The analogy between debt policy and getting drunk is apt: in the early stages of monetary expansion everything feels great and the economy seems strong, but eventually the excess produces negative consequences, yet while 'drunk' people feel better than ever which makes them reluctant to stop.
normativepending
Speaker
Bill FleensteinEvidence Quote
“It's kind of like getting drunk. When you first get drunk, everything's great...then you get too drunk, it's not so great...there's part of that process where everything seems better than ever”
Source
Bill Fleckenstein: We've Gone Past The Point Of No Return, Only An Epic Crisis Can Fix— The Julia La Roche ShowCreated: 8/11/2026, 5:23:30 AM
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