Ken Courtis, former vice-chairman of Goldman Sachs (Asia) :
“Two of the great trends now under way will continue, with temporary interruptions, to create a world deeply wary of government debt and paper currencies, and putting all its faith in physical assets – ”the only things people will want to buy will be ones that hurt when you drop them on your foot”, as he puts it.
The trends? One is the ”great Himalaya” of debt in the main powers of the Western bloc – the US, Western Europe and Japan.
He worries not just about the public debt burdens but also the private. …….. ”Only people who believe in the tooth fairy should believe this will be repaid.”