David Stockman Interview: The Global Economy Has Entered The Crack-Up Phase

So we’re in a new phase of this, and that may be the political blowback of what was an unsustainable and profoundly stupid policy at the beginning. You know, it’s a warning that you have to face down the problem of massive excess debt in the world and allow some liquidation to occur, allow some losses and write downs to happen, clear the decks. Because if you don’t, you’re simply buying a little time and sowing the seeds of much greater and more unpredictable and uncontrollable reactions and blowback down the road.