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Peter St Onge Podcast
Episode 19: Weekly Roundup 08.28.2023
Aug 28, 2023
China facing a potential financial collapse, Target losing $1.3 billion to shoplifters, millions locked in homes due to high mortgage rates, media promoting higher inflation, Congress rejects CBDC but the Fed is building one, American consumers running out of money, Fed planning higher rates until job market breaks.
24:10
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Quick takeaways
- China's economy is facing a potential crisis, with major analysts warning of a 'Lehman moment' and significant distress in manufacturing and home builders, highlighting the downward spiral of the Chinese economy.
- Target has experienced lower earnings and a $1.3 billion loss in inventory strength due to backlash and industrial-scale shoplifting incidents, with the promotion of LGBTQ merchandise during Pride Month leading to a consumer boycott and decreased sales, indicating the impact of social issues on retail businesses.
Deep dives
China's Financial Crisis and Government Response
China is facing a potential financial crisis as their economy deteriorates. The Wall Street Journal warns of a possible 'Lehman moment', referring to the collapse of Lehman Brothers in 2008. China's GDP growth has been downgraded by major analysts, highlighting a downward spiral. Manufacturing and home builders in China are in distress, with over half of the Chinese economy affected. Chinese home builders hold over five trillion in debt, making them too big to bail out. The Chinese government has hit the panic button, ordering investment funds to stop selling Chinese stocks and major banks to buy the Yuan to stabilize the currency.
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