Monetary and fiscal policy

Where are we in the debt cycle and what are the implications for the future?

Dear Reader,

What part of the debt cycle are we in now, and how will the COVID19 induced economic shut-down play out? In order to discover where we are, we must first retrace where we have been.

In the leadup to the 2000 dot-com bubble, total household, corporate, and government debts were at historic highs. From 1999 to late 2004, global monetary-policy …