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Financial Liquidity Expert: “We are not risk off yet, but there are major headwinds for 2025”

Less Noise, More Signal

CHAPTER

Navigating Global Capital Spending

This chapter explores the dynamics of capital spending, particularly focusing on the state-organized nature of investments in China and the predominance of debt refinancing in advanced economies. It critiques the common indicators of liquidity, emphasizing the importance of the shadow banking system and the debt-to-liquidity ratio in predicting financial market conditions.

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