“Central bank ‘promises’ of eventually selling the debt back into the private market are just that -- promises/promises that can never be kept,” he wrote.
Nominal growth, according to the fund manager, needs to reach 4 percent to 5 percent in the U.S., 3 percent to 4 percent in Europe and 2 percent to 3 percent in Japan before the global economy “devolves into Ponzi finance, and at some point implodes.”