By Richard Russell
The world is drowning on a four-letter word, and that word is “debt.” Thanks to my dear friends, the Aden sisters, here are two excerpts from their latest report:
Using a Total Debt to GDP ratio, the US is at 370%, which is higher than Greece, at 353%. Germany is at 302%, Britain at 546%, and China at 250%. But the winners are Japan at 646% and Ireland at 1000%.
Recently, the BIS warned, “The world will be unable to fight the next global financial crash as central banks have used up their ammunition trying to tackle the last crisis.”
Recently I’ve felt like I’ve entered an insane world. I’ve been reading John Williams’ Shadow Statistics reports. Williams documents that the US is sinking into a new recession. Ironically, Janet Yellen has almost guaranteed that the Fed will start raising rates this year. If Williams is correct, the Fed will be raising ... Log in or subscribe to continue reading.