Zman Market Timing Message Board

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Strategies & Market Trends : Zman Market Timing

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To: skinowski who wrote (696)	11/2/2013 12:03:41 AM
From: zman69	of 15903

This is a very long read, but also a very informative one on the Global imbalances. If you have the time it is well worth a read. blog.mpettis.com "In Germany, as I have argued many times before, the constraint on consumption growth occurred as the combination of “voluntary” wage constraints around the turn of the century and a weak “German” euro caused by monetary union with countries that have structurally weaker currencies (and remember that an undervalued currency is effectively a tax on consumption that subsidizes the tradable good sector). In China it was a combination of slow wage growth (relative to productivity growth) financial repression and an undervalued renminbi."

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