It's Mourning in America

Now that America has been transformed from a high-trust social order into a low-trust social order, there's no going back.

The birth of financialization in the early 1980s was morning in America because finance-- the collateralization of previously low-risk assets and the resulting explosion of credit and leverage--gooses demand and asset valuations.

Now that we've at long last reached the demise of financialization, it's mourning in America as the hyper-stimulation has reac…