OPINION: The world economy is lurching toward an unprecedented confluence of economic, financial, and debt crises, following the explosion of deficits, borrowing, and leverage in recent decades.
NEW YORK — The world economy is lurching toward an unprecedented confluence of economic, financial, and debt crises, following the explosion of deficits, borrowing, and leverage in recent decades.
In the United States, it is 420%, which is higher than during the Great Depression and after World War II. And tax policies that favor debt over equity, abetted by central banks’ ultraloose monetary and credit policies, has fueled a spike in borrowing in both the private and public sectors. But now, inflation—fed by the same ultraloose fiscal, monetary, and credit policies—has ended this financial Dawn of the Dead. With central banks forced to increase interest rates FF00, in an effort to restore price stability, zombies are experiencing sharp increases in their debt-servicing costs.
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