35","modified_gmt":"2017-07-21T21:41:35","slug":"icarus-trade-continues-with-the-next-global-crisis-further-away-than-you-think","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2017\/07\/21\/icarus-trade-continues-with-the-next-global-crisis-further-away-than-you-think\/","title":{"rendered":"Icarus trade continues, with the next global crisis further away than you think"},"content":{"rendered":"<p><a href=\"http:\/\/www.theage.com.au\/business\/markets\/icarus-trade-continues-with-the-next-global-crisis-further-away-than-you-think-20170719-gxes5v.html?promote_channel=edmail&amp;mbnr=MTQyOTU1Nzk&amp;eid=email:nnn-13omn658-ret_newsl-membereng:nnn-04%2F11%2F2013-business_news_am-dom-business-nnn-age-u&amp;campaign_code=13IBU020&amp;et_bid=29087370&amp;name=2033_age_busnews_am&amp;instance=2017-07-20--21-09--UTC\"><img data-recalc-dims=\"1\" decoding=\"async\" class=\"alignnone size-full\" src=\"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2017\/07\/1500594631866.jpg?w=525&#038;ssl=1\" alt=\"\" \/><\/a><\/p>\n<p>Good to see Ambrose Evans-Pritchard weighing in on the (absence of) the next global financial crisis:<\/p>\n<blockquote><p>&#8230;.If corporation tax drops to 25 per cent and incentives are offered to repatriate up to $US4 trillion of US corporate cash held offshore &#8211; tinder for stock buy-backs &#8211; you might see the sharemarket&#8217;s price earnings ratio breaking the all-time high of the dotcom boom.<\/p>\n<p>Whether any of this stimulus is wise is another matter. The Bank for International Settlements chides central banks for making a Faustian Pact long ago, rescuing markets every time there is trouble but letting asset bubbles run unchecked in the good times.<\/p>\n<p>They have created &#8220;intertemporal&#8221; imbalances that require ever lower real interest rates with each cycle. The deformity is worse today than before the Lehman crisis after eight years of emergency stimulus.<\/p>\n<p>The global debt ratio is 40 percentage points higher at 327 per cent of GDP. Nobody knows what the sensitivity may be to even a modest degree of tightening.<\/p>\n<p>Yet if the Sword of Damocles hangs ever over us, that does not mean it is about to fall. My humbling discovery after decades of amateur observation is that such episodes take longer to play out than you imagine.<\/p>\n<p>I was convinced that the global financial system was spiralling into crisis at least 18 months before Fannie Mae, Freddie Mac, and Lehman Brothers collapsed over those terrifying weeks of late 2008.<\/p>\n<p>That was a bad call. Even disasters have their proper sequencing.<\/p><\/blockquote>\n<p>Source: <a href=\"http:\/\/www.smh.com.au\/business\/markets\/icarus-trade-continues-with-the-next-global-crisis-further-away-than-you-think-20170719-gxes5v.html\">Icarus trade continues, with the next global crisis further away than you think<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good to see Ambrose Evans-Pritchard weighing in on the (absence of) the next global financial crisis: &#8230;.If corporation tax drops to 25 per cent and incentives are offered to repatriate up to $US4 trillion of US corporate cash held offshore &#8211; tinder for stock buy-backs &#8211; you might see the sharemarket&#8217;s price earnings ratio breaking &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2017\/07\/21\/icarus-trade-continues-with-the-next-global-crisis-further-away-than-you-think\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Icarus trade continues, with the next global crisis further away than you think&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31,45,57],"tags":[],"class_list":["post-15614","post","type-post","status-publish","format-standard","hentry","category-the-fed-banks-interest-rates","category-debt-levels","category-stock-markets"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Icarus trade continues, with the next global crisis further away than you think - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Icarus trade continues, with the next global crisis further away than you think - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Good to see Ambrose Evans-Pritchard weighing in on the (absence of) the next global financial crisis: &#8230;.If corporation tax drops to 25 per cent and incentives are offered to repatriate up to $US4 trillion of US corporate cash held offshore &#8211; tinder for stock buy-backs &#8211; you might see the sharemarket&#8217;s price earnings ratio breaking &hellip; Continue reading &quot;Icarus trade continues, with the next global crisis further away than you