Assets are the different attributes of money at different times; essentially, they represent the exchange between present money and future money. Buying is using the present to exchange for the future, while selling is exchanging the future for the present. The key is to understand which is more valuable: the future or the present.
The market serves as a basis for this judgment. Of course, for a very small number of exceptional companies, the future will always be stronger than the present; this is a greater force than the bull or bear market.
Capital and the people behind it are diverse; they have different costs and return expectations, and under various market conditions, they will have different expected factors and discount rates. These can lead to significant differences based on multiplier and compound interest calculations. This also explains why rational individuals with fully symmetric information can engage in transactions and achieve win-win outcomes, as they possess different values, needs, and satisfaction levels.
Economic fluctuations are like shearing sheep: when they grow well, they are sheared; after shearing, they grow again. Forming good trading habits is crucial, as is understanding one's own trading and the market's perception of money.
Doing anything requires hard work and a long process, which is the most common understanding in society. However, the belief that effort will always yield substantial rewards is a misconception. Most of the time, effort and reward are often disproportionate, especially in financial investment markets. Most traders do not come to the market to spend money for thrills; the excitement and wealth creation effects of financial trading are enough to motivate the vast majority of traders to invest wholeheartedly. Nevertheless, the 80/20 rule remains the most enduring law in this market: most traders work very hard, but only a few at the top of the pyramid can be considered to have reaped significant rewards.
Systematic trading thinking is the "Dao," and the materialization of the "Dao" is the "tool." A trading system, as a "tool," should have the following basic characteristics:
It must reflect the characteristics of the trading object, trading capital, and trader.
The trading system must reflect the price movement characteristics of the trading object, including the trend and price levels of price movements. The former provides the strategic direction for trading decisions, while the latter provides tactical entry and exit points. Therefore, the trading system must have a market judgment subsystem, which should at least include two basic components: a trend judgment module and a price level judgment module.
The market trading system must reflect the risk characteristics of trading capital. Regarding the price movement characteristics of risk trading objects, the randomness of individual price movements at a specific time and space and the regularity of overall price movements are a dialectical unity of the accidental and the inevitable. Thus, while acknowledging that the laws governing the price movements of risk trading objects can be revealed, one must also recognize that random price fluctuations are unavoidable and coexist with their regularity.
Due to the existence of random price fluctuations, the market judgment subsystem is bound to make judgment errors, leading to trading risks. Trading risk is specific; it manifests as potential or actual losses of trading capital, and the magnitude of the risk is measured by the proportion of losses to trading capital. Moreover, capital itself has unique risk characteristics, such as the duration of capital occupation, the source of capital, investment purposes, etc., all of which affect the risk attributes of capital.
Therefore, a trading system must not only have market judgment functions but also risk control functions. The trading system must structurally include risk control and capital management subsystems to meet the risk characteristics of capital while achieving precise quantitative control of risk and protecting capital, thereby fulfilling the requirements for capital appreciation.
The trading system must also reflect the human characteristics of the trader (investor). Trading methods are both a scientific art and an artistic science. Trading methods are constrained by the characteristics of price movements and capital, which is a manifestation of scientific constraints. However, trading methods must also be constrained by human nature, reflecting the personality traits of aggressive, conservative, or prudent investors; otherwise, the trading system cannot be accepted by people. The human characteristics of the trading system lead to the artistry of trading methods, specifically manifested as different trading strategies with human characteristics.
Thus, if a trading system is private, it must inherently possess the cultural, personality, and experiential characteristics of its developers and users. If the trading system is semi-open and used as a trading tool for fund investment, it should have a strategy library that accommodates different human characteristics to meet the selective requirements of the fund's board or specific trading management personnel.
The cost of financial freedom is the constraints of market psychology and the trading behaviors of buyers and sellers.
Recognizing the overall situation of the financial system, clarifying the direction of the trading market, and emphasizing risk details are essential. Good thinking habits determine tactical success, and constructing a trading system suitable for buying and selling oneself is crucial.
In investment, what you pursue is the value of enterprises. Go fishing where there are fish, and go fishing where there are bargains.
Think in reverse and consider others' perspectives. Don't focus on what you want; think more about what you want to avoid (what the opposing side is thinking).
First, there is the inertia of thought and body.
The principles of success are actually quite simple: follow common sense, utilize compound interest, maintain a margin of safety, have a moat, stay rational, and operate within your circle of competence... In short, 50 words are definitely enough. However, the specific composition of successful investment is quite complex.
