by Bill Holter
JSMineset
If you told someone two years ago the world would look like it does today, they would have called you a nut job spewing science fiction with a dash of conspiracy theory! We use two years as a timeframe because if you recall, the overnight repo market blew its lid in late September 2019. And what a two years it has been since!
We knew at the time the Fed would be required to embark on their final pump job because credit was faltering badly. “Thankfully”, COVID-19 came along to shut down economies and thus massively reduced credit demand. This gave the world’s central banks some time, and cover, to reliquefy the system and of course do what they do best…INFLATE! We have said all along that Richard Russell was correct years ago when he termed the phrase “inflate or die”. The only problem is, global debt had already built up to unpayable levels even before the repo blowout two years ago which led to the crackup boom we have just witnessed.