Highlights

  • Investor worries that record debt levels will cause a disaster soon are likely misplaced
  • Modern Monetary Theory’s assumption that we can have unlimited debt is also likely wrong
  • Instead, we are simply in yet another credit boom and bust cycle that should disappoint believers in either myth
  • Currently, we are in the boom phase of that cycle, which we think is likely to last another 3-5 years
  • That boom phase is springing forward and accelerating, as we are more than 90% of the way to setting a monthly record for pension credit allocations less than halfway into the month

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