Sublime

There is the rapidly increasing debt-financed purchases of goods, services, and investment assets, so debt growth outpaces the capacity of future cash flows to service the debts.

Network Effects

At some stage, you run out of suckers to buy government debt. What is certain is we will only see more efforts at financial oppression, but we will see increasing attempts to monetize deficits and reduce the future value of liabilities through inflation. It will not be pretty.

among the Silicon Valley set by Peter Thiel, our wants tend to be borrowed from other people.

MONOPOLY CAPITALISM

As in 1980 and 2008, while our calculations clearly pointed to a debt crisis ahead, I knew that I could be wrong. Because it would be a big deal if I was right, I wanted to discuss what I was seeing with top policymakers both to alert them and to have them correct me if they saw things differently. I encountered the same sort of resistance without

The trouble is that low rates indiscriminately encourage long-term projects, while the biggest episodes of wealth creation come from building on a single theme.