Layoffs and cost cuts have commenced.
But the ballooning National Debt has disappeared from the agenda.
Here are the numbers. Peak chase-for-yield by institutional investors?
USD-denominated debt outside the US hits record – even junk bonds.
Oh the irony!
Markets are blowing off this uncertainty for now.
The inevitable unwinding, whether through inflation or debt write-offs, could create considerable misery.
WTF Chart: US Treasury Yield v. Euro “Junk Bond” Yield. New record in central-bank absurdity.
Their doom-and-gloom scenario: Consumers suddenly become prudent.
Same phenomenon leading up to the last housing bust?