22nd March 2020
The crisis in which we currently find ourselves is very different to that of 2008. Both the structure of the credit markets, or the plumbing as we like to call it, and the incentives of corporate CEOs issuing debt into those credit markets are very different, and not in a good way. For the last decade the global central banks have taken every opportunity to encourage reckless activity by corporates and fund managers alike.
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