What liquidity shortage?
Gloom-mongers think a credit crunch will slow global growth, hit corporate earnings and weaken stock markets. They could be right but I am not betting that way. A key reason is the strength of global money trends. G7 real broad money growth is running at 7% year-on-year, the highest for five years and far above industrial output expansion of 2%. This implies there is “excess” money available to support economies and markets.
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