... and when this happens it accelerates growth ... as monetary policy typically lags capex recoveries ... this fuels a boom which has a good chance of feeding on itself as more credit (and equity) flows in ... a good old fashioned cycle!

The difference this time is the Brexit stole the credit/capex impulse aways ... we see the same 'hangover' effect in some parts of Europe associated with the 'long shadow' of our prior crises (note plural as we had 2 rather than one here) ... no credit, no capex, no rate rise ... and an absence of cyclical acceleration ... this doesn't feel normal to those that are constantly searching for a good old fashioned cycle !!