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Thoughtful Money with Adam Taggart
Passive Capital Flows Are Starting To Reverse - This Will Change Everything | Michael Green
Feb 13, 2024
Financial expert Michael Green joins to discuss the impact of government intervention on the economy and stock market. Topics include unsustainable economic activity, government debt, effects of government job surge, economic challenges in China, incentives for addressing societal issues, concerns about credit and potential credit event, government intervention on unemployment rates, manipulation of data by bureau of labor statistics, and sustainability of the current financial system.
01:18:09
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Quick takeaways
- The presence of a maturity wall in high yield bonds poses a credit risk and raises concerns about the stability of the credit market.
- Making thoughtful financial choices, such as progressive taxes and increased government involvement, can address issues of wealth inequality and economic sustainability.
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Concerns about the maturity wall and credit event
One of the main concerns highlighted in the podcast is the presence of a maturity wall in high yield bonds, indicating the need for companies to refinance their debt at higher rates. This poses a risk, as companies may struggle to pay off or refinance their debt, potentially leading to a credit event. The current average tenor of high yield bonds is under five years, the lowest in history, amplifying the urgency. Additionally, the widening gap between current coupons and expected rates increases the pressure on companies. This credit risk, combined with the potential for wider credit spreads, raises concerns about the stability of the credit market.
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