Debt Is Not an Asset. The Relative Success of the U.S. QE
“I will choose a path that’s clear, I will choose free will”
—Neil Peart
One thing we must understand by now is that, if governments benefit from financial repression, it will both continue and have commentators that defend it.
As such, we must understand how cycles function and behave, rigorously understanding what parts of the economy are going well and what is behaving poorly. This is especially important because we can be right at analyzing the risks and forget there are elements that have worked.
There are parts of the economy that have benefitted from low rates and high liquidity, but when the result is $9 trillion of added debt for a disappointing $3.6 trillion of GDP ...
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