Things Fall Apart
Something much bigger is going on than simply correcting prices.
Events of the last 24 hours have made ever clearer a trend that has been taking shape for years:
Germany has decided to go ahead with massive borrowing to fund rearmament, and the DAX surged while US stocks fell;
BYD, the popular Chinese electric vehicle maker, unveiled a new charging system that allows motorists to recharge their battery in only five minutes.
That’s provoked a mini-DeepSeek Moment for Tesla,
Bank of America’s latest survey of fund managers found the biggest switch away from US stocks on record.
Rather than the globalized free markets that have held sway since the end of the Cold War, the world is reallocating itself into independent groups or spheres of interest.
This is a new form of mercantilism, or autarky — the economic term for national self-sufficiency.
John Authers Bloomberg 19 mars 2025
https://www.bloomberg.com/opinion/articles/2025-03-19/remaking-the-world-through-exiting-us-stocks
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