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Misadventures and Mishaps
Over the past decade, in the wake of the 2008-09 debt crisis, the impossible has happened. The sickness of too much debt has been seemingly cured with massive dosages of even more debt. This, no doubt, is evidence that there are wonders and miracles above and beyond 24-hour home deliveries of Taco Bell via Door Dash.
The global debtberg: at the end of 2017, it had grown to USD 237 trillion. Obviously this is by now a slightly dated figure, as debt issuance has continued with gay abandon this year. [PT]
But how can dosages of more debt be the cure for too much debt? Can more Cutty Sark be the cure for a dipsomaniac? Certainly, in both instances, and after some interim relief, the cure always proves to be much worse than the disease.
Without question, a moment of clarity is approaching that will bisect the world of today from the world of tomorrow, like the Patriot Act bisects the present world from its prior state of bliss. Thus, what follows is a rudimentary preview of what’s in store. But first, some context is in order…
The fake money system – a system centered on debt based legal tender and centrally fabricated interest rates – produces booms and busts of greater extremes with each progression of the business cycle. This century alone we’ve experienced two iterations of these boom and bust scenarios. First the dotcom bubble and bust. Then the housing boom and crash.
The “well-contained” end of the housing boom… [PT]
Make no mistake, these booms and busts were anything but garden variety gyrations of the business cycle. In fact, the Federal Reserve’s finger prints are all over them. The booms originated from Fed monetary policy misadventures. The busts were triggered by Fed monetary policy mishaps.
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