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The Federal Reserve is the cause of the bubble in everything

If debts are not to be reneged upon, they must either be repaid or somehow refinanced. 

However, not only is much of the new debt taken on since the 2008 financial crisis unlikely to be paid back but, more worryingly, it is compounding ever higher. Our latest estimates suggest that world debt levels now exceed $250tn, equivalent to a whopping 320 per cent of world gross domestic produc

We know from experience that liquidity-fuelled asset markets usually end badly

So remember what former Citigroup chief Chuck Prince said about “still dancing”, on the eve of the 2008 crash. Enjoy the party, yes. But dance near the door.

“As long as the music is playing, you’ve got to get up and dance.”

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