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This Time Was Different…
Any retelling of the post-pandemic macro narrative has to include a nod to the fact that rate hikes
Thanks for this perspective. We all watched this happen, and sensed what was going on, and participated (some of us), but it still needs a writer’s crafted perspective to make sense of it all. Yahtzee! indeed.
That raises the question. Can we ever go back to “normal” interest rates again?
Asset inflation went up to such an extent that our only choices are a gigantic deflationary reset or ultra low interest rates.
Interest rates are essentially a policy choice, so yes.
We’ve all been taught that the good times can’t go on forever (at least if you’re a farmer). At some point we have to pay the piper. How far can we push the mass delusion before it implodes. We might have found out already, except AI rode in to save us.