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MagnesiuMeow
2021-07-19
Good news
抱歉，原内容已删除
MagnesiuMeow
2021-08-01
Interesting.
MagnesiuMeow
2021-08-01
Interesting.
MagnesiuMeow
2021-07-26
Really !
Bitcoin Surges Toward $40,000 Level, Extending Recent Recovery
MagnesiuMeow
2021-07-26
Really
抱歉，原内容已删除
MagnesiuMeow
2021-07-19
Great info
The ECB's New Inflation Plan Is Like The Old Plan. But Worse...
MagnesiuMeow
2021-07-19
Up
China likely to keep lending benchmark LPR steady in July, outlook divided
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! ","listText":"Really ! ","text":"Really !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/800354971","repostId":"1143726595","repostType":4,"repost":{"id":"1143726595","kind":"news","pubTimestamp":1627268746,"share":"https://www.laohu8.com/m/news/1143726595?lang=&edition=full","pubTime":"2021-07-26 11:05","market":"other","language":"en","title":"Bitcoin Surges Toward $40,000 Level, Extending Recent Recovery","url":"https://stock-news.laohu8.com/highlight/detail?id=1143726595","media":"Bloomberg","summary":"Bitcoin surged on Monday in Asia to nearly $40,000, extending a recent recovery.\nThe largest cryptoc","content":"<p>Bitcoin surged on Monday in Asia to nearly $40,000, extending a recent recovery.</p>\n<p>The largest cryptocurrency rose as much as 15% to $39,681 before paring some of the climb. It was at about $38,100 as of 9:13 a.m. in Hong Kong. The token climbed above its 50-day moving average over the weekend.</p>\n<p>Bitcoin had looked to be in danger of further declines after it fell below $30,000 last week, a level widely flagged by strategists as potentially spurring further drops.</p>\n<p>But it got a boost when Elon Musk -- at “The B Word” conference on Wednesday -- said he wants Bitcoin to succeed and that his space-exploration company SpaceX Inc. owns some. Star investor Cathie Wood said corporations should consider adding Bitcoin to their balance sheets, while Square Inc. CEO Jack Dorsey said the coin is resilient.</p>\n<p><img src=\"https://static.tigerbbs.com/2c87ab0d72c7e6e46ad4cc12f6a27f37\" tg-width=\"930\" tg-height=\"523\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>Second-largest cryptocurrency Ether also surged, though by a more modest 8.4% to a high of $2,339.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin Surges Toward $40,000 Level, Extending Recent Recovery</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin Surges Toward $40,000 Level, Extending Recent Recovery\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-26 11:05 GMT+8 <a href=https://www.bloomberg.com/news/articles/2021-07-26/bitcoin-surges-toward-40-000-level-extending-recent-recovery><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bitcoin surged on Monday in Asia to nearly $40,000, extending a recent recovery.\nThe largest cryptocurrency rose as much as 15% to $39,681 before paring some of the climb. It was at about $38,100 as ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-07-26/bitcoin-surges-toward-40-000-level-extending-recent-recovery\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.bloomberg.com/news/articles/2021-07-26/bitcoin-surges-toward-40-000-level-extending-recent-recovery","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143726595","content_text":"Bitcoin surged on Monday in Asia to nearly $40,000, extending a recent recovery.\nThe largest cryptocurrency rose as much as 15% to $39,681 before paring some of the climb. It was at about $38,100 as of 9:13 a.m. in Hong Kong. The token climbed above its 50-day moving average over the weekend.\nBitcoin had looked to be in danger of further declines after it fell below $30,000 last week, a level widely flagged by strategists as potentially spurring further drops.\nBut it got a boost when Elon Musk -- at “The B Word” conference on Wednesday -- said he wants Bitcoin to succeed and that his space-exploration company SpaceX Inc. owns some. Star investor Cathie Wood said corporations should consider adding Bitcoin to their balance sheets, while Square Inc. CEO Jack Dorsey said the coin is resilient.