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In Uncharted Waters

A long-time reader recently chastised me for using too many maybe’s in my forecasts. The criticism is valid, as “on the other hand” slips all too easily from qualifying a position to rinsing it of meaning.

That said, given that we’re in uncharted waters, maybe’s become prudent and certainty becomes extremely dangerous. I have long held that the financial policy extremes that are now considered normal are unprecedented in the modern era: extremes in debt, leverage, risk, complexity and willful obfuscation of these extremes.

What I see as extremes that must necessarily end badly, others see as mere extensions of recently successful policies and trends. Let’s review a few of the many extremes that we now accept as ordinary and harmless.
Consider how much new debt is now required to lift GDP (“growth”) off the flat line.

The slightest pause in the expansion of credit nearly collapsed the entire global economy.

Extraordinary central state and bank policies have boosted the wealth of those closest to the Federal Reserve’s money spigot and left everyone else poorer.

Source Of Two Minds.com

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