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narrative violation!
for a few months in 2022 this metric looked like it was headed down, interesting to zoom out and see the longer term trend.
Incredible, isn't it? And who is buying state debt? CBs and commercial banks again and pension fonds like always. As if nothing happened the next liquidity cycle got started one year ago. I will not make a cynical comment on the importance of wars at this point as it seems highly unethical to me
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