@bswud and into commodity and energy production, responding to price spikes caused by Chinese construction—now vast stranded assets.
@bswud The primary issue is that credit creation hasn’t gone into productive assets, it’s gone into financial engineering (buy-backs e.g.) &
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@bswud into malinvestment in physical assets (Chinese factories, EM mines, US oil wells). Why? At a guess, due to macroeconomic uncertainty, -
@bswud which I take to be largely created by the CBs themselves. - 1 more reply
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