How the World Works

(1) Two big questions. (2) Global liquidity doubles since start of 2009. (3) Easy money losing its effectiveness. (4) Debt-financed supply exceeds debt-financed demand, resulting in deflation. (5) Central banks doing more of the same and producing more secular stagnation and deflation. (6) The Greek solution to too much debt. (7) The death of the debt super-cycle. (8) Central banks messing with currency war. (9) The patient Fed. (10) Too many maxed-out borrowers in Eurozone? (11) Less bang-per-yuan. (12) Profit margin review.