\n\nSecond-largest cryptocurrency Ether also surged, though by a more modest 8.4% to a high of $2,339.","news_type":1},"isVote":1,"tweetType":1,"viewCount":149,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800355168,"gmtCreate":1627281165254,"gmtModify":1633766553808,"author":{"id":"4089420740580960","authorId":"4089420740580960","name":"MagnesiuMeow","avatar":"https://static.tigerbbs.com/1e09b2f0820c2a33f8f49a142974097b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089420740580960","authorIdStr":"4089420740580960"},"themes":[],"htmlText":"Really","listText":"Really","text":"Really","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/800355168","repostId":"1123832536","repostType":4,"isVote":1,"tweetType":1,"viewCount":233,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173709682,"gmtCreate":1626684041246,"gmtModify":1633924957222,"author":{"id":"4089420740580960","authorId":"4089420740580960","name":"MagnesiuMeow","avatar":"https://static.tigerbbs.com/1e09b2f0820c2a33f8f49a142974097b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089420740580960","authorIdStr":"4089420740580960"},"themes":[],"htmlText":"Great info","listText":"Great info","text":"Great info","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/173709682","repostId":"1166880679","repostType":4,"repost":{"id":"1166880679","kind":"news","pubTimestamp":1626680682,"share":"https://www.laohu8.com/m/news/1166880679?lang=&edition=full","pubTime":"2021-07-19 15:44","market":"uk","language":"en","title":"The ECB's New Inflation Plan Is Like The Old Plan. But Worse...","url":"https://stock-news.laohu8.com/highlight/detail?id=1166880679","media":"zerohedge","summary":"Old, absurd, and unfit for purpose;how else to describe the “new” monetary framework for euro moneta","content":"<p><b>Old, absurd, and unfit for purpose;</b>how else to describe the “new” monetary framework for euro monetary policy presented by ECB Chief Lagarde amidst much fanfare on Thursday, July 8?</p>\n<p><b>Why old?</b>The “new” framework is remarkably similar to that unveiled in May 2003.</p>\n<p><b>Why absurd?</b>The main rationale put forward for the framework is to work around a problem of the “zero bound”. <i>That</i> problem, however, is of the ECB’s own making.</p>\n<p><b>Why unfit for purpose?</b> Chief Christine Lagarde tells us that the review has been undertaken to make sure that “our monetary policy strategy is fit for purpose both today and in the future”. But she considers no critique of that strategy and advances no rebuttal of any. She does not explain why she expects better results from a plan that so similar to the strategy that's been pursued during the past quarter century.</p>\n<p><u><b>What Is New in the Plan?</b></u></p>\n<p>The ECB has upped its inflation target.</p>\n<p>So what is now new? “Just below 2 per cent”, the 2003 formulation, has been replaced by “2 per cent”. Deep in the text of the new framework is reference to knowledge gained since then about the severity of monetary policy paralysis which can occur when inflation falls too far. This discovery, we're told, justifies greater leniency in accepting an inflation overshoot for some time. The reader then arrives at the gobbledygook phrase “price stability is best maintained by aiming for a 2 per cent inflation target over the medium term”.</p>\n<p>The ECB has adopted many new radical tools to make this happen. Following on from the 2 per cent statement, the ECB confirms the setting of interest rates remains the primary tool, but many other tools are available as well:</p>\n<blockquote>\n The Governing Council also confirmed that the set of ECB interest rates remains the primary monetary policy instrument. Other instruments, such as forward guidance, asset purchases and longer-term refinancing operations, that over the past decade have helped mitigate the limitations generated by the lower bound on nominal interest rates will remain an integral part of the ECB\"s toolkit, to be used as appropriate.\n</blockquote>\n<p>In other words, the new plan tells us the ECB plans to be much more activist and it plans to use many \"tools\" that were once considered to be unacceptably radical.</p>\n<p>Think back to Spring 2003 when Professor Otmar Issing introduced the ECB’s then-new framework. The salient point then was that the ECB would aim for inflation of just under 2 per cent, ready to take as determined action to prevent inflation undershoots as well as overshoots. In response to a question, he insisted that the ECB had been following in practice this policy framework since the launch of the euro (1999), even though its formal aim had been simply inflation below 2 per cent, which in principle could have meant inflation for most of the time at zero.</p>\n<p>At the time of the last review Professor Issing was still highly respectful about a second pillar of ECB policymaking founded on a monitoring range for broad money supply growth. There was no mention then of QE, forward guidance, long-term rate manipulation and these tools were not accepted as legitimate. Legitimacy and application of such “non-conventional tools” came in the midst of the sovereign and banking debt crises of 2010-12. They were introduced as essential for monetary control. Everyone and their dog, however, realized that their primary purpose was for the ECB to effect massive transfers of funds towards supporting the weak sovereigns and their banks. Now that pretense has become part of the new framework.