by Doug Noland
Credit Bubble Bulletin
A global pandemic and historic economic downturn. A rapidly escalating U.S./China cold war. Surging U.S. unemployment and economic depression. A deeply fragmented society with intensifying animosity and conflict. Heightened social instability, with mounting protests (and even a number of ugly riots). Friday Drudge headline: “A Society On Brink of Complete and Utter Chaos…”
A booming stock market. Rapidly expanding “money” supply. Exceptionally loose financial conditions, with record debt issuance. Huge inflows into corporate investment-grade and high-yield bond ETFs. Record Treasury and investment-grade corporate bond prices.