GET https://rct.dev.bbntimes.com/global-economy/has-the-central-bank-trap-been-set

Response
200 OK
IP
3.135.193.59
Profiled on
Token
10bcde

ArticleController :: show

Request

GET Parameters

None

POST Parameters

None

Uploaded Files

None

Request Attributes

Key Value
_controller 
"App\Controller\ArticleController::show"
_firewall_context 
"security.firewall.map.context.main"
_links 
Symfony\Component\WebLink\GenericLinkProvider {#3693
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    3810 => Symfony\Component\WebLink\Link {#3810
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    }
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      ]
    }
    3806 => Symfony\Component\WebLink\Link {#3806
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      -rel: [
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    }
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      -attributes: [
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      ]
    }
    3803 => Symfony\Component\WebLink\Link {#3803
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    3801 => Symfony\Component\WebLink\Link {#3801
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      -attributes: [
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"article_show"
_route_params 
[
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]
_security_firewall_run 
"_security_main"
_stopwatch_token 
"0c4ea1"
category 
"global-economy"
slug 
"has-the-central-bank-trap-been-set"

Request Headers

Header Value
accept 
"*/*"
accept-encoding 
"gzip, br, zstd, deflate"
connection 
"close"
cookie 
"PHPSESSID=198h3bnm69r8re8knofl7f4f10"
host 
"rct.dev.bbntimes.com"
user-agent 
"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)"
x-php-ob-level 
"1"

Request Content

Request content not available (it was retrieved as a resource).

Response

Response Headers

Header Value
cache-control 
"no-cache, private"
content-type 
"text/html; charset=UTF-8"
date 
"Sat, 22 Feb 2025 08:45:05 GMT"
link 
"</build/runtime.js>; rel="preload"; as="script",</build/644.js>; rel="preload"; as="script",</build/502.js>; rel="preload"; as="script",</build/app.js>; rel="preload"; as="script",</build/view-more.js>; rel="preload"; as="script",</build/term-condition.js>; rel="preload"; as="script",</build/contact.js>; rel="preload"; as="script",</build/scroll-infinite-article.js>; rel="preload"; as="script",</build/app.css>; rel="preload"; as="style",</build/cookie-style.css>; rel="preload"; as="style",</build/term-condition-css.css>; rel="preload"; as="style",</build/contact-css.css>; rel="preload"; as="style",</build/comment-css.css>; rel="preload"; as="style""
x-debug-token 
"10bcde"

Cookies

Request Cookies

Key Value
PHPSESSID 
"198h3bnm69r8re8knofl7f4f10"

Response Cookies

No response cookies

Session 6

Session Metadata

Key Value
Created 
"Sat, 22 Feb 25 08:44:55 +0000"
Last used 
"Sat, 22 Feb 25 08:45:04 +0000"
Lifetime 
0

Session Attributes

Attribute Value
_csrf/https-comment 
"YgH4ncUTSD8E3hSJ6GrENmYUgmEjVike1kZMD-8iwgU"
_csrf/https-cookie_accept 
"2spEN6JuOUXImZ8E4zQJEtNmDW4fNyBFSsAee2_zs8A"

