Macro:
- $1 of US GDP growth now costs $4 of debt, and is only growing as we push on the string of debt to borrow forward demand to today.
- US now has $200 trillion of unfunded liabilities over the next 10 year period.
- Debt monetization isn’t just important, it will become a necessity. Otherwise rates normalize and the party ends in a very bad way (insolvency and/or extreme austerity measures).

https://mootrades.com/2019/01/03/why-this-time-is-different/
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看一个经济体的效率不能瞎子摸象,要从宏观来看。一个重要指标就是需要多少单位的
信贷扩张才能产生一个单位的 GDP。某个国际信评机构做过计算和比较。从这指标来看,美国经济的效率比中国的高多了。