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By Tyler Durden

“Intervention in foreign exchange markets in order to gain a competitive advantage is unacceptable,” proclaims US Treasury Secretary Jack Lew in a strongly worded statement today with regard America's position in the global economy. That we note this comment is only relevant as, despite the apparent “stability” of the Chinese Yuan against the USD, relative to the 13-currency-basket with which China primarily trades, the Yuan has collapsed to 17-month lows – with JPY and EUR appearing to bear the brunt of the pain.

The US Dollar has traded within a relatively “stable” band against the offshore Yuan for much of the last six weeks…

But when compared to the collapse of the Yuan “basket” – as PBOC devalued against the rest of the major trading partners – the 'stealth' devaluation is obvious…

Is it any wonder that JPY is surging – despite all of Kuroda's best jawboning efforts?

As Lew's statement notes,

As other countries gain greater voice in the international system, they also must accept greater responsibilities. A major one is to engage in responsible foreign exchange practices. Currency fluctuations are a normal and even desirable attribute of the global economy. When the values of currencies are allowed to move according to market forces, the global economy can better adapt to changes in relative economic performance among countries. What is unacceptable, however, is intervention in foreign exchange markets in order to gain a competitive advantage in trade or impede adjustments in the balance of payments.

Competitive devaluation represents a beggar-thy-neighbor fight for a shrinking global pie, not a pathway to stronger global growth.

Strong multilateral institutions such as the IMF and the G-20 are important vehicles for reinforcing norms against predatory currency practices and for mobilizing multilateral pressure against countries that engage in them. At the G-20 meeting in Shanghai this February, members not only committed to using all tools of policy—monetary, fiscal, and structural—to boost economic growth in a time of weak demand. They also committed to refrain from competitive devaluation and, for the first time, to consult on foreign exchange markets to avoid surprises that could threaten global financial stability.

So the question is – Is it ok to “devalue” your currency against other non-reserve-status currencies? As long as the veil of “stability” is maintained against The USD?

…read more

Source: China’s Stealth Devaluation Continues Despite Lew Blasting "Unacceptable" FX Practices

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The world’s second-largest economy grew at the slowest pace in seven years during the first quarter, according to a CNNMoney survey of economists. …read more

Source: China to post worst quarterly growth in 7 years

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By Tyler Durden

Moments ago, in the first of two closely anticipated and watched votes, a special committee in Brazil’s lower house voted 38 to 27 to begin the impeachment process against president Dilma Rousseff.

The committee voted on a report presented last week that concluded Rousseff bypassed Congress in authorizing credits to mask a growing budget deficit. While the report is not binding, the vote to confirm or reject it is the first real barometer on the prospect for impeachment.

Prepared by committee rapporteur Jovair Arantes, the report says Rousseff broke budget law by signing off on expenditures that had not been previously authorized by Congress, and by agreeing to illegal loans between federal govt and state-owned banks.

A quick reminder of Brazil’s current chaotis situation: as a result of an economic crisis that has plunged Brazil’s economy into a deep depression, cost its its coveted investment-grade rating and led to the corruption scandal known as Carwash that has ensnared leading executives and politicians, the largest Latin Americam nation has been left deeply divided, culminating with a surge in populist anger aimed squarely at president Dilma Rousseff who has become the symbol for many of all that is broken.

However, unlike President Fernando Collor de Mello, who in 1992 was ousted by an overwhelming majority in both houses, Rousseff’s fate seems to be hanging in the balance as many centrist legislators remain undecided on whether to support Rousseff or side with Vice President Michel Temer, who would replace her and whose party left government last month.

In any event, now that a special committee has voted with an overwhelming majority to push forward, things are finally in motion and following today’s vote, the full Chamber of Deputies could vote as early as April 17, either killing impeachment or setting the stage for Rousseff’s ouster in the Senate.

Impeachment would require two-thirds support, or 342 of the 513 lower-house lawmakers, to send the case to the Senate. As Bloomberg reported on Saturday, the pro-impeachment tally rose to 285 on Saturday from 274 on Friday, according to a survey by newspaper O Estado de S.Paulo, while the anti-government group VemPraRua put the count at 282. A group of Rousseff allies, including members of her Workers’ Party, said 127 lawmakers were lined up against the president’s ouster, short of the one-third needed to block her removal.

If there is a majority, and if the Senate accepts charges against Rousseff, she must step down for up to 180 days, with VP Michel Temer taking over. The Senate then holds trial, and votes whether to permanently oust president.

But for now it is up to the House vote where as Bloomberg previously reported, supporters of Rousseff and Temer in recent days have both sought to sway undecided legislators by offering government posts. They have also squabbled over procedural issues that could slow or accelerate the process. The chairman of the impeachment committee has been moving to speed up the debate, for which more …read more

Source: Brazil Committee Votes To Begin Rousseff Impeachment Process: What Happens Next

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By Tyler Durden

One execrable, the other admirable.

Elio is developing a low-cost ($6,800 to start) very high mileage (80-plus MPG) commuter car.

Tesla builds expensive toys.

This – the building of toys – is not of itself an execrable activity. Lamborghinis and Porsches are toys, too.

They are expensive, impractical things.

As is the Tesla – including the new Model 3. It’s expensive ($35k to start; probably closer to $40k once all is said and done) and impractical. Not a car for cold places or long trips … unless you don’t mind long waits.

Not that there’s anything wrong with that… if that’s what you’re into.

Lambos are also finicky and not good for very much except going very fast and advertising that you’ve got funds.

The execrable element is that Tesla expects you to pay for its toys. Not for yourself. But so that other people – affluent people – can play with them.

It’s exactly like giving – being forced to give – your orthodontist a fat check so he can go out and buy a new 911 or Gallardo.

Elio, in contrast, merely offers its cars – which you’re free to buy or not. And if you don’t want one, they’re not gonna force you (via Uncle) to “help” other people buy one.

So, which one gets the press? The adulation of the press? The seal-clapping encomiums on Today and Good Morning America and such?

How many people have even heard of Elio Motors?

How many have not heard of Tesla?

The reason for this disparity is easy enough to grok:

Tesla makes collectivism sexy – and that makes Tesla popular with collectivists.

Selling the Green Agenda has not been easy because it seems pretty dreary. Pay more for shittier things. But the Tesla looks good. This allows preening.

It is quick – which allows bragging.

And – so they say – it is green, too.

This renders cost no object.

It doesn’t matter that the entire venture is a Jenga castle of crony capitalism; that every “sale” entails an extortion payment extracted from a real car company – a “carbon credit” that is “sold” to offset the less-than-Teslian characteristics of functionally viable but “greenhouse gas” producing conventional cars… that it is necessary to bribe even rich people who have money to burn on toys with thousands of dollars of tax write-offs (the costs for these written off onto the backs of those who pay the taxes) in order to complete each transaction.

No. The Tesla is a long-legged, G-string-wearing planet-saving sex machine… and can do no wrong. Sense is blind to the realities behind the flash in the same way that men’s reason is often blinded – and their judgment impaired – by a hot piece of ass. No matter her liabilities.

The Elio is not sexy. It …read more

Source: A Tale Of Two Car Companies

    

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