Q: Is the end of the yield famine still far away?
Yes. Very far away. We’re in a long-term slump due to massive over
indebtedness. We’ve simply got too much debt for the economy to return
to normal growth. Worse, none of the usual policy fixes — like
debt-funded government spending — will work. Washington is likely to
make our economic problems worse, not better, because the only “cure” is
time — time for the burden of debt to decline.