Q4 Outlook: China leads the way
Cryptocurrency analyst, Saxo Bank
Summary: Cheap electricity and plentiful manufacturing capacity in many emerging markets means they are playing an increasingly important role in the cryptocurrency mining industry. China’s massive computing power makes it the undisputed leader of the sector, but other, smaller countries also have key roles.
Q2 Outlook: Can the centre hold?
In a world moving quickly towards nationalism and anti-globalisation, the biggest loser will be the region that benefited the most from the big peace dividend of the Berlin Wall coming down: Europe, and Germany in particular.
Q2 Outlook: You can't fight gravity
The global policy panic seen in Q1 saw the world unable to escape its QE dependence, with central banks pivoting to a degree of support that will remain in place until structural failure. The “QE for life” era, though, holds some implications of its own, and we see China’s gravitational pull as perhaps the key factor.
Q2 Outlook: Debt-financed spending versus rising populism
The relentless rise of populism, in all its guises, at once exposes Europe’s deep structural flaws and presents it with an imperative to reform. Modern Monetary Theory is increasingly proposed as a solution to growing inequality, but beware: it is no panacea.
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