Why The Collapsing Chinese Credit Impulse Is All That Matters

Today, almost a year and a half later, the world is once again on the verge of a recession, with China – whose recent economic data has been on the verge of disaster – closely watched as the spark that could light the next global economic and financial conflagration. And not surprisingly, it is again all about the Chinese credit impulse, which – it should come as no surprise – has dropped to just shy of a fresh post-crisis low…..