First, maintain extreme vigilance towards the frenzy of the market and historical high valuation zones; retreat is the first strategy that should be firmly in mind.
Second, all successful investments are not predicated on "guessing the top." Those who have been well-fed at the foot of the mountain for the past two years have the most ample qualifications not to "guess the top."
Human society resembles a vast waterworks, with pipelines crisscrossing, flowing with money.
The outer perimeter of the waterworks is surrounded by a circle of the financial world—
Central banks, commercial banks, the Ministry of Finance, the tax system, the stock market, public and private funds, pension funds, Western economic education.
Inside the waterworks is a pyramid-shaped real economy, where the real estate and industrial systems resemble the solid structure of a pyramid. Within it, the household sector and the corporate sector are interwoven.
The financial world delivers money to the top of the real economy pyramid through various pipelines, then irrigates, recycles, and stores it from the top down throughout the entire system.
The financial world and the real economy are separated by walls of white, with slogans like "Building a Better World" written on them.
From the perspective of the real economy, the white walls appear so simple, as if the world is operating just as those beautiful slogans suggest.
However, behind the high walls, the entire system operates in a complex and precise manner. Those in power within the financial world sit in high conference rooms overlooking society, with nearly half of the largest and most powerful 50 companies globally being financial enterprises.
The entire system is so vast and complex that its operation remains a mystery to most people.
Moreover, anyone who cannot speak this complex financial language will be excluded from the public debate on how the monetary system should operate. The interpretation of the financial world is held by a small group of individuals with financial knowledge.
Money flows like water; money is power, and economics dresses production relationships in a rational cloak.
This piece metaphorically represents the entire system as a waterworks, aiming to make the world of money accessible through simple and understandable imagery.
You can ask the bank.
✅ Several thick water pipes extend from the water tower of the central bank, providing commercial banks with base currency and various term liquidity, a pipeline for distributing money to the household sector during crises, and a direct supply pipeline to the government through bond purchases, as well as a pipeline used for quantitative easing during crises.
This is the helicopter used to distribute money, which is usually locked:
The central bank also monitors price changes, as maintaining moderate inflation (2%) is one of its core objectives.
At the same time, the central bank monitors the market, with three searchlights aimed at commercial banks, the corporate sector, and the household sector, which helps determine the volume and price (interest rates) of water.
This is the central bank's core objective, where maintaining price stability is always the top priority.
This means that the water level cannot be too high, as it would lead to inflation, just like from 2021 to the present.
But it also cannot be too low; the harm of deflation is more terrifying than inflation. Just look at the Great Depression from 1929 to 1933; the deflationary spiral can lead banks to tighten lending, even causing the entire waterworks system to collapse.
The central bank's second objective is to ensure full employment, but it seems this goal has already been abandoned.
Instead, it has been replaced by support for government economic policies, and later policymakers added a line: "At all costs."
Here's a joke: the central bank is independent.
The central bank's monetary toolbox research room is also studying digital currency, and experts are adjusting the attributes of digital currency.
The notes on the board reference the digital currency "LIBRA" that Zuckerberg initially promoted, with a note saying, "If you can't beat them, join them."
Digital currency is highly anticipated, with clear advantages in promoting currency internationalization, replacing the money-distributing helicopter, and precise allocation.
When economic problems arise, all parties in the waterworks will demand that the central bank open the valves and increase the water flow. When the entire system encounters issues, it often means a reduction in water flow and a slowdown in the flow rate. Thus, the central bank has developed various unconventional monetary tools—they are given various complex names, but essentially, they are all about releasing water.
Government departments
Next, let's take a look at the government departments adjacent to the central bank; this is their full picture:
Digging deeper into the details:
✅ The "monetization of fiscal policy" depicted in the image below is considered a taboo. The very thick pipe in the image originates from the "direct supply to the Ministry of Finance" pipeline shown in Figure 2.
"Monetization of fiscal policy" means that when the government is in a fiscal deficit, it does not finance its deficit by borrowing money (such as issuing bonds to the market) but instead relies on printing money to finance the deficit. Here, "printing money" refers to the government instructing the central bank to print money, which can take the form of the central bank permanently holding government-issued bonds.