</p>\n<p><u><b>Managing Price-Inflation Expectations</b></u></p>\n<p>One might have expected some pushback against all this from the Bundesbank or the Dutch National Bank. There is no evidence of this except indirectly in the concession by ECB of a <i>quid pro quo.</i>Its review states that the estimation of inflation for targeting should be modified eventually to take account of the cost of owner-occupied housing</p>\n<p>This is a very weak reed of defiance. The ECB tells us that the cost of owner-occupied housing is now to be estimated in a “stand-alone index” and this should be considered in a wider context of assessing monetary conditions for the next few years. Ultimately by the mid-2020s the ECB foresees that there will be a modified HICP (euro-area CPI) which includes this estimation of owner-occupied housing costs, but this will not be fully operational as a target variable until the late 2020s. Who knows; by then the terrific housing price boom across much of the euro-zone, including prominently Germany and Holland in recent years, might have gone into reverse, meaning the HICP will be reformed in a direction which in fact calls for an even more radical European monetary policy.</p>\n<p><u><b>Why Is the New Plan Necessary?</b></u></p>\n<p>The ECB pleads that its new “framework” has become necessary because the problem of the “zero bound” has become so severe. That is, with interest rates already so low, it is assumed the central bank needs new tools to push up price inflation, even with target interest rates already at zero or below zero. This is due, it says, to issues beyond its control. “Structural developments have lowered the equilibrium real rate of interest – decline in productivity growth, demography, and persistently higher demand for safe liquid assets. Hence the incidence and direction of episodes in which nominal policy rates are close to the effective lower bound increased – with the current episode lasting more than 10 years”.</p>\n<p><u><b>The ECB Won't Solve the Problem the ECB Created</b></u></p>\n<p>What chutzpah! This alleged problem of “extraordinarily low equilibrium real rates” is a problem of the central bank’s own making. The European sovereign debt and banking crisis of 2010-12, the trigger to initial downward forces on the equilibrium real rate, was itself a consequence of ECB policy through the years 1997-2007. This was highly inflationary, albeit that the symptoms were more sharply visible for much of the time in asset markets than goods and services markets. By aiming for 2 per cent inflation at a time of rapid productivity growth and globalization, also with downward pressure on prices due to increased competition within EMU, the ECB fanned monetary inflation.</p>\n<p>“Equilibrium real rates” have remained so low far beyond the crises of 2008-12 and their immediate aftermath precisely because the ECB’s policies have induced and added to economic sclerosis. Its radicalism, characterized by negative interest rates and vast QE operations focussed on bailing out weak sovereigns and banks, has sapped any potential dynamism out of the European economies.</p>\n<p>Examples of how the ECB has contributed to economic sclerosis include the fantastic continuing gravy train into Italy which has fortified the status quo there but smothered any creative destruction including winding down of big government and cronyism; the stimulation of a financial engineering boom and more broadly financial speculation in which investors pursue high apparent returns based on camouflaged leverage and other optical illusions rather than potential returns on long-gestation capital spending ; the generation of massive capital exports as interest income famine European investors search out apparently high returns abroad especially in high-risk credit markets and also in the Eldorado of US monopoly capitalism (especially the big five FAAAMs), itself a dead hand throttling economic dynamism globally; the fuelling of a fantastic real estate construction boom most of all in Germany which does not generate productivity growth; creating desperation amongst some households about negative returns on their savings and the ultimate prospects of their pensions becoming cut in the midst of the next financial crisis and so causing them to restrict spending.