Written October 27th, 2013 by Egon von Greyerz
In history there has never been a situation when most major economies are in the same dire situation. Japan is a basket case with 200% debt to GDP and a rapidly aging population. China has a major credit bubble. Most of Europe is badly indebted with high unemployment and a social structure which makes it very uncompetitive. So there is no nation which could save indebted governments worldwide. Add to that a banking system which is still full of toxic debt and highly leveraged and we have the perfect concoction for the end of a major economic cycle in the world.Mais
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