An age of real wealth destruction

The writer is founder of the hedge fund advisory Totem Macro and former head of emerging markets at Bridgewater Associates

We’re at the sort of inflection that only strikes once or twice a century. That’s what makes it tricky.

Most people alive today grew up alongside a simply historic rise in financial wealth. We know nothing but relentless asset appreciation, propelled by disinflation and falling rates. Liquidity outpaced the…