Consequences of monetary-policy mistakes lag the policy by widely varying horizons—a runaway deficit may surface 25 years later, more inflation 3 years later, an asset bubble after years—so while bad policy is being pursued everything seems great, like the early stage of getting drunk before the hangover.
causalpending
Speaker
Bill FleckensteinEvidence Quote
“It's kind of like getting drunk. When you first get drunk, everything's great... then you feel terrible the next day. Well, but there's 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: 6/18/2026, 1:58:45 PM
My Notes
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