Gavyn Davies

“The lesson is that, in a world of fiat money, central bankers have to be our bread and butter.”

“Markets have now priced in a full-blown recession, and possibly a financial crisis as well.”

“The consensus has not fully accepted that we are in a different world on inflation.”

“Productivity growth has been the key to rising living standards for two centuries.”

“We seem to be in a world where there are no genuine safe assets left.”

“There has been a genuine regime shift in the global economy.”

“Central banks are now being forced to tighten monetary policy into a rapidly slowing global economy.”

“The global economy has become a safer place.”