Session Usage

6 Usages
Stateless check enabled
Usage
Symfony\Component\Security\Csrf\TokenStorage\SessionTokenStorage:76
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Symfony\Component\Security\Csrf\TokenStorage\SessionTokenStorage:79
Show trace 
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Symfony\Component\Security\Csrf\TokenStorage\SessionTokenStorage:52
Show trace 
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Symfony\Component\Security\Csrf\TokenStorage\SessionTokenStorage:56
Show trace 
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    "type" => "->"
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    "line" => 76
    "function" => "handleRaw"
    "class" => "Symfony\Component\HttpKernel\HttpKernel"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/http-kernel/Kernel.php"
    "line" => 197
    "function" => "handle"
    "class" => "Symfony\Component\HttpKernel\HttpKernel"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/runtime/Runner/Symfony/HttpKernelRunner.php"
    "line" => 35
    "function" => "handle"
    "class" => "Symfony\Component\HttpKernel\Kernel"
    "type" => "->"
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  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/autoload_runtime.php"
    "line" => 29
    "function" => "run"
    "class" => "Symfony\Component\Runtime\Runner\Symfony\HttpKernelRunner"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/public/index.php"
    "line" => 5
    "args" => [
      "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/autoload_runtime.php"
    ]
    "function" => "require_once"
  ]
]
Symfony\Component\Security\Core\Authentication\Token\Storage\UsageTrackingTokenStorage:41
Show trace 
[
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/security-core/Authentication/Token/Storage/UsageTrackingTokenStorage.php"
    "line" => 41
    "function" => "getMetadataBag"
    "class" => "Symfony\Component\HttpFoundation\Session\Session"
    "type" => "->"
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  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/twig-bridge/AppVariable.php"
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    "function" => "render"
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    "class" => "Symfony\Bundle\FrameworkBundle\Controller\AbstractController"
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    "class" => "Symfony\Bundle\FrameworkBundle\Controller\AbstractController"
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    "function" => "render"
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    "function" => "renderHeader"
    "class" => "App\Controller\AppController"
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  [
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  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/http-kernel/HttpCache/SubRequestHandler.php"
    "line" => 86
    "function" => "handle"
    "class" => "Symfony\Component\HttpKernel\HttpKernel"
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  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/http-kernel/Fragment/InlineFragmentRenderer.php"
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    "function" => "render"
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    "function" => "displayWithErrorHandling"
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  [
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    "function" => "display"
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    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/twig/twig/src/Template.php"
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    "function" => "displayWithErrorHandling"
    "class" => "Twig\Template"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/twig/twig/src/Template.php"
    "line" => 379
    "function" => "display"
    "class" => "Twig\Template"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/twig/twig/src/TemplateWrapper.php"
    "line" => 38
    "function" => "render"
    "class" => "Twig\Template"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/twig/twig/src/Environment.php"
    "line" => 280
    "function" => "render"
    "class" => "Twig\TemplateWrapper"
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  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/framework-bundle/Controller/AbstractController.php"
    "line" => 448
    "function" => "render"
    "class" => "Twig\Environment"
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  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/framework-bundle/Controller/AbstractController.php"
    "line" => 453
    "function" => "doRenderView"
    "class" => "Symfony\Bundle\FrameworkBundle\Controller\AbstractController"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/framework-bundle/Controller/AbstractController.php"
    "line" => 253
    "function" => "doRender"
    "class" => "Symfony\Bundle\FrameworkBundle\Controller\AbstractController"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/src/Controller/ArticleController.php"
    "line" => 277
    "function" => "render"
    "class" => "Symfony\Bundle\FrameworkBundle\Controller\AbstractController"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/http-kernel/HttpKernel.php"
    "line" => 181
    "function" => "show"
    "class" => "App\Controller\ArticleController"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/http-kernel/HttpKernel.php"
    "line" => 76
    "function" => "handleRaw"
    "class" => "Symfony\Component\HttpKernel\HttpKernel"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/http-kernel/Kernel.php"
    "line" => 197
    "function" => "handle"
    "class" => "Symfony\Component\HttpKernel\HttpKernel"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/runtime/Runner/Symfony/HttpKernelRunner.php"
    "line" => 35
    "function" => "handle"
    "class" => "Symfony\Component\HttpKernel\Kernel"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/autoload_runtime.php"
    "line" => 29
    "function" => "run"
    "class" => "Symfony\Component\Runtime\Runner\Symfony\HttpKernelRunner"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/public/index.php"
    "line" => 5
    "args" => [
      "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/autoload_runtime.php"
    ]
    "function" => "require_once"
  ]
]
Symfony\Component\Security\Http\Firewall\ContextListener:171
Show trace 
[
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/security-http/Firewall/ContextListener.php"
    "line" => 171
    "function" => "remove"
    "class" => "Symfony\Component\HttpFoundation\Session\Session"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/event-dispatcher/Debug/WrappedListener.php"
    "line" => 116
    "function" => "onKernelResponse"
    "class" => "Symfony\Component\Security\Http\Firewall\ContextListener"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/event-dispatcher/EventDispatcher.php"
    "line" => 220
    "function" => "__invoke"
    "class" => "Symfony\Component\EventDispatcher\Debug\WrappedListener"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/event-dispatcher/EventDispatcher.php"
    "line" => 56
    "function" => "callListeners"
    "class" => "Symfony\Component\EventDispatcher\EventDispatcher"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/event-dispatcher/Debug/TraceableEventDispatcher.php"
    "line" => 139
    "function" => "dispatch"
    "class" => "Symfony\Component\EventDispatcher\EventDispatcher"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/http-kernel/HttpKernel.php"
    "line" => 214
    "function" => "dispatch"
    "class" => "Symfony\Component\EventDispatcher\Debug\TraceableEventDispatcher"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/http-kernel/HttpKernel.php"
    "line" => 202
    "function" => "filterResponse"
    "class" => "Symfony\Component\HttpKernel\HttpKernel"
    "type" => "->"
  ]
  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/symfony/http-kernel/HttpKernel.php"
    "line" => 76
    "function" => "handleRaw"
    "class" => "Symfony\Component\HttpKernel\HttpKernel"
    "type" => "->"
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  [
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    "function" => "handle"
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    "line" => 35
    "function" => "handle"
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    "type" => "->"
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  [
    "file" => "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/autoload_runtime.php"
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    "function" => "run"
    "class" => "Symfony\Component\Runtime\Runner\Symfony\HttpKernelRunner"
    "type" => "->"
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  [
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    "line" => 5
    "args" => [
      "/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/vendor/autoload_runtime.php"
    ]
    "function" => "require_once"
  ]
]

