As we continue to roll debt from consumers to corporations to governments the effective Ponzi scheme only grows with time. Stephen Roach of Morgan Stanley Asia says this is the cause of larger and more frequent crises. As Tom Keene says, the only way to truly end a debt crisis is to “clear the system” as they did in Asia in the late 90’s. Unfortunately, we continue to kick the can down the road.
Mr. Roche is the Founder and Chief Investment Officer of Discipline Funds.Discipline Funds is a low fee financial advisory firm with a focus on helping people be more disciplined with their finances.
He is also the author of Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance, Understanding the Modern Monetary System and Understanding Modern Portfolio Construction.
Comments are closed.