Corporate borrowers have borrowed more than ever before. The money has virtually all been blown on Mergers & Acquisitions and stock buybacks. This was a naked attempt to goose the stock market for the benefit of corporate directors’ stock option values. They knew there was no future in investing in growth. Unlike the Fed, they knew that consumers’ simply don’t have the wherewithal to consume. We have reached the ‘Lehman-Moment’. An in-depth analysis of why the current economic demise of China is so grave for the world. Despite strenuous efforts by the main stream media to have you think otherwise, the facts (as usual) speak for themselves. Recent durable goods orders plunged. More police brutality. More Putin-bashing. More evidence that America is chomping at the bit to go to war. The insanity of central bank borrowing.
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