En kollegas anteckningar efter framträdandet på CNBC igår:
Main points from mr Chanos’ appearance on CNBC today:
• The two things consensus is sure about are that central bankers in the west will ease and China will stimulate => China is already stimulating and credit growth will be 30% in 2012!
• Chinese corporate profits (stated) are imploding right now
• Don’t trust any company’s accounts in China (i.e. the imploding stated profits are even worse underlying)
• Chinese corporates don’t earn their profits in cash, just in transactions with affiliates
• The web of collateral in commodities is starting to unravel; lenders discover that collateral is rehypothecated and simply not there when they want to seize it.