Unproductive, speculative credit creation is like a sugar rush.
It energizes the economy at first.
But then comes the inevitable cliff.
Long-term, unproductive debt is deflationary and the pandemic debt binge won’t be different.
With every iteration of the crisis, finance is rewritten.
Among the biggest losers in the shotgun sale of Credit Suisse are investors in the firm’s riskiest bonds worth $17 billion https://t.co/SlS5M6LPQ5 via @markets