The Importance of Leverage in Financial Crisis

When you have a crisis caused by private debt bubble bursting, then virtually all assets fall about you. So I actually is likely to fall, house prices fall and so on. And even gold, gold is the, what happened with gold and maybe cryptocurrencies is that they're not money, but they're haven people moved into in this crisis. But it's a speculative commodity that does well during financial crisis. Oh, no. That's total bullshit. The empirical data just screamingly contradicts that, but that's the belief system they have. It doesn't take much to make that fall over. Normally when you have a level of leverage you've got now, it tends to be an unexpected financial