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Central banks repeatedly set the stage for the next boom and bust cycle, fuelled by growing debt

The retreat from globalisation and a switch from just-in-time supply chain management to just-in-case inventories will not be good for corporate profits.

The current debt overhang will never be repaid in full. With central banks directly monetising government deficits, much of the debt will ultimately be inflated away — which is something that fixed-income markets resolutely refuse to believe. 

John Plender FT MAY 8 2020

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