By David Scott | Monday 22 February 2016
Bubbles arise when asset prices inflate above what underlying incomes can sustain. Centuries ago, the Dutch woke up one morning and discovered that tulips were simply just flowers after all. But today, the world has yet to wake up to the mathematical reality that over $200 trillion in global debt and perhaps another $500 trillion of un(der)funded liabilities really cannot ever be paid back under current terms.
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