</p>\n<p>Unsound money whether by the Fed or the ECB or the Bank of Japan has produced an apparent low and allegedly (according to the central bank narrative) sub-zero equilibrium interest rate.</p>\n<p><b>Sound money, not a digging in around the present monetary framework, is the answer to the zero rate boundary problem.</b></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The ECB's New Inflation Plan Is Like The Old Plan. But Worse...</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe ECB's New Inflation Plan Is Like The Old Plan. But Worse...\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-19 15:44 GMT+8 <a href=https://www.zerohedge.com/markets/ecbs-new-inflation-plan-old-plan-worse?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Old, absurd, and unfit for purpose;how else to describe the “new” monetary framework for euro monetary policy presented by ECB Chief Lagarde amidst much fanfare on Thursday, July 8?\nWhy old?The “new” ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/ecbs-new-inflation-plan-old-plan-worse?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/markets/ecbs-new-inflation-plan-old-plan-worse?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166880679","content_text":"Old, absurd, and unfit for purpose;how else to describe the “new” monetary framework for euro monetary policy presented by ECB Chief Lagarde amidst much fanfare on Thursday, July 8?\nWhy old?The “new” framework is remarkably similar to that unveiled in May 2003.\nWhy absurd?The main rationale put forward for the framework is to work around a problem of the “zero bound”. That problem, however, is of the ECB’s own making.\nWhy unfit for purpose? Chief Christine Lagarde tells us that the review has been undertaken to make sure that “our monetary policy strategy is fit for purpose both today and in the future”. But she considers no critique of that strategy and advances no rebuttal of any. She does not explain why she expects better results from a plan that so similar to the strategy that's been pursued during the past quarter century.\nWhat Is New in the Plan?\nThe ECB has upped its inflation target.\nSo what is now new? “Just below 2 per cent”, the 2003 formulation, has been replaced by “2 per cent”. Deep in the text of the new framework is reference to knowledge gained since then about the severity of monetary policy paralysis which can occur when inflation falls too far. This discovery, we're told, justifies greater leniency in accepting an inflation overshoot for some time. The reader then arrives at the gobbledygook phrase “price stability is best maintained by aiming for a 2 per cent inflation target over the medium term”.\nThe ECB has adopted many new radical tools to make this happen. Following on from the 2 per cent statement, the ECB confirms the setting of interest rates remains the primary tool, but many other tools are available as well:\n\n The Governing Council also confirmed that the set of ECB interest rates remains the primary monetary policy instrument. Other instruments, such as forward guidance, asset purchases and longer-term refinancing operations, that over the past decade have helped mitigate the limitations generated by the lower bound on nominal interest rates will remain an integral part of the ECB\"s toolkit, to be used as appropriate.\n\nIn other words, the new plan tells us the ECB plans to be much more activist and it plans to use many \"tools\" that were once considered to be unacceptably radical.\nThink back to Spring 2003 when Professor Otmar Issing introduced the ECB’s then-new framework. The salient point then was that the ECB would aim for inflation of just under 2 per cent, ready to take as determined action to prevent inflation undershoots as well as overshoots. In response to a question, he insisted that the ECB had been following in practice this policy framework since the launch of the euro (1999), even though its formal aim had been simply inflation below 2 per cent, which in principle could have meant inflation for most of the time at zero.\nAt the time of the last review Professor Issing was still highly respectful about a second pillar of ECB policymaking founded on a monitoring range for broad money supply growth. There was no mention then of QE, forward guidance, long-term rate manipulation and these tools were not accepted as legitimate. Legitimacy and application of such “non-conventional tools” came in the midst of the sovereign and banking debt crises of 2010-12. They were introduced as essential for monetary control. Everyone and their dog, however, realized that their primary purpose was for the ECB to effect massive transfers of funds towards supporting the weak sovereigns and their banks. Now that pretense has become part of the new framework.