Notes Today:

•  Shares in Evergrande, a heavily indebted Chinese property developer, plunged by nearly 90% after they again began trading in Hong Kong.
• The mood is the worst it has been in decades!

• Market value of Chinese property giant, Evergrande.
• 2017: $50 billion
• Now: $0.4 billion

• PFTour: 49.7 Bushels per acre Soybeans. 6 to 10 day hot&dry.

• Powell, chairman of the Federal Reserve, cautioned that inflation was still too high and said that America’s central bank would be prepared to raise interest rates again if appropriate”. 

• Chinas increasingly worrisome debt dynamics have left it with little choice but to shift away from the current unsustainable growth model. 

• Poll: 78% of Respondents want Congress to impose a code of ethics for the U.S. Supreme Court. 

Problem with these notes: some tend to run up against a deeply rooted feature of human cognition - the desire not to think about anything unpleasant…Sorry about that.