Summary
Economics
• Low-flation is the new normal
• How to deal with an accumulation of public & private debt without inflation ? • Asia (mostly China) will lead in new technology and will shape Globalization on its on terms
• China+India = 44% of global growth contribution by 2024
• Low growth and perception of higher inequality will lead to more frequent social unrest (Helicopter Money? Tax on robots?)
• End of CB independence Investment
Investment
• Reduced returns due to lowflation, low interest rates and equity valuations
• Investors are likely to favor stocks over bonds
• Pension funds at risk
• Japanization of the European banking sector
• Monopolistic break-up of IT-giants
• More regulation Basel IV, V, VI etc.
• World of low/no asset management fees – Charles Schwab