Feierstein: Entire Global Economy Now a Ponzi; New Crisis On Horizon

https://renegadeinc.com/money-markets-whos-pulling-strings/

Stock markets today are at all time highs, housing markets globally have been artificially reflated and companies who have not ever made a penny of profit are being floated for eye-watering sums.
When everybody is thinking the same thing, it is likely that no one is really thinking at all. Co-founder and presenter, Ross Ashcroft interviews investor, hedge fund manager and author of Planet Ponzi, Mitch Feierstein.
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Feierstein cited the Resolution Trust debacle as an example of what should have happened. The Trust was declared insolvent as a consequence of the 1980s Savings and Loans Crisis and up to 300 bankers were jailed.
"This is what should have happened this time around, instead of taking hundreds of trillions of dollars taxpayer's money and placing the taxpayer at incredible peril and just added liquidity to the markets," he said. "Giving more money to an insolvent institution is not the solution. You cannot pay your way out of debt with borrowed money. It's not going to cure the underlying problem of insolvency."
This is why Feierstein refers to the entire global economy as a Ponzi scheme.
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Feierstein predicts another financial crisis is on the horizon and says China is due for another significant credit event, but this time, companies should be allowed to go under.
"Capitalism without bankruptcy is like Catholicism without hell," he said. "What happens when you bail out the insolvency is you still have an insolvent bridge that has more debt." ''