Some proponents of "monetization of fiscal policy" argue more bluntly that these bonds issued to the central bank do not need to be repaid, and the government does not actually need to pay interest; even if interest must be paid, it can be borrowed from the central bank.
Whether to cover the deficit by "borrowing money" or "printing money" may sound like just a word difference, but the long-term impact on macroeconomics, fiscal sustainability, and financial stability is vastly different.
Images often convey information more clearly than words. The irony here is that since "monetization of fiscal policy" is a taboo, why is there such a thick pipe here? It should not exist at all.
Government departments collect various suggestions and opinions from the real economy, hold internal meetings to discuss, then launch various policies and resolutions, and finally hold press conferences to synchronize with society.
Government departments collect various suggestions and opinions from the real economy, hold internal meetings to discuss, then launch various policies and resolutions, and finally hold press conferences to synchronize with society.
Every year, government departments make budgets to plan how to spend money.
For finance, expenditures are rigid; the actual spending is always more than planned, so fiscal deficits are the norm, and the overspending portion is supplemented by "national debt," which is directly connected to the real economy:
The "fiscal expenditure" pipeline flows directly into the real economy:
Tax system
The tax system has always been the main source of fiscal revenue, aimed at preventing excessive distribution within the pyramid of the real economy. Theoretically, the higher the income, the heavier the tax burden.
The government then spends the collected money through fiscal expenditures, taking from the people and using it for the people.
This is the full picture of the tax system:
Looking closely at its internal structure, interesting insights emerge:
✅ Tax burden across three major classes
The tax pyramid in the image below reaffirms the rough stratification of the household sector:
1% wealthy - 9% middle class - 40% middle-income - 50% low-income groups
The pie charts in the image below display key data on income, wealth distribution, tax rates, and surplus rates for the household sector.
The 50% low-income group holds 2% of total wealth, 8% of total income, and bears over 50% of the actual tax burden and an unclear surplus rate.
The 40% middle-income group holds 22% of total wealth, earns 40% of total income, bears 40% of the actual tax burden, and has a surplus rate of about 24%.
The 9% middle class holds 38% of total wealth, earns 33% of total income, bears 36% of the actual tax burden, and has an 8% surplus rate.
The 1% wealthy group holds 38% of total wealth, earning 19% of total income, with tax burden and surplus rate unspecified.
Looking closely at this wealthy platform, they own companies and social resources and use various means to interact directly with tax authorities rather than paying the taxes owed.
They arrange the social ranking, even building a helicopter landing pad. Wait! Where did the helicopter come from? Oh! It turns out to be the helicopter responsible for distributing money in Figure 3.
✅ An important reason for the unfair tax burden is:
Capital gains tax rate < personal income tax rate
In other words, if your core production resource is yourself, and your main source of income is labor income, then the tax rate you bear is higher than those who profit from capital!
At the same time, it is well-known that capital return rates > wage income growth rates.
Every crisis moment in the world of money is precisely a good opportunity for the 1% wealthy to significantly increase their wealth; the K-shaped divergence since 2020 is a reflection of this pattern.
Because when problems arise, money must be released to stimulate, and the pipeline system determines that water drips down from the top of the pyramid.
The triggering condition for capital gains tax is selling; therefore, as long as one does not sell, there is no tax to pay.
But if one does not sell, how can they have money to spend? They can pledge their stocks and use low-interest loans to extract money!
This is the two public secrets of the wealthy:
① No sell, no tax.
② Buy, borrow, die. Each of these three actions avoids taxes.
The distribution system and pipeline system determine that most people in the real economy will not benefit when the financial world operates well, as profit recognition and asset price increases belong only to a small group. However, the real economy will certainly bear the costs when the financial world is in a drought.
✅ The middle class is always eager to calculate how much they save through personal income tax deductions, yet when they compare the thickness of the "income tax" and "capital gains tax" pipes in Figure 16, they will realize the absurdity of the middle class...
Real Economy Pyramid
Next, let's shift our focus to the inside of the waterworks and examine this pyramid that symbolizes the real economy.
Just as water nourishes plant growth, money flows like water, driving the entire economy's operation.
Water flows within the real economy pyramid, starting from the largest companies at the top. Positioned at the top of the industrial chain, they continuously draw water from the real economy (yellow line), then spend necessary costs, expenses, and capital expenditures (blue line), storing the remaining water.
