February 25, 2013

HOPEY-CHANGEY: Trade protectionism looms next as central banks exhaust QE. “There is too much industrial plant in the world, and too little demand to soak up supply, like the 1930s. China is distorting the global system by running investment near 50pc of GDP, and compressing consumption to 35pc. Nothing like this has been seen before in modern times.”

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