Daniel Lacalle has a PhD in Economics and is author of Escape from the Central Bank Trap, Life In The Financial Markets and The Energy World Is Flat.
(From Daniel Lacalle on Twitter)
His article last year "Are Central Banks Nationalising the Economy?" explains how the two charts are connected:
The government is not issuing “productive money” just a promise of higher revenues from higher taxes, higher prices or confiscation of...
Global EconomyTaxes and Spending
Argentina is faced with a model that has disproportionately increased the tax burden on the most productive sectors to subsidize the lowest productivity sectors.
With ultra-low interest rates already in place, Europe has nowhere to go when the slowdown intensifies.
Money and BanksMoney and Banking
Even with falling interest rates and high liquidity, there have been spectacular bankruptcies, so imagine what can happen when rates rise.
Money and Banks