As Goes The Credit Market, So Goes The World
The stock market is a sideshow. It’s the credit markets where we see the most extreme bubble. It’s the credit markets that have danced most vigorously to the pied piper Central Banker music of the last six years, which is why we are watching them closely. When confidence in the Central Bankers finally cracks, I believe this is exactly where we’ll see it first. And it’s this loss of confidence that will mark the decisive turn in the cycle for credit.
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