Brilliant stuff! I thought that banks lend money into existence rather than lending out deposits, as well as only holding ~5% of deposits as reserves due to fractional reserve banking, maybe I'm getting slightly confused about how this complicated system operates.
Interesting as usual. I'd push back on labor being a slow moving tanker. Most of the time it is, except when it isn't, especially at the turns you like to focus on.
Glad to see you're using Eric's work (EPB) as well. I really do admire his research.
Thank you! you bring action oriented clarity in the macro blogsphere... really impressed and grateful
Good article as usual, Florian! I guess Gold got the memo too...
I am not as bearish on US equities (duration-wise), but this is definitely the time for a correction.
Thanks.
Great take, thank you Florian!
Brilliant stuff! I thought that banks lend money into existence rather than lending out deposits, as well as only holding ~5% of deposits as reserves due to fractional reserve banking, maybe I'm getting slightly confused about how this complicated system operates.
Interesting as usual. I'd push back on labor being a slow moving tanker. Most of the time it is, except when it isn't, especially at the turns you like to focus on.
Glad to see you're using Eric's work (EPB) as well. I really do admire his research.