One of Western civilization’s largest problems is we’ve convinced ourselves debt can be permanent. We don’t use that specific word, of course, but it’s what we do and is why government debt keeps rising.
We borrow faster than we repay previous borrowing—and I mean governments everywhere, China as well as the US.
As a result, I think we will spend the latter part of the 2020s going through a kind of worldwide bankruptcy. We won’t call it that, and it will take a lot of argument because we won’t have a court to take charge.
Once the Great Reset is over, we’ll find a much better world waiting for us. Getting there will be the hard part.
The Artificial Boom
Because investors have so much money to invest and because of past success stories of stocks of revolutionary technology companies doing so well, more companies than at any time since the dot-com bubble don’t have to make profits or even have clear paths to making profits...