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Albert Edwards Spots ‘Elephant In The Room’
Albert Edwards wants to "talk about stocks." But not those stocks.
In a Thursday note, SocGen's incorrigible, yet generally affable, bear, addressed what I've variously suggested is the elephant in the room for the US economy: Inventories, or the other stocks, if you like.
As regular readers are well apprised, the prospect of excess goods inventory hung over retail earnings like stale cigarette smoke, and some have suggested associated discounting will serve as yet another margin headwind at a
Absolutely China will need stimulation: the zero covid 19 lockdowns are a mini version of 2020 and it’s a great pretext to paper over their housing bubble. My question is: what happens with China doing QE while everyone else does QT?
China’s currency devalues thereby lessening inflation in her trading partners? Except globalization is de coupling so (and) does the impulse have time to be felt? Will China be tilting at windmills (Turkey) or are they Japan?
“And Baghdad (substitute… China) do whatever she please”
Obviously