Who's the mad borrower now?
Imaginary money is being generated which artificially makes the fat cats rich but doesn't do anything about real debt. We've been here before, writes David McWilliams.
Rather than talk about who went 'mad borrowing' last week, let's focus on why it happened, because I want to explain what is happening right now in the financial markets. I would also like to make the point that central banks are becoming - yet again - instruments of leverage, rather than guardians of prudence. This looks good now, but will cause more problems in the years ahead.
In the past few weeks, the world's...
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