Steen Jakobsen, Saxo Bank chief economist and CIO just pinged me with a PowerPoint presentation on the preceding and next 30 years.
He commented “I somehow to my own surprise came to one single trend I believe in: everything is deflationary. Enjoy the “funny pictures” and the outlook.”
30 Years Ago
Current and Foreward Trends
Mish Comments
I agree with Steen that the trends are deflationary from a CPI perspective.
Compare the GMO 7-Year returns estimate to the John Bogle view. I believe GMO has this correct.
Public pensions are in serious trouble even on the more optimistic view.
Credit Impulse
Pay close attention to the global credit impulse chart. Credit impulse is the “Rate of Change of Change” of global credit creation/QE.
The Stevens Report discusses the topic in Why “Credit Impulse” Matters to You.
