Re: More Serious this time around
You have raised a very fair and valuable point here.
I tend to look at the excessive inventory pileups from a Cost of Money point of view.
Thanks to the foolish behavior of Global Central Bankers(US Fed,BoE,ECB,BoJ and BoC);Money costs virtually nothing to borrow today.
This phenomenon(called Quantitative Easing) has created unbelieveable Bubbles all across the World in all Asset Markets including creating Massive Inventory Stocks worldwide.
The Irony is this was done initially to prevent Deflation (in 2008) from taking hold but end result is going to be an even bigger dose of Global Deflation as Supply ends up swamping Demand Globally.