Global Liquidity Drying Up?

(1) Short and long answers to liquidity question. (2) International reserves falling since July 2014. (3) Dollar remains the major international reserve currency, though less so than a few years ago. (4) Strong dollar depressing dollar value of euro and yen reserves. (5) Drop in reserves is a two-way street reflecting drying liquidity and secular stagnation. (6) Tiny tightening prospects already triggering tightening tantrum and unwinding of carry trades. (7) Bad for EMEs, but maybe good for USA. (8) China has a little less of lots of cash. (9) US labor market revisited and revised.