Bill Blain: There Is A “Last Days Of Rome” Feel To The News These Days…
By Bill Blain of Mint Partners
Blain’s Morning Porridge – August 22nd 2017
“”Forty-two,” said Deep Thought, with infinite majesty and calm.… ”
I’m wondering if I’ve stumbled into a parallel universe after coming back to the office yesterday. Its too damn quiet out-there! Everybody else is apparently still on holiday. It’s scary. Every headline is about thin markets or how markets have shrugged off last week’s sell off.. (what about next week’s?) There doesn’t seem to be anyone actually at their desks… That’ll change…
This week? Since no one is out there.. I can say what I like.. It’s no wonder news flow noise is being magnified out of proportion..
It used to be the summer was the right time for big Jackson Hole style gatherings – safe on the basis holiday markets weren’t paying much attention. Central bankers/economists/investors and other influencers could gab and pontificate without upsetting anyone. But today.. well maybe there are just too many journalists, bloggers and other market parasites just desperately keen to make sure folk are acting upon their supremely important insights into what Stephen Mnuchin’s wife was wearing during his visit to Fort Knox and what it means for global asset prices.
There is a “last days of Rome” feel to the news these days…
But some stuff is still well worth thinking about, so I have to comment on a great Bloomberg Article this morning: “Unintended Consequences of Quantitative Easing” by Jean-Michel Paul.
Regular readers of the morning porridge will know I’ve been deeply suspicious about QE since Day 1. I’ve been writing about the dangers of QE and asset price inflation, for years. Cassandra like, I’m probably right to be concerned, but was anyone listening?
THEY ARE NOW!
…click on the above link to read the rest of the article…
