Asset Allocators' Soapbox: Print, print, print!

In the furore related to quantitative easing (QE), it has largely gone unnoticed that since 2009, the US and continental Europe have been quietly closing their current account deficits. In the teeth of the financial crisis, China adopted a highly accommodative stance, significantly increasing its imports, while import demand from the US, and particularly Europe, was collapsing.  However, as economic activity in China has slowed and imports have declined, this key engine of global growth has faded. A closer inspection of export trends in the Asian region reinforces the message that ...