What Are the Differences Between Now and the 1970s?

The 1940s was essentially the last time we had this kind of one-two punch of a popping private debt bubble and rising populism. The 40s after a dissinflation in the 1930s were very inflationary, but that money creation wasn't from bank lending. And so overall, I think that's the closest environment. There are some differences though. For example, back then the United States was kind of in China's position. It was this rising emerging market. We were a net exporter. In many ways, the U.S. looks more like the UK did in the 1940s,. If we were to be more precise with that analogy.

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