Doug Noland at Prudentbear:

I am of the view that inflationary policy doctrine (“inflationism”) is in the process of impairing the Creditworthiness of the financial claims that constitute the foundation of the global financial system. Massive issuance of non-productive debt and central bank monetization have irreparably distorted the global pricing of finance and the resulting allocation of financial and real resources. This backdrop has nurtured destructive speculative dynamics.