“‘When you let the politicians run monetary policy, well, that is how it [ends]… All of the ingredients are there [for Japan now] for this vicious cocktail to fall apart’ is how Kyle Bass concludes this broad and succinct recent interview. With total credit market debt-to-GDP globally around 350% (or ~$200 trillion), his thesis remains that many countries will reach their profligate endpoint soon (if not already in Greece’s case – where investors have already lost 90c on the dollar); but that managing around this current evolution is the single-hardest period for investing of the last few decades.”

http://www.zerohedge.com/news/2012-11-20/kyle-bass-end-debt-super-cycle

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