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Today's Commentary
Tuesday, May 22, 2018

Why the Debt Crisis
Never Really Ended

Just last month, the European Central Bank (ECB) published data showing that some of Italy’s largest banks are still on the brink of failure and that average citizens would bear the brunt of the losses.

Just this month, average citizens in Argentina have suffered massive losses in their life savings, as their pesos have plunged in value.

And they’re relatively fortunate when compared to Iranian citizens, whose rials have plunged to 42,000 to the dollar and even lower on the black market.

But if you think people’s savings are at risk strictly in third-world countries, think again.

In 2008, the global financial system almost ground to a halt. Credit markets froze. Panic was the order of the day.

Monetary authorities decided they had no choice: Either bail out the banks or let the world melt down.

It was a big, quick fix, sustained by nearly a decade of quantitative easing.

And it seems to have worked, at least so far. 

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