The next crisis is here.
The BREXIT or British exit from the EU is this crisis’ Bear Stearns: an unexpected situation that Central Banks will go all out to sweep under the rug.
Whether or not they will succeed remains to be seen. But what has started cannot be undone.
For seven years, the Central Banks have maintained the illusion that all is well. Meanwhile, global leverage has exploded to record highs, with the bond bubble now a staggering $100 trillion in size.