Worried About the Stock Market? This Is Just the Beginning.

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The U.S. financial markets will become increasingly volatile as interest rates rise and credit spreads return to something approximating normal

Watching the financial markets gyrate over the past week, it is tempting to wonder if the global economy will ever return to an era when the decisions of private investors are more important than the policies of governments.

Nec 2bSince 2008 and even before, central banks have been buying public and private debt and even private stocks, all in an attempt to “boost growth.”

But now the proverbial party is over.

For years now, most…

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