March 1, 2014
The March 2014 issue of The Credit Strategist is now available - “Living On Borrowed Time.” ┬áIf you are not already a subscriber, be sure to subscribe today!

I recently had the privilege of delivering the Keynote Address at the Absolute Return Symposium in New York City on March 19.2 The theme of my address was that we are living on borrowed time. Right now, there is a confluence of three epic bull markets: a 5-year bull market in stocks, which remains in place; a 30-year bull market in bonds that ended last summer; and the most pervasive bull market of all, an almost religious faith in central banking. The belief in the ability of central bankers to successfully manage the global economy has been a driving force behind the bull markets in all financial assets.

It is of the nature of faith to ignore contrary evidence. The current faith in central banking overlooks overwhelming evidence that central bankers are fallible and that their policies helped create the conditions that led to the financial crisis of 2008. But once the crisis hit,….Continue Reading

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