read more from financial sense....
"According to the Bank Credit Analyst the Debt Supercycle reached an important inflection point in the recent economic meltdown of 2008-2009. Authorities reached the limit of their ability to get consumers to take on more credit. The result is that it forced governments to leverage up instead. This is where we are today as authorities spend, borrow and print money to fight off the deflationary impact of private sector deleveraging. Welcome to the final chapter of the Debt Supercycle—a period of trillion dollar deficits that are being monetized by trillion dollar expansions of central bank balance sheets, otherwise known as money printing. Once fiscal policy is pushed to the limits of sustainability, the Debt Supercycle will come to a violent end. This is exactly what is happening to Europe now."
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