According to the IMF (International Monetary Fund) and the IIF (Institute of International finance) global debt has soared to a new record high. The level of government debt around the world has ballooned since the financial crisis, reaching levels never seen before during peacetime. This has happened in the middle of an unprecedented monetary experiment that injected more than $20 trillion in the economy and lowered interest rates to the lowest levels seen in decades. The balance sheet of the major central banks rose to levels never seen before, with the Bank Of Japan at 100% of the country’s GDP, the ECB at 40% and the Federal Reserve at 20%. Continue reading The Next Wave of Debt Monetization Will Also Be A Disaster
This is a video excerpt from my keynote speech at the Bloomberg annual conference “The Next Big Thing”. Continue reading “Crises Happen When We Believe There Is No Risk” Conference at Bloomberg “The Next Big Thing”
As I explained on CNBC:
Even the most optimistic assumptions are unlikely to change the trend of weak global growth.
Continue reading A US-China Trade Deal Will Likely Be A Zero-Sum Game
In this interview, I explain that constant government intervention and “picking winners” is weakening the India economy. Demonetisation, tax hikes, interventionism and constant increases in subsidies to some sectors are weakening internal demand, not improving it.