2018 will be the mirror opposite of 1999.


A triple squeeze will drain global excess savings: the U.S. will become the world’s largest oil producer, 

Germany will abandon its policy of budget surpluses, and India’s economic growth will outstrip China’s. 


The three gluts arose together, and together they will vanish. 


Who will supply the world’s capital after the retirement of these massive hoarders? 


John Authers, FT 7 February 2018

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