Flashes

Flashes

No flash messages were created.

Server Parameters

Server Parameters

Defined in .env

Key Value
APP_ENV 
"dev"
APP_SECRET 
"0a988e63f011514eaabfc650b599af4d"
CORS_ALLOW_ORIGIN 
"*"
DATABASE_URL 
"mysql://bbndb_rctuser:33F5W25z40or0f7@localhost:3306/rct_bbntimes"
GOOGLE_RECAPTCHA_SECRET_KEY 
"6LdV5fgpAAAAANxzTG8ZMfIjil1wu-1vrQvnUt-x"
GOOGLE_RECAPTCHA_SITE_KEY 
"6LdV5fgpAAAAAENKcn73MJAhQrbtQeqgyC4wDLMP"
MAILER_DSN 
"smtp://no-reply%40rct.dev.bbntimes.com:Bl6%26gLD48%26Of919@rct.dev.bbntimes.com:465"
MARIADB_PASSWORD 
"i!87pK&!85ezc8"

Defined as regular env variables

Key Value
APP_DEBUG 
"1"
BASE 
"/public"
CONTEXT_DOCUMENT_ROOT 
"/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com"
CONTEXT_PREFIX 
""
DOCUMENT_ROOT 
"/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com"
FCGI_ROLE 
"RESPONDER"
GATEWAY_INTERFACE 
"CGI/1.1"
HTTPS 
"on"
HTTP_ACCEPT 
"*/*"
HTTP_ACCEPT_ENCODING 
"gzip, br, zstd, deflate"
HTTP_CONNECTION 
"close"
HTTP_COOKIE 
"PHPSESSID=198h3bnm69r8re8knofl7f4f10"
HTTP_HOST 
"rct.dev.bbntimes.com"
HTTP_USER_AGENT 
"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)"
PASSENGER_COMPILE_NATIVE_SUPPORT_BINARY 
"0"
PASSENGER_DOWNLOAD_NATIVE_SUPPORT_BINARY 
"0"
PATH 
"/usr/local/sbin:/usr/local/bin:/usr/sbin:/usr/bin:/sbin:/bin:/snap/bin"
PHP_SELF 
"/public/index.php"
PP_CUSTOM_PHP_CGI_INDEX 
"plesk-php81-fastcgi"
PP_CUSTOM_PHP_INI 
"/var/www/vhosts/system/rct.dev.bbntimes.com/etc/php.ini"
QUERY_STRING 
""
REDIRECT_BASE 
"/public"
REDIRECT_HTTPS 
"on"
REDIRECT_PASSENGER_COMPILE_NATIVE_SUPPORT_BINARY 
"0"
REDIRECT_PASSENGER_DOWNLOAD_NATIVE_SUPPORT_BINARY 
"0"
REDIRECT_REDIRECT_HTTPS 
"on"
REDIRECT_REDIRECT_PASSENGER_COMPILE_NATIVE_SUPPORT_BINARY 
"0"
REDIRECT_REDIRECT_PASSENGER_DOWNLOAD_NATIVE_SUPPORT_BINARY 
"0"
REDIRECT_REDIRECT_SCRIPT_URI 
"https://rct.dev.bbntimes.com/global-economy/has-the-central-bank-trap-been-set"
REDIRECT_REDIRECT_SCRIPT_URL 
"/global-economy/has-the-central-bank-trap-been-set"
REDIRECT_REDIRECT_SSL_TLS_SNI 
"rct.dev.bbntimes.com"
REDIRECT_REDIRECT_STATUS 
"200"
