You know we’re in a very different world when even Macquarie strategist Viktor Shvets is questioning one of his strongest beliefs.
For some years, Shvets has played down bearish prognostications about asset bubbles, debt bombs and boom-and-bust cycles by arguing that if risk is everywhere, it is essentially nowhere. In a heavily financialised world dripping with debt, central banks, regulators and governments had no choice but to crush economic and market cycles and keep asset prices rising.
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