Macro & Markets
Global Macro Themes

A Blast From The Past

Earlier this morning I was perusing some older files and folders, looking over many of the items I had saved down over the last several years related to finance/crypto etc. To be honest, most of these files were memes.

But I did come across a few video clips. Upon rewatching many of them, it becomes clear as to why I felt the need to save these down. Below is a clip from an interview with Christine Lagarde, President of the European Central Bank, in May 2022.





The clip is rather self explanatory, and quite shocking to be fair. The answer given is the equivalent of ‘trust me, bro’. There is no sustainable plan to in place.

Very reminiscent of a period in 2011, when Standard & Poor’s downgraded the United States credit ratings, in large part due to uncertainties around the nation’s plan to tackle the medium to longer term debt problem. (Read as there is no plan, sound familiar?)

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Have any of these things been remotely addressed? At some point, the markets might stop trusting you, bro.

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