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Economic and and financial news and analysis

Europe’s Fantastic Bond Bubble: How Central Banks Have Unleashed Mindless Speculation

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Capitalism gets into deep trouble when the price of financial assets becomes completely disconnected from economic reality and common sense. What ensues is rampant speculation in which financial gamblers careen from one hot money play to the next, leaving the financial system distorted and unstable—a proverbial train wreck waiting to happen. That’s where we are now. And nowhere is…