History's largest bubbles have had the exact same root cause: an expansion of credit that causes leverage to go up faster than the income available to service it.Simply put: bubbles exist when asset price inflation rises beyond what incomes can sustain. They are everywhere and always a credit-fueled phenomenon.
Fed, ECB, BoJ, PBOC Balance Sheet + Global Systemically Important Banks + Emerging Markets - Zerohedge
Source: "Get Prepared" For The Chaos To Come, Snyder Fears Global Financial Bear Market Looms - ZeroHedge
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