"My thesis in a snapshot: a unique period of unfettered global credit has spawned myriad historic bubble dynamics. The unprecedented policy response, fiscal and monetary, at home and abroad, to the bursting of the 2008 mortgage/Wall Street finance bubble unleashed the global government finance bubble. This bubble was fueled by unprecedented growth in global sovereign borrowings and the unprecedented expansion of global central bank balance sheets, along with associated market pricing and risk-taking distortions. Importantly, this "global reflation" stoked already overheated "developing" country credit systems and economies to the point of dangerous bubble fragilities. "

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