contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    ...CompanyTagList
    id
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
      id
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    id
    name
    pageUrl
    viewerIsFollowing
    defaultInstrument {
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


why-keep-monetary-conditions-loose-when-a-kitty-can-wag-the-stock-market

__typename

title

isPremium

lang

htmlBody

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Community Designer

Verneri Pulkkinen

Central banks cannot tighten monetary conditions too much because of the sheer amount of debt in the world. If we assume that the average maturity of debt was five years, we would have to refinance over 60,000 billion of debt each year. This is equivalent to about 70% of total annual global GDP.

Central banks cannot tighten monetary conditions too much because of the sheer amount of debt in the world. The IIF estimates the amount of private and public debt in the world at around &#x24; 320,000 billion. If we use the SITD method (shot in the dark) and assume that the average maturity (length) of debt was five years, we would have to refinance over 60,000 billion of debt each year. This is equivalent to about 70% of total annual global GDP.
In total, debt represents about 330% of world GDP. (Of course, global debt is also financial wealth. It&apos;s the flip side of the desire of saving individuals and corporations to accumulate financial assets.) This week&apos;s return of meme stocks makes one wonder whether central banks, the Fed in particular, have tightened monetary conditions enough. The meme stock GME rose from the grave this week with a rise of up to +400% at best (or worst?) when stock pumper @TheRoaringKitty tweeted a picture of a man leaning forward in a chair on X after years of silence. <img src="https://content.inderes.se/assets/697b1fc8-cbd7-4ab3-88ca-c11aae46e574?width=444&amp;height=718" alt="Screenshot 2024 05 17 at 9.39.24"> Bloomberg&apos;s Financial Conditions Index, which takes into account factors such as stock market levels and interest rates, is well on the loose side. You would think that in a strong economy with persistent inflation, there would be a case for further monetary tightening. As I have been saying for some years now, central banks can fight inflation with high interest rates (encouraging savings rather than spending) but at the same time use balance sheet measures to keep the debt-driven wheels of the global economy turning. It is no coincidence that when the Bank of England ran into trouble in the fall of 2002, as liquidity in the UK debt market dried up, the Fed also changed its tune. Since then, net liquidity has developed favorably, even though quantitative tightening (QT) of the balance sheet is officially still underway. However, the federal government expects QT to officially end this year as well, and the balance sheet to start growing again to finance federal deficits. The liquidity show must go on, if only by force, unless the central banks want to plunge the world into a financial crisis. And that is the last thing they want to happen.

Why keep monetary conditions loose when a kitty can wag the stock market?

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