@darioperkins Okay, assuming Warsh informed President Trump about the interest rate hike beforehand—But I wonder how did the Fed Chair justify the decision? "It’s not me, it’s the economy, stupid! " .. (??)
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(must read) @MichaelXPettis is explicitly not making a valuation argument here. He barely mentions #yuan# - The whole piece is a structural- #overcapacity# argument, the surplus is a byproduct of #Chinese# #saving# persistently exceeding investment -
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