When Markets Run on Empty
Markets are flying high despite geopolitical turmoil because a broad-based willingness to keep spending has been matched by an ability to keep doing so. But as more economic participants exhaust their means and rely on debt, a painful moment of truth will arrive—sooner rather than later if the Strait of Hormuz remains closed.
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尽管地缘政治动荡不安，市场却依然高歌猛进，这是因为广泛的消费意愿与持续的消费能力相得益彰。然而，随着越来越多的经济参与者耗尽资源、依赖债务度日，痛苦的真相时刻终将到来——若霍尔木兹海峡持续封闭，这一刻只会来得更早而非更晚。