Why all financial markets will crash

It’s all about credit. Demand to fund rising government deficits and keep zombie corporations alive will drive up interest rates. I explain the consequences for currencies and financial values.

It’s all about credit

All transactions and all valuations are in credit. The key aspect of credit is that it is always matched by an obligation, or debt. Credit is extinguished when that obligation is discharged or defaulted upon. But in today’s financial systems, the repayment of debt is always in another form of credit, usually the transfer of ownershi…