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Over the same period, the world’s main CBs slashed interest rates and supported the financial system by almost doubling – from USD 10.1 to USD 17.9tn – their combined balance sheets. To date, total fiscal stimuli amount to at least USD 17.7tn, or 23.0 percent of world GDP.

Since 2007, DMs’ average debt-to-GDP ratio has risen by about 50 percent in Britain and Spain it has nearly doubled. At once, DM and EM governments provided fiscal stimuli by increasing spending. In a context of abundant macro-liquidity … To counter the 2008 crisis, an unprecedented amount of money – about 25.6 trillion (tn) of US Dollar (USD), or 33.2 percent of the world’s Gross Domestic Product (GDP) – was thrown at the global economy.Yet, in the real economy, liquidity-induced complacency hampered reform-efforts and delayed investments.

Across the world, CB-liquidity injections upheld economic performance by creating a “low-growth equilibrium”, but boosted financial markets. Financial markets and fundamentals got disconnected, complacency is hindering growth. Due to large CBs purchases of government bonds and low inflation, bonds’ yields are at multi-century lows.ī. At end-September 2015, the price-to-earnings ratio (PE) on the S&P Global 1200 index was 16.4, 82.2 percent above the pre-crisis average of 9.0 (1997-2007 period). According to Deutsche Bank, global markets (stocks, bonds, and residential housing) are above their pre-crisis (2007) price levels and close to an all-time peak. As a result, current valuations are significantly above historical levels.

Financial asset prices are well above fundamentals.

Commodities were stagnant: the Rogers International Commodity Index (RICI) benchmark registered a CAGR of 0.3 percent, without significant correction (Endnote 3, Table 4)³. In the bond markets, the JPM Global Aggregate Bond Index grew at a CAGR of 3.6 percent, with no significant correction. Between Maand September 30, 2015, despite the ongoing market turmoil, the equity markets rose at a significantly higher rate than the real economy: the Dow Jones Global Index grew – without a correction for about 128 weeks (2.5 years) – at a CAGR of 12.6 percent. Despite improvements in the labor markets, inflation is still below CBs targets Year after year, growth fell short of expectations. In real terms, the world economy has grown at a compound annual growth rate (CAGR) of 3.3 percent developed markets (DMs) at 0.9 percent and emerging markets (EMs) at 5.2 percent (Endnote 3, Table 4).

The paradox: most economies are weak … Since the crisis, the recovery has been weaker than expected.

A new Pd-Ru composite membrane had the same features and permeation behavior as a previous one, indicating that electroless plating of both Ru and Pd is reliable and repeatable. Hydrogen diffusion through the Pd-Ru membrane was found to be the rate-controlling step in permeation.

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Helium leakage and hydrogen permeation tests confirmed that the membrane was free of defects. A 7.6 µm thick Pd-Ru membrane could be fabricated by electroless plating with a palladium (Pd) layer overlying the PSS substrate and a Ru layer overlying the Pd layer. Based on the optimized procedure, a Ru layer was deposited by electroless plating of Ru onto the surface of pretreated aluminum-oxide modified PSS substrate. Relationships among plating rate, plating time, plating bath temperature and concentrations were also investigated. TGA, SEM, EDX and XRD confirmed the successful deposition of Ru. It is proven that Ru can be deposited directly on these substrates by the bath at a temperature of 328 K and strong alkaline environment. A novel complexing plating bath of Ru was developed. This paper focused on a novel method of electroless plating ruthenium (Ru) on solid or porous substrates like porous stainless steel (PSS) discs or ceramic tubes.