The COVID Crisis Is Over

The time bomb right now for the US and many advanced economies is not households and banks, but corporates and shadow banks. In Europe, we have a shock to energy that is worse than the United States. And with reckless fiscal policy, we know what the market is simply in installing you when you have a reckless fiscal policy. We're not yet there in the U.S., but we could be there even when we get into a recession. Of course, then around the world, you have emerging markets. Many of them, the World Bank, I may have said, about 80 of them are under severe debt distress. They left to either default or orderly, restructured the debts.