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Shadow Banking

Private Credit – This Cycles Systemic Risk

The Iran war is in the headline for entirely understandable reason.  But AI remains the other key story for the…

The Great China Deleverage: Economy Ain’t Broke and Stocks OK

There remains a lot of noise about incipient trade wars and the like between the US and China. But, interestingly,…

More Xi: China’s Pathway Towards Economic Stability

There were significant developments out of China last quarter. The most important was the announcement by state media in late…