Never before in the long, comic history of mankind and its money have central bankers taken such a keen interest in asset prices. Now they create money, out of nowhere, for the express purpose of pushing them up.
We’ve spent our entire life in a credit expansion. We began life when the cork came out of the credit jug. We’ve all been pulling hard on it ever since. Heck, we’ve lived on it. “Hey, we’ll pay you later,” we said. But what if “later” is now?
When you conduct your financial affairs as loosey-goosey as Argentina, no one will lend you money. Then – gracias a Dios! – you’re forced into solvency.
