Lack of Real Reform Sows Seeds of Next Crisis

Peer deeper into the US data and there are actually some alarming patterns. For me, apart from the Federal Reserve still cranking the QE handle to the tune of $85bn (£56bn) per month, having more than tripled base money over the past five years, the most worrying concern is debt issuance. For it’s pretty clear, if you’re willing to look, that this recent US recovery derives not from more economic activity but from the issuance of sovereign debt.