think&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2017\/07\/21\/icarus-trade-continues-with-the-next-global-crisis-further-away-than-you-think\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:published_time\" content=\"2017-07-21T21:41:35+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/thepatientinvestor.com\/wp-content\/uploads\/2017\/07\/1500594631866.jpg\" \/>\n<meta name=\"author\" content=\"ColinTwiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ColinTwiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2017\/07\/21\/icarus-trade-continues-with-the-next-global-crisis-further-away-than-you-think\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2017\/07\/21\/icarus-trade-continues-with-the-next-global-crisis-further-away-than-you-think\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"Icarus trade continues, with the next global crisis further away than you think\",\"datePublished\":\"2017-07-21T21:41:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2017\/07\/21\/icarus-trade-continues-with-the-next-global-crisis-further-away-than-you-think\/\"},\"wordCount\":268,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2017\/07\/21\/icarus-trade-continues-with-the-next-global-crisis-further-away-than-you-think\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/thepatientinvestor.com\/wp-content\/uploads\/2017\/07\/1500594631866.jpg\",\"articleSection\":[\"Banks &amp; 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Renewed funding pressures\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12539,"url":"https:\/\/thepatientinvestor.com\/index.php\/2015\/11\/17\/the-multi-trillion-dollar-liquidity-problem-at-the-heart-of-the-global-financial-system-telegraph\/","url_meta":{"origin":15614,"position":2},"title":"The multi-trillion dollar liquidity problem at the heart of the global financial system | Telegraph","author":"ColinTwiggs","date":"November 17, 2015","format":false,"excerpt":"From Ben Wright at The Telegraph: Since the financial crisis, global financial regulators have rightly been attempting to make banks safer. They have done this by, for example, banning proprietary trading, making it harder to lend government bonds in the repo market and, most importantly, forcing banks to deleverage. One\u2026","rel":"","context":"In &quot;Stock Markets&quot;","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2465,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/30\/central-banks-take-coordinated-action-wsj-com\/","url_meta":{"origin":15614,"position":3},"title":"Central Banks Take Coordinated Action &#8211; WSJ.com","author":"ColinTwiggs","date":"November 30, 2011","format":false,"excerpt":"WASHINGTON \u2014 The world's major central banks launched a joint action to provide cheap, emergency U.S. dollar loans to banks in Europe and elsewhere, a sign of growing alarm among policy makers about stresses in Europe and in the global financial system. The Fed, ECB and other central banks took\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1194,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/06\/americas-debt-crisis-why-europe-is-right-and-obama-is-wrong-spiegel-online\/","url_meta":{"origin":15614,"position":4},"title":"America&#8217;s Debt Crisis: Why Europe Is Right and Obama Is Wrong &#8211; SPIEGEL ONLINE","author":"ColinTwiggs","date":"October 6, 2011","format":false,"excerpt":"American economists, central bankers and fiscal policy makers have reinterpreted British economist John Maynard Keynes's clever idea that government spending is the best way to counteract a serious economic downturn -- and have turned it into a permanent prescription. In their version of the Keynesian theory, declining growth or tumbling\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2371,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/26\/20-banks-that-will-get-crushed-if-the-piigs-go-bust\/","url_meta":{"origin":15614,"position":5},"title":"20 Banks That Will Get Crushed If The PIIGS Go Bust","author":"ColinTwiggs","date":"November 26, 2011","format":false,"excerpt":"Now it looks like Commerzbank could be the next bank to fall in the crisis, which we found to have exposure to the PIIGS second only to Dexia of non-peripheral European banks in this exposure stress test. ....We took a list of the largest European banks by assets and compared\u2026","rel":"","context":"In &quot;UK &amp; Europe&quot;","block_context":{"text":"UK &amp; Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/15614","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=15614"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/15614\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=15614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=15614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=15614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}