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1 comment:
On Tuesday, July 1, 2014, the world passed through a historic economic inflection point, as Credit Investments, that is Aggregate Credit, AGG, specifically the 30 Year US Government Bonds, EDV, the 10 Year US Government Notes, TLT, and Junk Bonds, JNK, failed, as the Bond Vigilantes called the Interest Rate on the US Ten Year Note, ^TNX, higher from 2.49% to 2.56%, and which in so doing traded lower from a double top high.
The Global Credit Bubble burst on July 1, 2014, communicating the failure of credit has commenced, with the result that the world is starting to pivot from the age of credit and currencies, and into the age of diktat and debt servitude.
Currency traders called the Japanese Yen, FXY, lower, and the British Pound Sterling, and two Commodity Currencies, CCX, these being the Australian Dollar, FXA, and the Canadian Dollar, FXC, higher, with the result that most Equity Investments, that is World Stocks, ACWX, traded to new rally highs, as funds flowed out of the Credit Investments, that is Aggregate Credit, AGG, as global debt deflation commenced on July 1, 2014.
The failure of Credit, AGG, on Tuesday, July 1, 2014, propelled the world into Kondratieff Winter, is a painful economic experience, as it involves a see saw destruction of Fiat Wealth, such as the Eurozone Stocks, EZU, and Eurozone Nations, such as Ireland, EIRL, and Greece, GREK, together with European Credit. Junk Bonds, JNK, traded parabolically lower; these are now a failed investment. Reuters reports Global Investors Pare Risky Bond Holdings, Brace For Sell-off
The 30 Year US Government Bonds, EDV, and the 10 Year US Government Notes, TLT, traded decisively lower, with the result that the Pursuit of Yield Rally, that commenced in January 2014, ended on July 1, 2014.
The trade lower in Credit Investments, AGG, is a profound historic change, as debt has been the engine of growth; the global economic future is one of economic deflation, now that debt is trading lower in value.
While the world is achieving peak wealth and peak money, Bonds, BND, are no longer a viable investment. The world is transitioning into the final phase of the Business Cycle, that is Kondratieff Winter, on the failure of credit, that is the failure of Credit Investments, as the Bond Vigilantes have called the Benchmark Interest Rate, $TNX, higher from 2.49% to 2.56%.
Of note, European Credit, EU, is now trading lower; in fact all Credit Investments are now trading lower from their rally highs.
The trade lower in the US Sovereign Debt, means the end of the era of US Dollar Hegemony, establishes the beginning of the end of the US Dollar Empire, and communicates the end of Global Finance.
When Sovereign Currencies, trade lower, debt deflation in Equity Investments, that is World Stocks, ACWX, will get strongly underway as the death of currencies commences.
Inasmuch as the Bond Vigilantes have called the Benchmark Interest Rate, $TNX, consistently higher from 2.49% to 2.56 on July 1, investors no longer consider the Banker Regime’s credit viable, and as a result, July 1, 2014, establishes peak money, and marks a pivoting from the age of prosperity to the age of austerity.
The Banker Regime’s fiat money, was based upon policies of investment choice and schemes of credit liquidity; it is giving way to the Beast Regime’s diktat money, which is based upon policies of diktat and schemes of debt servitude.
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