October 21, 2018

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Blame it on Those Crazy Asians

Shanghai Bund

Shanghai Bund

The fundamental problem in the world economy is deflation brought about by over-supply that was not recognized until the credit bubble burst, argues Russell Napier, a highly-regarded strategist at the CLSA investment bank.

In North Asia a system that targets full capacity and full employment, with little interest in return on invested capital, is designed to over-produce. [Read more…]