At the same time, major shareholders, professional managers, and small shareholders of different companies all unanimously demand that the company allocate a significant portion of retained profits for dividends or buybacks (red line)—this money flows into the hands of those in the household sector who hold stocks, like a stable and ever-widening river.
✅ The costs, expenses, and capital expenditures (blue line) paid by large enterprises flow down layer by layer, driving the operation of the industrial system. However, as savings accumulate at each layer (refer to the distribution in Figure 15), the water flow becomes thinner as it moves downward.
Wages flow little by little through the waterworks pipeline into the savings jars of the household sector, and in exchange, the vast majority of people must work.
** To survive and live, everyone must sell their time to work for money and then use that money to exchange for goods.
Any commodity has two kinds of value: one is "use value," and the other is "exchange value."
The use value of a commodity means that a loaf of bread can fill a stomach.
The exchange value of a commodity means that if you have no money to buy bread, you either have to find a kind person to give it to you for free or starve to death. Even though the bread is right there, you will starve to death.
✅ Professional managers will formulate the company's operational and production plans.
✅ The middle-class white-collar workers in cubicles will implement the leaders' plans one by one:
✅ Finally, the blue-collar workers earning middle incomes will be responsible for fulfilling and circulating the agreements:
The production of goods comes from nearly non-stop assembly lines.
The people here have no names; they are referred to as factory brothers and sisters. Their greatest advantage is called "labor cost," and their consumer aggregation is referred to as the "lower-tier market."
They are the groups that are not covered by Xiaohongshu; apart from the curious reports from those within the Fifth Ring about the lower-tier market, they are rarely seen. Most of the time, they are just a number in consumption reports.
The most arduous and heavy work is often completed in the harshest environments.
✅ Many people in the low-income group cannot cover the most basic survival needs—housing, medical care, education, and hot meals.
Life is also not easy for the middle-income group; they can always vaguely feel that the increase in prices and rents is faster than income growth, and they often find themselves in tight situations as the end of the month approaches.
Many still wish to believe in the simple and beautiful hope that "as long as you work hard, you can live a good life." They hang some totems on the wall to motivate and comfort themselves.
Many others believe that the narratives of struggle and success have already collapsed, that reality is too bitter, and they prefer to resort to cyber mysticism and quick dopamine hits.
Of course, there are also those who have no idea what they should advocate for or oppose, the white left environmentalists.
✅ The middle class, as shown in Figure 21, lives relatively well, anxiously worrying about class decline or ascension, while believing they will do better and can earn more passive income through investments.
The financial market appears to operate independently of the real economy, but this piece has clearly told us that both are parts of a system.
An asset has valuation because a part of the system is responsible for it—
One person's "passive income" often means another person has to work actively.
The profits that large enterprises return to shareholders come from goods or services provided by others in the industry.
The rental income of landlords comes from tenants working hard and paying rent.
✅ The wealthy class seems generous, but their willingness to consume is far less intense than their willingness to invest and manage wealth.
Holding the most wealth, they continuously invest money into "real estate" and "financial markets," forming an exceptionally stable investment river throughout the pyramid.
Financial professionals like to call this the "great era of wealth management."
✅ The wealthy class never hesitates to invest in the education of the next generation, describing it as "educational capital expenditure."
Compared to income inequality and wealth inequality, the most brutal injustice in the world is opportunity inequality.
✅ Of course, descendants from all classes are participating in peer competition to the best of their ability, competing under the ethos of meritocracy.
"Enduring hardship" means not treating oneself as a person to succeed, while "being above others" means not treating others as people after achieving success:
The slope and cycle of economic growth will determine people's paradigms of thought, leading to many commonly accepted beliefs presenting vastly different meanings in different historical contexts.
Pension Funds
✅ Another main task of this waterworks is to ensure the pension of the household sector as much as possible.
To this end, the tax system mandates that the labor force pay social security, which is essentially a forced savings for their future pensions.
This portion of money is generally divided into two directions: one part is directly transferred to the already retired generations, while the other part becomes the principal for long-term investments of the social security fund, simultaneously credited to individual pension accounts.
✅ Unsurprisingly, the pension levels of different classes also vary significantly.
✅ Under the trend of an aging population and declining birth rates, the pressure on social security is immense, which is a challenge for most economies:
With the development of financial markets, many countries' pension funds invest more externally than internally.
For example, to achieve a long-term annualized return of 6-7%, pension funds will diversify their investments across assets with different risk-return ratios.
