“I also condemn the ‘monetary madness’ of central banks but I accept that there were then, as there are now, mitigating circumstances.’Monetary madness’ has fueled little consumer goods price inflation, so far, but a colossal asset bubble around the world. The suppression of interest rates (particularly so in Japan and the Eurozone) have also compressed the interest rates on junk bonds to extremely low levels. These securities are bought by investors that are desperate for higher yielding fixed interest securities.

LINK HERE to the commentary

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