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Thursday, April 30, 2020

The Crash Has Only Just Begun


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Everything, including a rational, connected-to-reality, effective financial system, is on back-order and unlikely to ship any time soon.
While the stock market euphorically front-runs the Fed and a V-shaped recovery, the reality is the crash has only just begun. To understand why, look at income and debt. Income--earned and unearned--is in free-fall, while debt--which must be serviced by income--is exploding higher.

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