Juggling Dynamite

Sometimes the reforms and improvements needed in the world can seem overwhelming and hopeless.  But when individuals lead through action within their own sphere of influence, change does happen.  Being part of the worker bee crew evolving humanity for the better is worthwhile.  As my Irish granny used to say:  “Ta hell with darkness.”

The 100% campaign went to Buffalo, New York to surprise five individuals who are making a difference and then some — they are transforming a city. Watch us surprise Lorna, Paul, Khadijah, Aweso, and Josh and celebrate all the ways they give and live their 100%.  Here is a direct video link.

New video by @MarkRuffalo‘s @SolutionsProj is inspiring, heartfelt, and positively 100%: https://t.co/uOqRf2gPki @100isNow #NY

— Cater Communications (@CaterComNews) October 14, 2016

Investigations into business practices at the giant US bank Wells Fargo are continuing today despite the resignation of its CEO John G Stumpf earlier in the week. His departure was prompted by continuing allegations of mis-selling by the bank including the creation of millions of fake customer accounts. Stumpf’s exit has produced a political furor over the estimated $130m he took with him as a leaving payment, whilst his his replacement as CEO, Timothy J Sloan, has already been criticized for offering little in the way of change.

Nomi Prins, Investigative Journalist and Author of ‘All the Presidents’ Bankers’ joined Share Radio’s Steve Clarke on the line all the way from the US to discuss Wells Fargo’s ongoing troubles. Here is a direct audio link.

Also see:  What’s next for Wells Fargo? Here are some of the shoes that still could drop

A weaker currency generally makes for cheaper exports, so one might assume that the falling Yuan over the last year would be good for Chinese sales.  But that would be wrong.  In September Chinese exports contracted 10% year over year, even as the Yuan fell almost 8% in trade-weighted terms.  This chart of the CYB since 2008, shows that the Yuan has been weakening (along with global sales and corporate earnings) since 2014.

Of course this is not just China-specific. Competing exporters like South Korea and Taiwan have reported disappointing numbers as well. This is about a broad global downturn in consumption and investment.  See: China Trade: another weak signal for global economy

And the slump is unlikely to be a short or shallow.  After 20 years of reckless credit pumping, the world is now working through an epic payback/write-down/write-off phase that is likely to be secular (more than one business cycle) in duration.

Enligtened people will understand the reasons we have earned this period and adapt their employment, investment and business plans to prosper in the new climate. Waiting for the good old throw-away days of endless spending, mal-investment and under-saving to return soon, is a bad plan.

Neil Shearing, chief emerging markets economist at Capital Economics, discussed the implications for emerging markets and by extension commodity producers on Bloomberg.  Here is a direct video link.