The impossible trinity is a bitch. It can be gamed but cannot be defeated.
It is the macro management rule that only two of three variables can be controlled at once:
- interest rates,
- currency value;
- capital flows.
China’s property black hole widens as it protects currency
David Llewellyn-Smith
Wednesday, 23 August 2023
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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