I just ran into this note by Zoltan Pozsar. It's a month old but still highly relevant. He sees the world changing from a peacetime economy to a wartime economy with all that implies for the world system with regard to supply chains, etc. Events that have transpired since the note appeared confirm this view, especially with Russia now openly in conflict with NATO and Biden's removal of strategic ambiguity regarding the US defending Taiwan in the event of a Chinese incursion. Get ready for it.
Credit Suisse
War and Industrial Policy
Zoltan Pozsar
Still living in a consumer economy in happy-go-lucky Canada...
ReplyDelete"Finally, the U.S. got very rich by doing QE."
ReplyDeleteThis is patent monetarist garbage. Why listen to this guy?
“US got rich by printin’ money!”
ReplyDeleteAnother QTM guy.
ReplyDeleteQTM:
ReplyDeletehttps://en.wikipedia.org/wiki/Reification_(fallacy)