@bswud …no one actually WANTS to make productive investments, or can’t see any. So why would that happen?
@bswud The money created by QE has mainly sat on bank balance sheets (NIRP is supposed to deal with that), or used for share buy-backs, or >
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@bswud to the extent invested, mainly malinvested. Most seems to have gone into Chinese construction (due to PBOC distortion, SOEs, etc) -
@bswud and into commodity and energy production, responding to price spikes caused by Chinese construction—now vast stranded assets. - 13 more replies
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