Yes, This Time It Is Different: But Not In Good Ways

Yes, this time it's different: all the foundations of a healthy economy are crumbling into quicksand.

The rallying cry of Permanent Bulls is this time it's different. That's absolutely true, but it isn't bullish--it's terrifically, terribly bearish. Why is this time it's different bearish going forward? The basic answer is that nothing that is structurally broken has actually been fixed, and the policy "fixes" have fatally weakened the global financial system.

Let's go over a handful of the many ways that this time it's different, starting with the unprecedented level of central bank support of asset prices via the purchase of financial assets such as stocks and bonds.

Central Banks Have Purchased $2 Trillion In Assets In 2017

A trillion here, a trillion there, and pretty soon you're talking real "money":

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