Paul Singer: Developed Countries Are Utterly And Hopelessly Insolvent

Elliott Mgmt's billionaire founder Paul Singer says cult of central banker means ppl look to them to solve market probs & hold up global Eco
— Elliott Gotkine (@ElliottGotkine) October 14, 2015

Billionaire hedge fund manager Paul Singer, founder of the $27 billion Elliott Management, went off on central-bank monetary policy at a hedge fund conference on Wednesday.
Speaking at the inaugural Tel Aviv Sohn Conference, Singer said that since the 2008 financial crisis developed, countries had been propped up by a ‘cult’ of central bankers, according to tweets from Bloomberg TV’s Elliott Gotkine.
Singer said the balance sheets of developed economies were hopelessly and utterly insolvent once long-term entitlements were added in, according to the tweets.
Singer has previously said prices of stocks and bonds have been ‘distorted’ by central-bank monetary policy.
And if central banks decide they need to do more – such as another round of stimulus through quantitative easing – Singer thinks everything will go to hell. This is something he’s warned about before.
Here’s an excerpt from his fund’s second-quarter letter:

This post was published at David Stockmans Contra Corner by Business Insider ‘ October 19, 2015.