Via Steve
Keen: “How far can it go? Margin debt
is still shy of its all-time high as a percentage of GDP, so there is certainly
some headroom for further rises. But at the same time, the market is still in
territory that was uncharted before the Loony Zeros (my “Roaring Twenties”
candidate for how we should describe the last decade and a half) drove it
higher than it has ever been before. Fragility, rather than sustainability is
the message I would take from this data.”