REDIRECT_REDIRECT_UNIQUE_ID 
"Z7mOkbiBoyj8JZ8-HGxwpAAAAAk"
REDIRECT_SCRIPT_URI 
"https://rct.dev.bbntimes.com/global-economy/has-the-central-bank-trap-been-set"
REDIRECT_SCRIPT_URL 
"/global-economy/has-the-central-bank-trap-been-set"
REDIRECT_SSL_TLS_SNI 
"rct.dev.bbntimes.com"
REDIRECT_STATUS 
"200"
REDIRECT_UNIQUE_ID 
"Z7mOkbiBoyj8JZ8-HGxwpAAAAAk"
REDIRECT_URL 
"/public/global-economy/has-the-central-bank-trap-been-set"
REMOTE_ADDR 
"3.135.193.59"
REMOTE_PORT 
"13449"
REQUEST_METHOD 
"GET"
REQUEST_SCHEME 
"https"
REQUEST_TIME 
1740213905
REQUEST_TIME_FLOAT 
1740213905.1629
REQUEST_URI 
"/global-economy/has-the-central-bank-trap-been-set"
SCRIPT_FILENAME 
"/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/public/index.php"
SCRIPT_NAME 
"/public/index.php"
SCRIPT_URI 
"https://rct.dev.bbntimes.com/global-economy/has-the-central-bank-trap-been-set"
SCRIPT_URL 
"/global-economy/has-the-central-bank-trap-been-set"
SERVER_ADDR 
"5.196.1.209"
SERVER_ADMIN 
"[no address given]"
SERVER_NAME 
"rct.dev.bbntimes.com"
SERVER_PORT 
"443"
SERVER_PROTOCOL 
"HTTP/1.1"
SERVER_SIGNATURE 
"<address>Apache Server at rct.dev.bbntimes.com Port 443</address>\n"
SERVER_SOFTWARE 
"Apache"
SSL_TLS_SNI 
"rct.dev.bbntimes.com"
SYMFONY_DOTENV_VARS 
"APP_ENV,APP_SECRET,DATABASE_URL,MARIADB_PASSWORD,CORS_ALLOW_ORIGIN,MAILER_DSN,GOOGLE_RECAPTCHA_SECRET_KEY,GOOGLE_RECAPTCHA_SITE_KEY"
UNIQUE_ID 
"Z7mOkbiBoyj8JZ8-HGxwpAAAAAk"

Sub Requests 6

CookieController :: renderAnalysis (token = 6753ab)

Key Value
_controller 
"App\Controller\CookieController::renderAnalysis"
_format 
"html"
_locale 
"en"
_stopwatch_token 
"f63bbd"

AppController :: renderHeader (token = 30135a)

Key Value
_controller 
"App\Controller\AppController::renderHeader"
_format 
"html"
_locale 
"en"
_stopwatch_token 
"51cd5c"
slug 
"home"

ArticleController :: trendingArticle (token = 527c00)

Key Value
_controller 
"App\Controller\ArticleController::trendingArticle"
_format 
"html"
_locale 
"en"
_stopwatch_token 
"caf1a4"
category 
"Global Economy"

ArticleController :: relatedArticles (token = f54179)

