“You can print money, but not oil to heat or wheat to eat” – by Izabella Kaminska (The Blind Spot – April 1, 2022)


There’s a new Zoltan Pozsar of Credit Suisse report out… and he starts off by saying:
…you can print money, but not oil to heat or wheat to eat. I’m so glad because this rather obvious point seems to be completely missed by economists and analysts for unknown reasons.

Nor do they seem to get that just because the commodity market doesn’t match the scale of the bond or equity market that doesn’t mean it is not significantly more important for the world economy than anything else.

The way I explain it is that commodities are like the oxygen the body needs to stay alive. The lifeblood is all the other financial stuff. You can give up a lot of blood and still keep living. But it doesn’t take a very large oxygen deficit to kill you.

Back to Zoltan (before Zerohedge and everyone else is over the report). Or should I say Z̶oltan and Z̶erohedge. (Though I’ve just noticed that striking through the Z makes it look like the Azov battalion symbol so that’s also no good. We are going to have to go with Soltan and Serohedge).

For the rest of this article: https://the-blindspot.com/you-can-print-money-but-not-oil-to-heat-or-wheat-to-eat/