The large majority of the informants working in the RCH departments maintained that the current P4P bonus distribution modality at dispensaries and health centres, where they, unlike at hospitals get equal bonus money with non-RCH staff was fundamentally unfair. We find no evidence that the choice of performance measures in bonus contracts is associated with the level of financial distress or the value of CEO equity holdings relative to salary and bonus. Attempting to simplify things, a primary focus going forward will be the interplay between what I believe are faltering global “carry trades” and the massive amount of trend-following trading associated with bloated ETF, leveraged speculating community and derivatives complexes. Clearly, way too much “money” has flooded into the ETF and leveraged speculation universes. Bullish misperceptions regarding ETF liquidity are becoming too conspicuous to disregard. of these days the markets may break lower when there are large quantities of bearish hedges in the marketplace. Markets disregard unfolding trouble for as long as possible. Importantly, this was made possible by liquidity emanating from expanding global “carry trades” – notably from the yen and euro financing higher yielding EM and “developed” corporates, but also from “carry trade” leverage funneling “money” into the Chinese Bubble.

Duel Wielder – As a ranger, choose colossus slayer and use hunters mark as often as possible for increased damage on each strike, this greatly increases your average damage. ‘The courts can and do exercise wide discretion, and it’s not always clear how that discretion is applied,’ said Mark Hyde, global head of the insolvency and restructuring practice at law firm Clifford Chance… It is also clear that the hedge fund industry is really struggling in this market environment. At this point, however, maintaining the peg will require the People’s Bank of China to blow through it’s reserves to fund what will surely be massive financial outflows. And importantly, China must be resolute in defending its currency peg to the dollar. Chinese officials may now appreciate the risk of breaking the peg to the dollar. While the angry tweets, therapeutic Instagram testimonials and fiery speeches may comfort their fans, these left-leaning celebrities are also inadvertently energizing the opposition.

Chinese markets are broken and policymaking is discredited. Global risk markets traded this week tick-for-tick with the yen. The BOJ must continue with its massive QE program, ready to “push back” hard against a strengthening yen. These signals were instrumental in reversing yen and euro strength, alleviating fear of chaotic “carry trade” deleveraging. Similarly, the ECB must convey that it is willing to boost and broaden its securities purchase program as necessary, also pushing back to suppress euro rallies. The Fed must remain ultra-loose near zero rates, while upholding the perception that Yellen, Dudley & Co. will adhere to Bernanke’s doctrine of “pushing back against a tightening of financial conditions” (aka market risk aversion). Chinese officials must be willing to adopt “whatever it takes” fiscal and monetary stimulus to sustain their faltering expansion – economic activity essential to the overall global economy. The Chinese Bubble has caused a lot of damage – including repulsive air and water pollution.

I have posited that the global Bubble has burst. People have been known to misrepresent their identities on the internet. And, suddenly, the market seems to have awoken to the likelihood that China and other EMs have evolved into major sellers of US Treasuries (and bunds, gilts, etc.). And the analysis has once again circled back to China. Prospects that the Fed may not be as aggressive as anticipated in raising rates may encourage investors to step back into the market. Corporate debt markets, at the brink of serious liquidity issues on Monday and Tuesday, bounced back by week’s end. Total Non-financial debt actually expanded 3.0% in 2009 and then accelerated to 4.3% annualized in Q1 2010 and 4.7% in Q2. But if see that the last 4 spins resulted in Even numbers, then I would switch my bet to Odd instead of Black. They only tried celebs in one last roll of the dice. I sampled one of the videos, which probably told me all I needed to know. But if you’re a regular reader of this blog, you probably know most of that stuff already.