Another terrific post by the-emporer-has-no-clothes Stockman. Amazing that mainstream economists can be so clueless about balance sheets and debt, as if they do not exist. All those mathematical models mean nothing when they are free to pick whatever variables they want to incorporate and ignore whatever variables they don't want to incorporate. These posts are going to be a valuable historic record when, after the crash, the talking heads claim that no one saw it coming.
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