"Absent geopolitical crises, the role of government policy isn't as big as people think in the short run. In the immediate term, the potential to ignite an escalating trade war without really intending to ought to be high on our list of US dangers as should dangers of popping credit bubbles either internationally or here at home."

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The problem is that you're creating a system of bubble finance where interest rates are so low that people can speculate. An asset value goes up. You put it up as collateral. You borrow against it. You buy more of the asset. You then take the rising asset. You borrow against it again. This is the nature of what's going on in the world. This isn't an excess of real savings. This is an excess of artificial credit that's being fueled by all the central banks.

— David Stockman