Curtains up on the climax

With weak data across Europe and the US now too glaring and too frequent to be brushed aside as mere aberrations, the stage has been set for the climax of the movie by and about the Masters of the Universe that began some time in the 1980s. People in the financial industry and policymakers mutually reinforced their beliefs that they were the masters of the universe when all that they were doing was to use the age-old formula of accumulating debt and achieving growth. That is child’s play. The trick is to know when to stop and what to do when leverage no longer produced growth.

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