During the last seven years credit volumes did not grow as as in previous liquidity periods, despite having the federal reserve interest rates close to 0%. This means the US economy is not expanding.

If banks could understand the opportunities that could be created by slightly changing the current scheme, China coud grow at a pase faster than 5%.

Since early 2016, producer prices have been growing at increasing rates. High production costs create another obstacle for the struggling industrial sector.

The yuan depreciated by nearly 8% since May 2015: it had been appreciating since the last time the exchange rate was established.

Today, the central bank debate focuses on whether they should continue to use the inflation target as the main objective for monetary policies or if it should change to a nominal GDP target.

Another measure affecting the industrial sector is the Producer Price Index, which does not bring good news for industries. Since early 2016, producer prices have been growing at increasing rates.

Bond gains have yet to reach the ground, and the 10-year yield dropped below 1%. By contrast, IBEX 35 recorded losses by over 20%, in annual terms; a number that is not far away from European references.

The private sector has done its job: it has been able to reduce debt and create wealth. The public sector has fallen behind, as countries still have significant public deficits.

The annualized quarterly GDP is growing, but it has been growing at a lower rate since the third quarter of 2015. Commercial and industrial credit is growing at a rate of an economy that is not expanding.

Unfortunately, there is nothing more permanent than temporary emergency measures. We are still living with a 45-year-old monetary experiment in which central banks have no direct link to gold.