@marcmakingsense @SoberLook @michaelxpettis @M_C_Klein I think it is quite tricky to disentangle cause and effect and you want to look

@marcmakingsense @SoberLook @michaelxpettis @M_C_Klein I think it is quite tricky to disentangle cause and effect and you want to look case by case. Since March 2020 it seems plausible to me that the causal driver is US policy. Certainly a distributional shock in China or Germany would not seem a plausible story right now.

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