I may sound like a broken record here, but in this post-1980s global economy, credit drives everything. From assets and equities to growth and price pressures. There are two key reasons for this: 1. Real wages have essentially been flat for 40 years; thus credit is required to subsidize spending (if wages can’t keep up, debt is needed). 2. The hyper-financialization (the process in which institutions, markets, producers, etc. expand credit-based growth) of the global system has exploded on the back of securitization relative to economic growth. Complex credit products – like CDOs (collateralized debt obligations), ... (full story)