"The most important factor is that economic policy right now
is basically 100% driven by central bankers, and fiscal policy
is essentially dormant," said Michael Lewitt, speaking at the
11th annual Absolute Return Symposium, which took place in New
York City on March 19.
He warned that while assets may fall in value, the face
value of an exploding amount of global debt will not. He
painted a stark picture of the global dislocation caused by the
rapid expansion of central bank balance sheets, noted that "the
biggest bull market is in the faith in central bankers," and
spoke about the increasing intrusiveness of governments into
businesses and private lives.
His complete speech (
the slides are available on Harvest):