...seeing the light.
Rest of the world catching up to what has been discussed here for over a year now. Full article and research report available on 0hedge.
While unit labour costs decline at an unprecedented rate, they are sucking us inevitably into a Fisherian, debt-deflation spiral. Only then will we see how far policymakers are willing to go to debauch the currency. Last year saw them cross the Rubicon. Monetisation is now the policy lever of first resort.
- Albert Edwards, Soc Gen