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The bulls have been charging but how much energy do they have?

Summary by ROGER MONTGOMERY
As we know, the current sharemarket rally could pause or retreat on the back of a shift in sentiment in late 2025 or in 2026. Massive demands on liquidity from the refinancing of about US$70 trillion of global debt taken up when interest rates were zero would leave less liquidity to sustain the rally in shares, bitcoin and everything else. Even if the refinancing event did not strain liquidity, fears that it might could be enough to reverse pri…
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