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There's only one way I see this unfolding. Global private credit is going to freeze up, forcing govts to print and ease. The fx, share, and commodities markets will ride the QE cash injections, but it will end very very nasty this time; and even worse the time after. The same freight train...

This is a chart that clarifies the sustainability of current debt growth. And if private debt gdp ratio doesn't continue to grow as in the latest run up, then asset price growth will be significantly curtailed.