by Alasdair Macleod, Schiff Gold:
The day of reckoning for unproductive credit is in sight.
With G7 national finances spiraling out of control, debt traps are being sprung on all of them, with the sole exception of Germany.
Malinvestments of the last fifty years are being exposed by the rise in interest rates, increases which are driven by a combination of declining faith in the value of major currencies and contracting bank credit. The rise in interest rates is becoming unstoppable.