Bagehot's Baleful Bitter End---$17 Trillion Of Subzero Yields

One hundred and fifty years later we have transitioned from a world of institutionalized discipline. “Today’s world — one of paper currencies, floating exchange rates, enormous budget deficits, and governmental policies to protect both investors and depositors against the consequences of a bank’s mismanagement — is largely one of institutionalized indiscipline” (p. 294).

 

 

 

 

 

https://davidstockmanscontracorner.com/?p=350343&preview_id=350343&preview_nonce=3e1b74adce&preview=true

 

 

David Stockman's Contra Corner is the only place where mainstream delusions and cant about the Warfare State, the Bailout State, Bubble Finance and Beltway Banditry are ripped, refuted and rebuked. Subscribe now to receive David Stockman’s latest posts by email each day as well as his model portfolio, Lee Adler’s Daily Data Dive and David’s personally curated insights and analysis from leading contrarian thinkers.