November 1942. Winston Churchill addressed the British House of Commons on the occasion of the first Allied victory to date over Hitler’s armies in all of World War II. General Montgomery had defeated Rommel’s seemingly unstoppable armored Panzers at the battle of El Alamein.
Wanting to spur optimism, but recognize the war would be long and difficult, Churchill said, “This is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning.”
We borrow that metaphor to explain our thesis about the global economy: that the world is reflating.
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