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Financial system 'booby-trapped' with leverage, Stockman warns
1:40p ET Friday, August 8, 2014
Dear Friend of GATA and Gold:
Former U.S. budget director David Stockman tells King World News today that he doubts that central banks can keep supporting markets much longer, now that "the whole global financial system is booby-trapped with both visible and hidden leverage."
But really, why not? Stockman himself notes that the stock market has risen for 62 months, though living standards have declined worldwide. What's to keep central banks from buying everything, making equity prices look spectacular even while leaving everyone else with nothing?
In any case, Stockman's interview is excerpted at the KWN blog here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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