The world is set up for the unwinding of three mega-trends: unconventional monetary policy, the real economy’s dependence on assets, and a potentially destabilizing global saving arbitrage.

At risk are the very fundamentals that underpin current optimism.

One or more of these pillars of complacency will, I suspect, crumble in 2018.

Stephen S. Roach, Projet Syndicate 14 December 2017

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