The surest sign of an unsustainable financial bubble is the distorted market for sovereign debt. There is a “going out of business” sale in process for fiat currency. Trillions in fiat currencies - and the world’s money managers are looking for somewhere to put it. In a world of limited options, they tend to put it where they CAN, rather than into productive uses that a growing economy would offer. Bonds are at the end of a 40-year bull market which has pushed bond prices to all-time highs and bond yield to all-time lows. Stocks too... Almost every market and asset class that’s big enough for major institutional investors is at or near its all-time high.
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