\nManaging Price-Inflation Expectations\nOne might have expected some pushback against all this from the Bundesbank or the Dutch National Bank. There is no evidence of this except indirectly in the concession by ECB of a quid pro quo.Its review states that the estimation of inflation for targeting should be modified eventually to take account of the cost of owner-occupied housing\nThis is a very weak reed of defiance. The ECB tells us that the cost of owner-occupied housing is now to be estimated in a “stand-alone index” and this should be considered in a wider context of assessing monetary conditions for the next few years. Ultimately by the mid-2020s the ECB foresees that there will be a modified HICP (euro-area CPI) which includes this estimation of owner-occupied housing costs, but this will not be fully operational as a target variable until the late 2020s. Who knows; by then the terrific housing price boom across much of the euro-zone, including prominently Germany and Holland in recent years, might have gone into reverse, meaning the HICP will be reformed in a direction which in fact calls for an even more radical European monetary policy.\nWhy Is the New Plan Necessary?\nThe ECB pleads that its new “framework” has become necessary because the problem of the “zero bound” has become so severe. That is, with interest rates already so low, it is assumed the central bank needs new tools to push up price inflation, even with target interest rates already at zero or below zero. This is due, it says, to issues beyond its control. “Structural developments have lowered the equilibrium real rate of interest – decline in productivity growth, demography, and persistently higher demand for safe liquid assets. Hence the incidence and direction of episodes in which nominal policy rates are close to the effective lower bound increased – with the current episode lasting more than 10 years”.\nThe ECB Won't Solve the Problem the ECB Created\nWhat chutzpah! This alleged problem of “extraordinarily low equilibrium real rates” is a problem of the central bank’s own making. The European sovereign debt and banking crisis of 2010-12, the trigger to initial downward forces on the equilibrium real rate, was itself a consequence of ECB policy through the years 1997-2007. This was highly inflationary, albeit that the symptoms were more sharply visible for much of the time in asset markets than goods and services markets. By aiming for 2 per cent inflation at a time of rapid productivity growth and globalization, also with downward pressure on prices due to increased competition within EMU, the ECB fanned monetary inflation.\n“Equilibrium real rates” have remained so low far beyond the crises of 2008-12 and their immediate aftermath precisely because the ECB’s policies have induced and added to economic sclerosis. Its radicalism, characterized by negative interest rates and vast QE operations focussed on bailing out weak sovereigns and banks, has sapped any potential dynamism out of the European economies.\nExamples of how the ECB has contributed to economic sclerosis include the fantastic continuing gravy train into Italy which has fortified the status quo there but smothered any creative destruction including winding down of big government and cronyism; the stimulation of a financial engineering boom and more broadly financial speculation in which investors pursue high apparent returns based on camouflaged leverage and other optical illusions rather than potential returns on long-gestation capital spending ; the generation of massive capital exports as interest income famine European investors search out apparently high returns abroad especially in high-risk credit markets and also in the Eldorado of US monopoly capitalism (especially the big five FAAAMs), itself a dead hand throttling economic dynamism globally; the fuelling of a fantastic real estate construction boom most of all in Germany which does not generate productivity growth; creating desperation amongst some households about negative returns on their savings and the ultimate prospects of their pensions becoming cut in the midst of the next financial crisis and so causing them to restrict spending.\nUnsound money whether by the Fed or the ECB or the Bank of Japan has produced an apparent low and allegedly (according to the central bank narrative) sub-zero equilibrium interest rate.