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The three gluts

The savings glut, the oil glut and the money glut dictate the global macro outlook

TOO MUCH OIL: The very recent further decline in crude oil prices still has to translate into lower petrol prices, but once it does, consumers will start to react.

WRITING about macroeconomics has always been my passion. When thinking and writing about the global macro outlook, I find a three-part framework helps me organise my ideas - and today, those ideas centre on three critical "gluts" in the global economy.

For starters, let me explain my...

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