STUMBLING ON – FOR HOW MUCH LONGER?
It has become customary, as each New Year begins, for analysts and commentators to rush into print with forecasts of what they think is going to happen in the coming twelve months.
In wishing you all the very best for 2016, I have no intention of conforming to this pattern. Instead, I plan to investigate the structure of a global economy which has become addicted to borrowing.
In any case, where the economy is concerned, I do not claim to know when things are going to happen. After all – to quote Keynes – “markets can remain irrational longer than you can remain solvent”.
But I do think we know what has to happen, even if the timing is uncertain.
At some point, a global economy which has turned into a giant Ponzi scheme has to implode.
The Ponzi economy
That the world…
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