From the UK Telegraph a piece from Ambrose Evans-Pritchard to stir us all up
The powerful social forces that have flooded the global economy with abundant labour for the past four decades years are reversing suddenly, spelling the end of the deflationary super-cycle and the era of zero interest rates.
- Cheap labour drying up
- Savings fall
- These will lead to real interest rates climbing back to their historic norm of 2.75pc to 3pc, or even higher.
- The implications are ominous for long-term US Treasuries, Gilts or Bunds. The whole structure of the global bond market is a based on false anthropology.
There's plenty more at the article, which is ungated
(h/t and thanks to Yet Another Ryan in the comments)
