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Author: Doug Noland

Doug Noland’s Credit Bubble Bulletin: Inklings of Secular Change

Market dynamics suggest a fundamental secular change in commodities derivative markets… This points to powerful inflationary biases throughout the commodities universe. Moreover, central banks risk throwing gas on an inflationary fire when they respond to financial market illiquidity with additional QE/monetary inflation.

A key question is whether this secular shift in commodities markets portends a secular cycle downturn for financial assets? I believe it does.

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