“When the primary use of fiscal policy is to wipe up the catastrophe of weak productivity, lost income, unemployment, and malinvestment created in the repeated aftermath of collapsed financial bubbles, the endgame is going to be stagnant living standards and a debased currency.  Ultimately, QE may finally create inflation by provoking a loss of fiscal control.  Central banks have risked just that by encouraging yet another speculative bubble, heavy issuance of low-grade debt, and the diversion of savings toward unproductive investment. The inevitable fiscal consequences are likely to include bailouts, income-replacement and transfer payment programs as the third bubble since 2000 collapses.”

http://www.hussmanfunds.com/wmc/wmc160314.htm

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