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Forex Futures Forum Archive for 04/21/2011
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Syd 02:09 GMT April 21, 2011
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And now for the latest does of reality from China, which will no doubt be reported by precisely zero of the mainstream media outlets. According to Stratfor, there has been a trucker strike in the Waigaoqiao zone in Shanghai on the morning of April 20. As the attached video reports: "The protests the morning of April 20 were in one of Shanghai’s busiest container ports and they were the result of rising fuel prices and low wages. In 2008, we saw similar strikes over fuel prices as taxi drivers took to the streets across China, highlighting how inflation can easily translate into social issues. These protests come a week after residents gathered in the Sonjiang district in Shanghai on April 13 in protest of cheng guan officials, also known as urban management officials, were said to have beaten a pedestrian in a traffic dispute and Shanghai is also the area where we saw the largest gathering during the Jasmine Movement on February 27." So how much longer will China be able to pretend that its USD-pegged monetary policy, not to mention the Fed's inflation exporting efforts is contained? And how long until China's inability to contain its inflation results in a Tiananmen-lite (or not so lite) redux?
These protests come a week after residents gathered in the Sonjiang district in Shanghai on April 13 in protest of cheng guan officials, also known as urban management officials, were said to have beaten a pedestrian in a traffic dispute and Shanghai is also the area where we saw the largest gathering during the Jasmine Movement on February 27.Shanghai is one of China’s most international cities but, despite its foreign exposure, the government has clamped down on local media reports of the protests, where there’ve been rumors of several deaths. While all these issues were sparked by different grievances, combined they show the desire of people to take these issues to the street. Ultimately the biggest fear of the Chinese Communist Party is that these issues can collide, leading to ever bigger demonstrations that could be both harder to contain and control.
Syd 01:20 GMT April 21, 2011
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http://video.cnbc.com/gallery/?video=3000017792
Syd 00:11 GMT April 21, 2011
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I’ve certainly written about them enough, starting with a controversial report in September about whether an ETF could collapse, and another, in November, with the Kauffman Foundation study about systemic risk.
In each case the critics assailed the reports as having been written by people who in, in some way, are biased in favor of the traditional mutual fund industry.
Never mind how nonsensical that is: The risks are and were real — even if they never amount to anything.
But now several warnings are coming back-to-back-to-back that can't be ignored:
The result: Increasingly exotic ETF structures are more complicated and risky, even with their claims of transparency. Many of the most exotic are leveraged ETFs, which juice returns to multiples of the indexes they track. According to the study, those leveraged ETFs account for nearly 20 percent of ETF turnover, even though they represent 3 percent of ETF assets.
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