The foundation of the so-called recovery since 2009 has been quicksand: huge increases in public debt; moving private debt onto public balance sheets; central bank monetization of that debt, and artificially low interest rates—to mask the true cost to governments of their debt and promote economic activity and rising asset markets. Now the whole ugly edifice is sinking, but the belief persists that it can be stopped by pouring in more quicksand! If that belief was delusional before, to retain it after the events of the last few months is psychosis unhinged from reality.

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