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Credit Bubble Bulletin/Doug Noland/3-12-2021
“I received a friendly email a few weeks back from a reader inquiring whether my analysis is Fact or opinion. Well, it’s my opinion that the world is in the ‘Terminal Phase’ of history’s greatest Credit Bubble. It is opinion that U.S. and global equities markets are historic speculative Bubbles, fueled by runaway Monetary Inflation and Acute Monetary Disorder. It’s my opinion that markets in U.S. stocks, cryptocurrencies, corporate Credit and derivatives have evolved into full-fledged manias. It’s certainly my opinion that this all ends very badly.
But this week’s CBB is about Facts rather than opinion. History informs us that money and Credit are critically important – ignore their disorder at your own peril (policymakers at all our peril). That’s a Fact. The Fed’s Z.1 “flow of funds” report is our quarterly glimpse at Credit and financial developments – where “the rubber meets the road”. As far as I’m concerned, the Facts Speak for themselves. It was another quarter that corroborates Bubble Analysis. Facts provide the foundation for my analysis and opinions, and Z.1 data reflect monetary inflation spiraling out of control.”
USAGOLD note: Noland visits the facts behind the opinion (stated above) – an opinion, by the way, with which a good many of our readers would agree.
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