It’s A Mania—–Behold The Red Chips And The Big Macs

Zero Hedge recently revealed that $5.3 trillion of government debt trades at subzero interest rates. In today’s fiscally profligate world that is a thundering tell. What it signifies is nothing less than financial regime change. There are no markets left in any meaningful sense of the word—–just a raging casino infected with the madness of the crowds and the central bank pied […]
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