In a low-interest-rate environment, the returns on government and low-risk corporate bonds are decreasing. To achieve target returns, pension funds will increase their equity investment ratio and entrust various external institutions for investment, with this money racing through financial channels between Amsterdam, Shanghai, London, New York, Hong Kong, and Singapore in pursuit of higher returns.
In the equity portion of pension fund investments, you will find many familiar names:
In addition to those well-known large companies, there are also renowned investment institutions such as BlackRock, Vanguard, Bridgewater, Blackstone, KKR, 3G Capital, and Hillhouse.
Large mutual funds and hedge funds manage complex investment portfolios, and some have a "too big to fail" flavor. They are often invited as guests by banks and other financial heavyweights in the role of consultants (as shown in the hidden door below), and their policy advice directly impacts their investment portfolios, making the conflicts of interest self-evident.
Just like Bridgewater, which has recently been mired in conspiracy theories, the New York Times financial journalist Copeland's witch hunt against Dalio cannot be confirmed or denied, but people tend to believe that there might be some behind-the-scenes operations...
Public mutual funds are also an important avenue for household wealth to invest in the stock market, serving as a wealth storage mechanism.
✅ There are also private equity funds, which, aside from being more flexible, diverse, and opaque in their investment targets and methods, many large private equity firms will acquire companies, then lay off and restructure, packaging valuable businesses for listing or sale. Meanwhile, those worthless businesses will carry debts and self-destruct.
This is also why private equity is referred to as vultures or vampires.
Professional investors will also steadily and subtly extract considerable management fees and performance rewards from clients' investments, becoming wealthy in the process, likely buying yachts before their clients do.
Stock Market#
The depiction of the stock market in this piece has inspired me greatly; the author vividly illustrates the principle of stock price fluctuations—buyers and sellers stand on a seesaw, and whoever has more weight determines the price level's rise and fall.
The higher the stock price rises, the more it inflates the balloon above until the bubble bursts and the price level falls.
It also showcases the different investment schools' approaches—
Some focus on the water level columns in Figure 38, studying the forces of bulls and bears and price trends.
Some focus on the corporate reservoirs in Figure 19, studying the inflow and outflow of funds, analyzing who has significant fluctuations in water flow (prosperity) and who has stable water flow.
Some study the positions of different companies within the pyramid (moats), determining how high they rank in receiving water flow and how much they can save.
Commercial Banks#
Let's shift our gaze back to the financial market and examine the commercial banking system.
✅ On the left side of Figure 40 is the commercial bank, and on the right side is the real economy pyramid. The passage between them is the most obvious link between the real economy pyramid and the financial world—
Commercial banks provide financial leverage to households and enterprises, but their attitudes and pricing differ significantly across classes.
Low- and middle-income groups can only apply for high-interest credit loans or student loans.
The middle class can apply for low-interest mortgages or secured business loans with their property deeds.
The common characteristic of these two groups is that they need to approach the bank to apply.
Banks will scrutinize them—where they come from, where they work, their income, whether their credit is clean, whether they have other assets or liabilities, and whether they can rely on family support, etc.
Meanwhile, the wealthy class can wait for banks to proactively approach them with low-interest credit offers.
Yes, commercial banks excel at adding icing on the cake but rarely (due to policy pressure) provide timely assistance.
Banks will offer low-interest rates to companies with good collateral, high loan limits, and strong repayment capabilities, but they will not raise interest rates for companies that do not meet ESG standards or pollute the environment.
✅ Commercial banks are amplifiers of the entire waterworks system, as the deposit and loan behaviors of the real economy create an increase in the overall flow of water (money creation).
Similarly, deposit and loan behaviors also allow the real economy and the banking system to complete a "balance sheet" swap—
Deposits made by the real economy in banks constitute the bank's liabilities, for which the bank must pay deposit interest.
Conversely, loans applied for by the real economy from banks constitute the bank's assets, for which the bank must collect loan interest.
The difference between deposit interest rates and loan interest rates is the primary source of profit for banks.
A large amount of loans from commercial banks flows into the real economy pyramid, primarily stored in the form of real estate and industrial capacity, which continuously drives up real estate prices.
For example, from 2006 to early 2023, the price increase in China's four major first-tier cities was at least 10%, which is a very attractive return.
The distinction between landlords and tenants emerges in this process, and many people's fates change accordingly. The enormous profit-making effect and economic development encourage more middle- and high-income individuals in large cities to take out loans to buy homes.
