It’s the same war over and over again. Leverage. It was so bad last time it required central bank boats ( balance sheets) to keep the system from freezing.
What do we do on the next go around? Create another supra-sovereign institution with a clean balance sheet to bail out central banks? There is a limit to extend and pretend and keeping real rates negative. Eventually the physical economy divorces itself from the finance sector. It shows up as civil strife, revolution.
Yes in general I guess thats true, leverage and speculation.
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