Kaye: The 2008 collapse was just a warning shot. That’s all it was. And the reaction by governments around the world was simply one of panic. They (the governments) took the easy way out. Because of that they did not learn any of the lessons that should have been learned.
If you have a problem which was precipitated by excess leverage, and ultimately the market is dictating that you can’t service that debt, which was going to lead to enormous wealth destruction, ultimately you’ve got to learn to intelligently de-lever. But instead of doing that, additional layers of debt were piled on everywhere, while policies of financial repression were used to prevent interest rates from causing yet another financial convulsion.
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