commentary
Trade never clears incrementally. It only clears systemically, and external imbalances are always, and must always be, perfectly consistent with internal imbalances.
· November 19, 2024
carnegieendowment.org / All work from Michael Pettis
Trade never clears incrementally. It only clears systemically, and external imbalances are always, and must always be, perfectly consistent with internal imbalances.
published about 1 month ago