The global money printer is going crazy. And 2026 will be even crazier!
The chart below shows my proprietary tracker for global money printing for each year since 2017.
Notice: money printing here refers to real economy, inflationary money.
This is the money we spend every day (mostly bank deposits held by households and corporates), not some funky ’’liquidity’’ indicator.
We are talking about real, spendable money here.
And well: 2025 is one of the strongest years for global money printing, only trailing behind 2017 and 2020.
We all know what happened in 2020: a large global fiscal stimulus was set in motion to protect economies from a depression due to C-19.
In 2017 instead there was a globally concerted money printing led by China and low interest rates stimulating mortgage and private leverage.
The outcome was solid economic growth across the board: even Europe managed to print +3% GDP in 2017!
Back to today: the money printing machine is going strong.
And the outcome is indeed sustained nominal growth (often with inflation stuck above target for many economies), and asset prices roaring.
But what about 2026?
It will be even crazier due to big fiscal packages coming online from:
– US
– Germany
– Korea
– Sweden
– Japan
– Australia
And more countries are joining the fiscal deficit, money printing party.
What do you think will happen in markets as a consequence?
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