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12/07/2024  9 min 🇬🇧 #252414

Why All Financial Markets Will Crash

By Alasdair Macleod

MacleodFinance Substack

July 12, 2024

It's all about credit

All transactions and all valuations are in credit. The key aspect of credit is that it is always matched by an obligation, or debt. Credit is extinguished when that obligation is discharged or defaulted upon. But in today's financial systems, the repayment of debt is always in another form of credit, usually the transfer of ownership of a bank deposit, which is also credit.