Question of the day: Can you solve a debt crisis by piling on more debt?
Well, that’s not my impression, but the world is definitely giving it a go.
As is to be expected, governments are breaking all the records in terms of debt issuance as they raise funds to battle their respective recessions. But the pace of corporate debt issuance, adding to a record level of existing debt, is utterly breathtaking.
Corporations globally have issued $1.25 trillion worth of bonds year-to-date. That’s $400 billion more than the previous year-to-this-date record: Click to enlarge…
H/T Cameron Crise
Hmm…