@bswud We probably agree that the key point is “without a stable macroeconomic environment, capitalism cannot create wealth.” I suspect >
@bswud to the extent invested, mainly malinvested. Most seems to have gone into Chinese construction (due to PBOC distortion, SOEs, etc)
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@bswud and into commodity and energy production, responding to price spikes caused by Chinese construction—now vast stranded assets. -
@Meaningness 1. we have good evidence that "the money created by QE" doesn't move in a special way any different from other money - 12 more replies
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