\nSound money, not a digging in around the present monetary framework, is the answer to the zero rate boundary problem.","news_type":1},"isVote":1,"tweetType":1,"viewCount":182,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173700488,"gmtCreate":1626683991944,"gmtModify":1633924957685,"author":{"id":"4089420740580960","authorId":"4089420740580960","name":"MagnesiuMeow","avatar":"https://static.tigerbbs.com/1e09b2f0820c2a33f8f49a142974097b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089420740580960","authorIdStr":"4089420740580960"},"themes":[],"htmlText":"Up ","listText":"Up ","text":"Up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/173700488","repostId":"2152631284","repostType":4,"repost":{"id":"2152631284","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1626680690,"share":"https://www.laohu8.com/m/news/2152631284?lang=&edition=full","pubTime":"2021-07-19 15:44","market":"sh","language":"en","title":"China likely to keep lending benchmark LPR steady in July, outlook divided","url":"https://stock-news.laohu8.com/highlight/detail?id=2152631284","media":"Reuters","summary":"SHANGHAI, July 19 (Reuters) - China will likely keep its benchmark lending rate unchanged at its Jul","content":"<p>SHANGHAI, July 19 (Reuters) - China will likely keep its benchmark lending rate unchanged at its July fixing on Tuesday, a small majority of respondents to a Reuters survey believe, but there are growing expectations for a cut after a surprise lowering of bank reserve requirements.</p>\n<p>Eleven traders and analysts, or 52.4% of 21 participants, in the snap poll predicted no change in either the <a href=\"https://laohu8.com/S/AONE.U\">one</a>-year Loan Prime Rate (LPR) or the five-year tenor.</p>\n<p>The remaining 10 respondents expect a cut to the one-year LPR. Nine participants forecast a marginal cut of 5 basis points, and one sees a 10 bp reduction.</p>\n<p>The one-year LPR was last at 3.85%, and the five-year rate stood at 4.65%.</p>\n<p>The mixed expectations come after China's central bank lowered the amount of cash that banks must hold as reserves, releasing around 1 trillion yuan ($154.35 billion) in long-term liquidity to underpin its post-COVID economic recovery that was starting to lose momentum.</p>\n<p>However, the People's Bank of China (PBOC) kept borrowing costs of medium-term lending facility (MLF), which serves as a guide for the LPR, unchanged at its latest operation last week, when it partially rolled over maturing loans.</p>\n<p>\"Although the PBOC recognises that downward pressure on growth is likely to rise in H2, it has been quite determined in containing financing for the property sector, which is a key signature of Beijing's 'dual circulation' strategy,\" said Lu Ting, chief China economist at Nomura. Lu expects the LPR will likely remain unchanged this month.</p>\n<p>A slew of economic data including second quarter GDP and June activity indicators showed that China's economic recovery might have peaked, suggesting more easing was still needed.</p>\n<p>China's economy grew slightly more slowly than expected in the second quarter, weighed down by higher raw material costs and new COVID-19 outbreaks, as expectations build that policymakers may have to do more to support the recovery.</p>\n<p>\"The 1Y LPR is likely to fall by 5 bps on July 20 and another 5 bps before year-end due to RRR cuts and reduced interest rate ceilings for term deposits longer than one year,\" Li Wei, senior China economist at Standard Chartered, said in a note.</p>\n<p>The LPR is a lending reference rate set monthly by 18 banks.</p>\n<p>All 21 responses in the survey were collected from selected participants on a private messaging platform.</p>\n<p>($1 = 6.4788 Chinese yuan)</p>\n<p>(Reporting by Reuters fixed income team, Writing by Winni Zhou; Editing by Jacqueline Wong)</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China likely to keep lending benchmark LPR steady in July, outlook divided</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina likely to keep lending benchmark LPR steady in July, outlook divided\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-07-19 15:44</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>SHANGHAI, July 19 (Reuters) - China will likely keep its benchmark lending rate unchanged at its July fixing on Tuesday, a small majority of respondents to a Reuters survey believe, but there are growing expectations for a cut after a surprise lowering of bank reserve requirements.</p>\n<p>Eleven traders and analysts, or 52.4% of 21 participants, in the snap poll predicted no change in either the <a href=\"https://laohu8.com/S/AONE.U\">one</a>-year Loan Prime Rate (LPR) or the five-year tenor.</p>\n<p>The remaining 10 respondents expect a cut to the one-year LPR. Nine participants forecast a marginal cut of 5 basis points, and one sees a 10 bp reduction.