Key Value
_controller 
"App\Controller\ArticleController::relatedArticles"
_format 
"html"
_locale 
"en"
_stopwatch_token 
"95f66f"
current_article 
App\Entity\Article {#1094
  -id: 3352
  -title: "Global Economic Outlook 2019"
  -slug: "has-the-central-bank-trap-been-set"
  -introtext: "<p class="p1"><span class="s1"><b>For 2019, the key factors that we need to think about are</b>&nbsp;what is going&nbsp;to be the outlook on three levels: monetary, macro, and earnings. Watch my entire interview at Real Vision&nbsp;<a href="https://www.realvision.com/tv/shows/skin-in-the-game/videos/trapped-by-liquidity?utm_source=RealVision&amp;utm_medium=Email&amp;utm_campaign=20181231_AL1_DKU_EM_RV_W1_L1"><span class="s2"><b>here</b></span></a>.</span></p>\r\n"
  -content: """
    \r\n
    <p><a href="https://www.youtube.com/watch?v=iDV209wM9y4" target="_blank" rel="noopener"><img style="width: 512px; height: 512px; display: block; margin-left: auto; margin-right: auto;" src="/images/ECB_Thumbnail.png" alt="ECB Thumbnail.png" /></a></p>\r\n
    <p class="p1"><span class="s1"><br />In general, considering where&nbsp;expectations are right now, we are still in a stealth&nbsp;downgrade mode, Industrial production, and ISMs are slowly descending from the&nbsp; high levels while rising global debt is also an important factor.</span></p>\r\n
    <p class="p1"><span class="s1"><b>Monetary factors</b>&nbsp;are also very important. If we look at the way in which most investors are positioned right&nbsp;now, the vast majority of us are expecting that the improvement for next year is going to come from&nbsp;central banks not doing what they have said that they will do, which, in general, is a pretty&nbsp;dangerous position to take.</span></p>\r\n
    <p class="p1"><span class="s1">However, even if they did ease, and I believe that they will definitely slow down the pace of<br /> normalization, we need to understand that the placebo effect of central&nbsp;bank policy on markets has stopped working as a tool to expand multiples and asset valuations. We have seen it in Japan and in Europe. Despite ongoing easing, it does not transfer into further multiple expansion and financial asset inflation.&nbsp;It only helps yields remain low. It only helps valuations remain where they are.</span></p>\r\n
    <p class="p1"><span class="s1">On&nbsp;<b>earnings,</b>&nbsp;the problem that I see continues to be in the next two years’ estimates because I continue to believe that&nbsp;those have not come down enough. You still see in<br /> consensus expectations double-digit EPS growth. That is very, very, very unlikely.</span></p>\r\n
    <p class="p1"><span class="s1">In an environment in which central banks continue to be accommodative, but macro and earnings are not supportive, cycles become very short. So we need to&nbsp;be a lot more active.</span></p>\r\n
    <p class="p1"><span class="s1">The&nbsp;<b>Chinese, Japanese and Eurozone slowdown</b>&nbsp;are all happening in the middle of massive stimuli and&nbsp;deficit spending. We&nbsp;cannot fool ourselves and say that the markets and macro disappointments this year are due to trade wars or the&nbsp;normalization of the Federal Reserve. Those are subterfuges that we use to avoid reality. And&nbsp;the reality is debt saturation. More debt generates less growth and higher risk.</span></p>\r\n
    <p class="p1"><span class="s1"><b>Central banks care a lot about asset prices</b>. The Central Bank of Japan would&nbsp;not be buying equities if they didn’t care about asset prices. Buying equities has absolutely nothing to do with inflation or with unemployment or economic growth. It’s because they care about asset&nbsp;price inflation. However, the Federal Reserve&nbsp;finds itself in a position in which if they care only about asset prices, they don’t build enough tools&nbsp;into a change of cycle. And therefore, they might end up creating a larger problem than the temporary effect on markets. If they revert the policy, they will give a message&nbsp;to markets that they know something that we don’t know, and that that something is truly bad.</span></p>\r\n
    <p class="p1"><span class="s1">The ECB knows that there is no real demand for sovereign bonds at these yields, not even close. We&nbsp;would need to think of double the current levels of sovereign bond yields for marginal&nbsp;investors (not forced buyers) to think of purchasing eurozone sovereign bonds</span></p>\r\n
    <p class="p1"><span class="s1">The eurozone countries have saved&nbsp;themselves about 1 trillion euros in interest expenses. Not bad, but they’ve spent it all. And very few countries in the eurozone are ready for an increase of 10% or&nbsp;20% of their borrowing costs.</span></p>\r\n
