Lawrence Lepard: Global Margin Call for a Leveraged World

by John Rubino
Dollar Collapse

Lawrence Lepard, managing partner with Equity Management Associates, just published a quarterly report in which he explains — among many other things — why current US policy has created a “doom loop” and “a gold opportunity.”

Here’s the summary page. For a PDF copy of the full 36-page report, email Lawrence at


• Q1 2020, Global margin call for a leveraged world.
• Credit bubble burst and is unwinding.
• Reason bubble occurred was ZIRP policy (2008-2015) which led to capital misallocation.
• Fed (monetary) and US Government (fiscal) response was massive and aggressive.

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