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Gary Shilling on deleveraging

Steve Forbes interviews Gary Shilling, and it warrants a listening. 

You find some familiar themes put differently:


  • an expectation sustained low growth induced by deleveraging
  • risk on trade & asset quality
  • concern about  the dis-connection between monetary policies and real economies that creates a growing risk of chaotic re-adjustments 
  • concern with and an explanation for the decline in money velocity 


Agree or not with the particulars, and we make no endorsement in that regard, we're in for a long ride... so we have some time to think about loading up on 30 yr zeros.

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