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Michael Pettis
michaelpettis.bsky.social
did:plc:aday7msfnpqba7psqpjq3pij
7/7
But losers tend to cut back on spending faster than winners increase it, and so what's good for the economy over the long term can still be painful over the short term. Outside top-tier cities, I expect property prices to decline for at least another few years.
2025-08-22T09:21:15.934Z