    <p class="p1"><span class="s1">The eurozone is unable to disguise through monetary policy its&nbsp;structural problems, aging of the population, overcapacity, low&nbsp;productivity growth, and at the same time, an extraordinarily high level of unemployment. Those factors are all added to an elevated debt and government spending.</span></p>\r\n
    <p class="p1"><span class="s1">The eurozone has convinced itself that the entire problem was the alleged austerity. There’s no austerity at 40% public spending to GDP. So the solution that they are&nbsp;looking at is further and higher government spending. And government spending is not going to&nbsp;drive productivity growth, improvement in the economy, and the structural changes that the&nbsp;eurozone desperately needs. It’s very likely that the eurozone continues to do what Japan did in the late ’80s. Spend its way to stagnation.</span></p>\r\n
    <p class="p1"><span class="s1">The US economy, with all of its challenges, is much more robust than the European economy. In the eurozone 80% of the real economy is financed by banks, so the contagion effect of financial woes is very high. In the US it is less than 40%. Throughout the years of QE in the United States, the Federal Reserve&nbsp;was never 100% of the demand for sovereign bonds in the market. So it always kept an eye on&nbsp;the secondary market. Even though it was influencing aggressively the yields of sovereign bonds,&nbsp;it is also true that there was always a secondary market moving around.&nbsp;That is not the case in the eurozone. In the eurozone, the European Central Bank is 100% of the&nbsp;demand for sovereign bonds for the majority of the net financing needs of the eurozone countries.&nbsp;As such, there is absolutely no way of understanding where will marginal investors want to buy Portuguese,&nbsp;Spanish or Italian bonds.</span></p>\r\n
    <p class="p1"><span class="s1">My concern is that the way in which governments&nbsp;and central banks are positioned right now, they have no tools to address a much deeper&nbsp;slowdown.</span></p>\r\n
    <p class="p1"><span class="s1">China’ is already caught in a liquidity trap. China has been posting weakening numbers quarter on quarter for more than two years. I think that China made a mistake when the policy of&nbsp;addressing the increasing debt and the so-called change of model from an industrially intensive to&nbsp;a consumer-driven model was stopped.</span></p>\r\n
    <p class="p1"><span class="s1">Consider this. If you have an economy that is growing at 6.5% healthily with low inflation and low unemployment you do not devalue your currency stealthily and implement a massive stimulus and liquidity injection.&nbsp;It does not add up. China will likely slow down in the middle of a massive stimulus because it has surpassed its debt saturation limit as well.</span></p>\r\n
    <p class="p1"><span class="s1">A version of this article first appeared <a href="https://www.dlacalle.com/en/last-year-was-not-an-anomaly-outlook-for-2019-trapped-by-liquidity/" target="_blank" rel="noopener">here</a>.&nbsp;</span></p>
    """
  -user: Proxies\__CG__\App\Entity\User {#1092 …}
  -createdAt: DateTime @1547240806 {#1145
    date: 2019-01-11 21:06:46.0 UTC (+00:00)
  }
  -updatedAt: DateTime @1547241883 {#1150
    date: 2019-01-11 21:24:43.0 UTC (+00:00)
  }
  -deletedAt: null
  -category: App\Entity\Category {#445 …}
  -status: "published"
  -imageCard: Proxies\__CG__\App\Entity\File {#1184 …}
  -ImageHeader: Proxies\__CG__\App\Entity\File {#1184 …}
  -featured: false
  -mainView: false
  -clicks: 8568
  -comments: Doctrine\ORM\PersistentCollection {#1125 …}
  -reviewed_at: DateTime @1547240804 {#1148
    date: 2019-01-11 21:06:44.0 UTC (+00:00)
  }
  -metakey: ""
  -metadesc: "For 2019, the key factors that we need to think about are\u{A0}what is going\u{A0}to be the outlook on three levels: monetary, macro, and earnings. Watch my entire interview at Real Vision\u{A0}here."
  -robots: null
  -publishedAt: DateTime @1547240804 {#1147
    date: 2019-01-11 21:06:44.0 UTC (+00:00)
  }
  -canonical: null
  -superTag: null
}

AppController :: renderFooter (token = 422a1d)

Key Value
_controller 
"App\Controller\AppController::renderFooter"
_format 
"html"
_locale 
"en"
_stopwatch_token 
"a3a2d0"

CookieController :: renderCookie (token = 8ca61e)

Key Value
_controller 
"App\Controller\CookieController::renderCookie"
_format 
"html"
_locale 
"en"
_stopwatch_token 
"becf73"