According to the Blackrock blog, we have a 30 year history of sovereign financial disaster that has caused us to save more fiat, to buy the dips. Starting with China, but picking up in Europe, everyone saved the fiat to prepare for the crash.
I think this is mostly correct. But, it is a spiral, because of central imbalances, mostly everywhere. Government, especially Chinese Commies and US-European entitled need to mark to market a bit more often, rather than increase the window of integration.
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