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“The mechanics of combined monetary and fiscal stimulus are inherently inflationary: MP3 creates demand without creating any supply.”

Greg Jensen, Melissa Saphier, Steve Secundobridgewater.com ↗

The headlines blame the LA port, coal in China and truckers in the UK. Bridgewater’s charts say real goods production is already above pre-Covid levels. Supply did fine. Stimulus created demand faster than anyone can build things, and fixing one shortage just moves it somewhere else.