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The world is in a debt trap

Over the past four decades, total debt more than tripled to 350 per cent of global gross domestic product.

No matter what happens to near-term inflation and growth, the world is too indebted for rates to rise much higher.

Ruchir Sharma FT 22 November 2021


The writer, Morgan Stanley Investment Management’s chief global strategist, is author of ‘The Ten Rules of Successful Nations’

Credit Markets Are Full of Alarms and No One Cares

The Federal Reserve’s corporate-bond bailout in March 2020 has helped encourage a debt binge unlike any other.

Investors see little choice but to whistle past the graveyard. Risks may be piling up, but haven’t you heard Junk-rated companies have the least debt relative to earnings since 2015.

“Covenants do continue to get worse,” said Pisano. “Every day something comes up that makes them worse.”

Brian Chappatta Bloomberg 22 november 2021 


Fed should raise interest rates now

The Fed thought it would have plenty of time to reverse its easy-money policies, but the surge in inflation makes that idea obsolete.

Stephen S. Roach MarketWatch Nov. 22, 2021  


The key problem haunting the Fed: can adjustment occur without another 2020-style freeze?

Gillian Tett FT 18 November 2021


För varje dag som går med nollränta växer problemen. Hushåll, företag och stater ökar sin skuldsättning.

Alla är glada. Utom riksbankscheferna som vet att de inte har någon plan för återgång till något slags normalitet.

Hur skall detta sluta? Det kommer att sluta illa den dag räntorna stiger. Ju längre det dröjer, desto mer illa kommer det att sluta.


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