</p>\n<p>The one-year LPR was last at 3.85%, and the five-year rate stood at 4.65%.</p>\n<p>The mixed expectations come after China's central bank lowered the amount of cash that banks must hold as reserves, releasing around 1 trillion yuan ($154.35 billion) in long-term liquidity to underpin its post-COVID economic recovery that was starting to lose momentum.</p>\n<p>However, the People's Bank of China (PBOC) kept borrowing costs of medium-term lending facility (MLF), which serves as a guide for the LPR, unchanged at its latest operation last week, when it partially rolled over maturing loans.</p>\n<p>\"Although the PBOC recognises that downward pressure on growth is likely to rise in H2, it has been quite determined in containing financing for the property sector, which is a key signature of Beijing's 'dual circulation' strategy,\" said Lu Ting, chief China economist at Nomura. Lu expects the LPR will likely remain unchanged this month.</p>\n<p>A slew of economic data including second quarter GDP and June activity indicators showed that China's economic recovery might have peaked, suggesting more easing was still needed.</p>\n<p>China's economy grew slightly more slowly than expected in the second quarter, weighed down by higher raw material costs and new COVID-19 outbreaks, as expectations build that policymakers may have to do more to support the recovery.</p>\n<p>\"The 1Y LPR is likely to fall by 5 bps on July 20 and another 5 bps before year-end due to RRR cuts and reduced interest rate ceilings for term deposits longer than one year,\" Li Wei, senior China economist at Standard Chartered, said in a note.</p>\n<p>The LPR is a lending reference rate set monthly by 18 banks.</p>\n<p>All 21 responses in the survey were collected from selected participants on a private messaging platform.</p>\n<p>($1 = 6.4788 Chinese yuan)</p>\n<p>(Reporting by Reuters fixed income team, Writing by Winni Zhou; Editing by Jacqueline Wong)</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2152631284","content_text":"SHANGHAI, July 19 (Reuters) - China will likely keep its benchmark lending rate unchanged at its July fixing on Tuesday, a small majority of respondents to a Reuters survey believe, but there are growing expectations for a cut after a surprise lowering of bank reserve requirements.\nEleven traders and analysts, or 52.4% of 21 participants, in the snap poll predicted no change in either the one-year Loan Prime Rate (LPR) or the five-year tenor.\nThe remaining 10 respondents expect a cut to the one-year LPR. Nine participants forecast a marginal cut of 5 basis points, and one sees a 10 bp reduction.\nThe one-year LPR was last at 3.85%, and the five-year rate stood at 4.65%.\nThe mixed expectations come after China's central bank lowered the amount of cash that banks must hold as reserves, releasing around 1 trillion yuan ($154.35 billion) in long-term liquidity to underpin its post-COVID economic recovery that was starting to lose momentum.\nHowever, the People's Bank of China (PBOC) kept borrowing costs of medium-term lending facility (MLF), which serves as a guide for the LPR, unchanged at its latest operation last week, when it partially rolled over maturing loans.\n\"Although the PBOC recognises that downward pressure on growth is likely to rise in H2, it has been quite determined in containing financing for the property sector, which is a key signature of Beijing's 'dual circulation' strategy,\" said Lu Ting, chief China economist at Nomura. Lu expects the LPR will likely remain unchanged this month.\nA slew of economic data including second quarter GDP and June activity indicators showed that China's economic recovery might have peaked, suggesting more easing was still needed.\nChina's economy grew slightly more slowly than expected in the second quarter, weighed down by higher raw material costs and new COVID-19 outbreaks, as expectations build that policymakers may have to do more to support the recovery.\n\"The 1Y LPR is likely to fall by 5 bps on July 20 and another 5 bps before year-end due to RRR cuts and reduced interest rate ceilings for term deposits longer than one year,\" Li Wei, senior China economist at Standard Chartered, said in a note.\nThe LPR is a lending reference rate set monthly by 18 banks.\nAll 21 responses in the survey were collected from selected participants on a private messaging platform.\n($1 = 6.4788 Chinese yuan)\n(Reporting by Reuters fixed income team, Writing by Winni Zhou; Editing by Jacqueline Wong)","news_type":1},"isVote":1,"tweetType":1,"viewCount":142,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
