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Reflections on Counter-Value Macro

February 13, 2021
It may be a bit morbid, but consider the targeting of missiles for a moment.  One broad strategy is called counter-value; the value, of course, is people.  This is the sanitized way that targeting urban centers is discussed.  The alternative is counter-force, the force being the enemy's missiles.  Counter-force sounds like a more humane target…
Reflections on Counter-Value Macro Reflections on Counter-Value Macro Reviewed by Marc Chandler on February 13, 2021 Rating: 5
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Will PMIs Show Economies Hit Bottom? Are US-China Tensions Rising Again?

May 16, 2020
March was when the markets froze up. Many, including myself, thought closing the markets was possible as has been done during other big shocks and without jeopardizing the reputation of exchanges or officials. Central banks and governments around the world began responding in earnest to the impact of economic shutdowns the market disruptions. The …
Will PMIs Show Economies Hit Bottom? Are US-China Tensions Rising Again? Will PMIs Show Economies Hit Bottom? Are US-China Tensions Rising Again? Reviewed by Marc Chandler on May 16, 2020 Rating: 5
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May Monthly

May 01, 2020
Aggressive action by several central banks and governments helped reduce the extreme tail risk that had seemed so dominant in the second half of March.  Strains in the funding markets eased, and equity markets recouped some of the steep losses inflicted during the frenzied panic.   To be sure, most major economies were largely shut down in April, …
May Monthly May Monthly Reviewed by Marc Chandler on May 01, 2020 Rating: 5
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March Monthly

March 01, 2020
The new coronavirus that originated in China, apparently first detected in December, emerged on the world's stage in January and continues to dominate the investment climate. There are two critical questions for investors and businesses whose answers will likely be clearer in the first part of March.  First, will Covid-19 be contained for the …
March Monthly March Monthly Reviewed by Marc Chandler on March 01, 2020 Rating: 5
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February Monthly

February 03, 2020
The global capital markets were roiled in recent weeks by the new virus that jumped species in China.  It is contagious during the incubation periods and appears similar though more aggressive than  SARS in 2003-2004.  And China is larger and significantly more integrated into the global political economy.    
The new coronavirus is impactful in se…
February Monthly February Monthly Reviewed by Marc Chandler on February 03, 2020 Rating: 5
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The Return of Spheres of Influence

January 27, 2020
Traditionally, international relations were driven by what is called spheres of influence.  European and Japanese governments divided Asia and Africa among them. The spheres were often political concessions or the result of direct force,   War was often the price to be paid for increasing one's sphere.  Though simplistically expressed here to …
The Return of Spheres of Influence The Return of Spheres of Influence Reviewed by Marc Chandler on January 27, 2020 Rating: 5
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