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Denial is a river in Africa

Weekly investor research

17 February 2014

We review a long list of economic and policy developments in Emerging Markets (EM) from the last seven days. Most of them are extremely encouraging. There is far more value than crisis in EM, even if denial seems to be the order of the day. Meanwhile, both the Fed and the Bank of England (BOE) came one step closer to openly admitting that they intend to inflate away their country’s debts as they retreated from previous commitments to tightening monetary policy in the face of falling unemployment. This is the old tale of ‘The Emperor’s Clothes’. Soon a little innocent boy will be heard shouting: “They are going to inflate the debt away!” And then we will finally acknowledge that it is true.

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