Largest Industry In World Isn't Tech or Energy, Its Monetary Creation Says Macquarie

What is the world’s largest industry? Is it technology, with Apple Computer and Google each eclipsing cities such as Chicago, Dallas and Washington DC in their market cap relative to a metropolitan gross domestic product?  Is it big oil, with firms such as BP commanding a $121 billion market cap and a P/E ratio near 55. No, says a recent Macquarie Research report. The world’s largest industry is found in creating capital, an economic growth activity that has a much lower ratio to its overall size than other industries. Those on Wall Street and around the world have witnessed the largest increase in monetary creation in history, rising from a modest $60 trillion industry in the 1990s to now...