This article is only available to Macro Hive subscribers. Sign-up to receive world-class macro analysis with a daily curated newsletter, podcast, original content from award-winning researchers, cross market strategy, equity insights, trade ideas, crypto flow frameworks, academic paper summaries, explanation and analysis of market-moving events, community investor chat room, and more.
After Trump’s China Trade Deal, The Case For A Chexit (Vanity Fair, 8 min read) The Phase 1 deal will increase US trade links with China yet IP theft and unfair competition are hurting American industry. An “amicable disentangling” is the prudent way forward.
5G Choices: a Pivotal Moment in World Affairs (The Strategist, 8 min read) The UK’s decision to keep Huawei out of core 5G functions does not guarantee cybersecurity. Capability, opportunity and intent are what matters. And with access to foreign networks the first two factors are available to exploit.
Population Aging, Credit Market Frictions, and Chinese Economic Growth (Philadelphia Fed, 49 page read) China’s increasing life expectancy is one factor explaining per capita income gains and rising savings rates over the past forty years. Credit policies also played a role.