From another perspective, these loans do not contribute to productivity or economic growth. On the contrary, while they inflate housing prices, they also widen the wealth gap, increase urban living costs, and rising housing prices lead to higher rents, forcing tenants to pay more in rent and subsequently demand higher wages from employers—if they have bargaining power.
Since 2021, the proportion of real estate loans in China has steadily declined from a peak of 28.7% to around 23%, while the proportion of loans flowing to the industrial system, agricultural system, and small and micro enterprises has steadily increased.
In terms of annual changes, this shift in flow is evident and dramatic.
✅ The loan behaviors of the real economy also place a stable debt flow on the entire pyramid:
Outside the balance sheets of commercial banks, there exists a similarly large "shadow banking system."
These entities perform financial activities similar to banks to some extent but do not belong to the traditional banking system and are not subject to the same regulations and oversight.
Shadow banking activities often involve various financial derivatives, investment funds, brokerages, and other non-traditional financing tools. These activities are typically executed through legal structures or financial engineering methods, making them difficult to track directly on traditional banks' balance sheets.
However, they also have a significant impact on the financial system and may lead to systemic risks.
For example, in the United States: the rise of new shadow banks during this interest rate hike cycle has not attracted much attention.
The low-interest-rate assets of the past decade and the current high-interest-rate assets have created a vast arbitrage space—
For instance, money market funds with rates of 5% or more, approximately $6 trillion in size, over $2 trillion in reverse repos on the Fed's balance sheet, quantitative funds, banks' intermediary businesses, and various bizarre financial derivatives...
In other words, the high-interest-rate environment brought about by rate hikes has not led to funds returning from finance to the real economy; rather, the shadow banking system has a stronger ability to lock in interest rates.
Narrow Door
Let's take a look at the narrow door through which the real pyramid enters the financial world—economic education. The passage is directly built on the upper social strata of the real economy pyramid; it appears magnificent, leading directly to the hall of rational individuals. However, it suddenly narrows as one approaches the end...
Next, prepare to accept the brainwashing ceremony of economics!
In terms of expression, I absolutely love the treatment in the image below; notice the painting illuminated by searchlights on the wall, which embodies the essence and totem of economics. Economics dresses production relationships in a rational cloak:
Next comes a series of filtering processes:
First, those rebellious young people who do not love to study are deemed unworthy of receiving prestigious economic education and will be eliminated (right 1).
Next, classic books and theories will be stamped into everyone's minds, aligning their thoughts for future synchronized recitations (right 2).
Then, frameworks will be used to shape them uniformly (left 2).
Finally, money is exchanged, entering the economic pipeline, and the ascent begins (left 1).
Following the planned route, one studies and worships, accompanied by classic theories and masters, becoming increasingly detached from reality and more "rational."
On this "orthodox" path, numerous Nobel laureates illuminate the way for you:
The market is fair, money is neutral, we believe in rationality...
Although this pyramid structure feels off, these are all results of the natural rational evolution of the market. The "Essence of Poverty" must certainly be attributed to individual flaws and adverse local environments; otherwise, what else could it be?
Economics is not physics; it is sociology and also political science. No matter how powerful your theories are, can they compare to the prowess of Nobel laureates?
Don't think about it; as long as you are willing to walk this path, you can obtain a ticket to the financial world, possessing the authority to interpret the financial market. You can either engage in money-making or publish academic papers, achieving fame and success.
Meanwhile, those rebellious individuals, rejected by the orthodoxy, discover that there is a narrow path of economics waiting for them, which also allows for upward mobility:
✅ This is a relatively niche path, difficult compared to the prestigious route, but there are also masters accompanying you—Veblen, Minsky, Schumpeter, Keynes, Hayek, Marx...
The three authors are:
Carlijn Kingma - Illustrator (left) Thomas Bollen - Economist, Writer (middle) Martijn van der Linden - Finance Professor (right)
This project was initiated during the peak of the Federal Reserve's fourth round of quantitative easing in early 2021, taking 14 months of research, interviewing over 100 individuals including central bank governors, pension fund managers, bankers, politicians, and monetary scholars, sketching hundreds of drafts, and verifying with relevant parties before starting the final illustrations, which took nearly five months and over 2,200 hours to complete.
Chinese Version
Ultra-clear large image Chinese version