Part 6/14:
He likened this potential outcome to Japan's experience but warned that the U.S. could succumb to a much more severe scenario reminiscent of Argentina—where currency devaluation, inflation, and social upheaval become the norm.
The Political Economy and Historical Cycles of Debt
Luke offered a historical perspective, recalling the series of “cracks” that appeared in the global financial system from 2014 onwards. Each crack—be it deregulation of banks, surges in money market fund activities, or repo market volatility—indicates systemic stress points that the Federal Reserve and policymakers have only partially managed.