Will history repeat?
Last time when US government finances were stretched during 1944-1952, they went ahead with rapid industrialization – growing the industrial output by ~60%
Can that performance be repeated in 2023-2028
Source: FRED, Pinetree Calculations
Elephant in the room
What happens if Japan repatriates its $3tn hoard:
For example, they own 10% of outstanding Australian Bonds
Connecting the dots - Nuclear Energy - the only clean, green and cheap energy
World Uranium Mining Production
Updated August 2023)
• About two thirds of the world’s productico of uranium from mines is from Kazacstan Canada and Australa
• An increasing amount of uranium, now over 55%, is produced by in situ leaching.
In 2022 Kazakhstan produced the largest share of uranium from mines (43% of world supply), foliowed by Canada
miss and Namibia 712)
India : Resurgence in Manufacturing…
“India’s domestic electronics production has increased significantly from US$29bn in F2015 (1.4% of GDP) to US$105bn in F2023 (3.1% of GDP), reaching ~3% of global electronics Manufacturing. MS sees India’s electronics manufacturing sector growing at a 21% CAGR over the next 10 years (F2022-32) to US$604bn by F2032 (8.6% of GDP)”
Morgan Stanley India
…due to infrastructure build up
India moving from Digital Infra to physical infra build. Digital infra allowed India to leapfrog Manufacturing directly to services and created an IT and services boom. With physical infra push, India is headed for manufacturing boom
Investment in infrastructure has risen sharply in India as the government seeks to boost the
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