“For the past 20 years, the world has careened from one greater and greater insolvency shock to another. Each time, central banks have been summoned to the ‘rescue’ deploying increasingly more aggressive monetary magic. But after 9 years at near zero rates and trillions in asset buying to extend and pretend the appearance of economic prosperity, reality is dawning once more as the global economy slows and liquidity retreats to reveal even larger debt and sustainability problems.”

Central banks are architects of global stagnation and insolvency

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