When Rio Tinto ceo Sam Walsh uses the phrase “the new normal”, he is describing what life in the commodities markets will be like as China moves towards a more consumption-focused economy.
Rio Tinto ceo Sam Walsh His definition of the term appears to depart radically from the one used by famed bond trader Mohamed El-Erian, who coined the term in 2009 to describe the dire set of economic conditions facing industrialised western nations in the wake of the financial crisis. For El-Erian, the ceo of Pacific Investment Management Co, the new normal was a byword for factors including flat or falling economic growth, high unemployment, private sector deleveraging, and ballooning public deficits and debt in the western world. But, as El-Erian recognised shortly after he and his colleagues at Pimco came up with the term, the "new normal" has come to mean very different things to different people, as Walsh’s use of the term in an investor presentation this week clearly demonstrates.
Source: Metal Bulletin
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