I think that “one day” bit is the key to life right now. Shiff thinks soon. Mish says later.
We have massive debt defaults that Japan did not and in Japan, borrowed money was invested elsewhere. Now, few are borrowing at all to invest anywhere. Same effect, no ? The Fed is practically begging people to borrow and spend and they aren’t doing it.
I’m thinking it’ll take 3 years or so but wouldn’t be terribly surprised if it takes 5.
