The consensus, in retrospect, now agrees that the Great Financial Crisis was a product of indiscriminate lending, speculation and too much debt. Today, though, they see no such problems. Record asset valuations and debt are no longer of concern because central banks are viewed as magicians once more. A revelation will only come after a financial catastrophe devastates again. We can bank on it.
NEW Global Debt Monitor: Global debt hit $246T in Q1 2019, nearly 320% of GDP.
Debt by sector, Q1 2019 (as % of GDP):
🔹Households: 59.8%
🔹Non-financial corporates: 91.4%
🔹Gov’t: 87.2%
🔹Financial corporates: 80.8% pic.twitter.com/4Qu0ekvpZw— IIF (@IIF) July 15, 2019
David Stockman summarizes the monetary madness at hand well in these clips.
David Stockman, author of “Peak Trump: The Undrainable Swamp and the Fantasy of MAGA” and former budget director under President Ronald Reagan, discusses his criticisms of current U.S. fiscal and monetary policies. Here is a direct video link.
Here is a link to part 2.
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