The global economy is in the midst of a downturn of unusual scale. Coming off the unprecedented credit-highs of the past 8 years will be sobering, to say the least.
What proved support for key commodities in the 2009 “V” bottom engineered by monetary experiments, may prove nothing more than a mirage this time.
Central banks can hold their fingers in dykes for some time, but once digits are fully committed, the power of free market forces and price discovery overwhelms once more.
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