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The Fed Is Not In Control Of The Eurodollar System | Hugh Hendry
Forward Guidance
The Gulp of Savings in China
You said that there's been a lot of fictitious wealth created. Are you referring to sort of the speculative no profit, no revenuea company is at v gone public? Or is it the sort of lending for unproductive assets? And then also, when you say thati it's been the price of money, is that sort oft the cash floes have not grown,. It's just that the discount rate has shrunk. Mostly is the lote. The chinese just save more. They're terrified ovr it. Notoriously, consumption is only forty percent of g d p in china, versus the best part of 70 % in our world.
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