Commodity Trade Mantra

Posts Tagged ‘Unproductive Spending’

How Economies Collapse: Systemic Friction and Debt Are Self-Liquidating

Paying for unproductive friction with borrowed money has generated the illusion that piling up debt is risk-free as long as interest rates are low and the government backstops all the debt. The final illusion is that there is no mechanism to brake the expansion of debt: that the “solution” to rising interest costs is to borrow more money.

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