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“This Is The Biggest Bubble I’ve Seen In My Career” – Dems’ Infrastructure Spending Could Lead To Devastating Crash, Druck Warns

“This Is The Biggest Bubble I’ve Seen In My Career” – Dems’ Infrastructure Spending Could Lead To Devastating Crash, Druck Warns

This isn’t the first time billionaire investor Stanley Druckenmiller has warned that US markets are caught up in a “raging mania” fostered by the trillions of dollars in government spending. Druck, an acolyte of George Soros known for his macro investing prowess (even as he complains that contemporary Fed-backstopped markets “make no sense”) is a frequent guest on CNBC. But on Friday morning, he made a brief appearance on MSNBC’s Morning Show with Stephanie Ruhle, who seemed ill-equipped to respond to Druck’s arguments about why the Dems’ multi-trillion two-part infrastructure plan will end up hurting America’s poorest citizens.

Druckenmiller

As Druck explains, the “V-shaped” economic recovery has been “the sharpest recovery in history,” noting that it took 10 years for the American economy to achieve the same gains following the start of the Great Depression.

The problem is that the nearly $6 trillion allocated by Congress to combat the economic impact of COVID has been spent after the economy already finished recovering. The accelerating pace of inflation, and inability of certain businesses to hire lower-wage workers, are but byproducts of this.

Source: Committee for a Responsible Federal Budget

Moving on, Druck pointed out that the biggest economic crises of the last 100 years have largely been caused by asset bubbles and inflation. “Inflation is a tax the poor can’t afford or avoid,” Druck added.

Any further stimulus spending is intended to fix a problem that, in Druck’s words, “doesn’t exist anymore.” He added: “If I was Darth Vader and I wanted to destroy the US economy, I would do aggressive spending in the middle of an already hot economy.”

…click on the above link to read the rest of the article…

Signs, Signs, Everywhere Signs

SIGNS, SIGNS, EVERYWHERE SIGNS

“Fools, as it has long been said, are indeed separated, soon or eventually, from their money. So, alas, are those who, responding to a general mood of optimism, are captured by a sense of their own financial acumen. Thus it has been for centuries; thus in the long future it will also be.” ― John Kenneth Galbraith, A Short History of Financial Euphoria

132 Trouble Ahead Sign Photos - Free & Royalty-Free Stock Photos from Dreamstime

The signs of an epic bubble of historic proportions are everywhere. The stock market is a bubble, with valuations exceeding 2001. Margin debt is at all-time highs. The bond market is a bubble, with the Fed artificially suppressing rates and pumping trillions of QE into Wall Street. Housing is experiencing another bubble, with prices now far exceeding the 2005 peak. Bitcoin and the rest of the crypto-currencies are a bubble, being driven by the excess liquidity sloshing around the system. A joke crypto currency like Dogecoin soars into the stratosphere because money has no meaning anymore.

 

This dogecoin chart offers the clearest explanation for the buzz surrounding the 'joke' crypto - MarketWatch

Corporate, government and personal debt are at all-time highs and heading higher. Clueless millennial dolts are using their stimmy checks to day trade on Robinhood. Now the shysters have come up with a ridiculous concept called Non-fungible tokens (NFT), which has created a further frenzy of greed and fleecing. We are busy selling worthless electronic concepts to each other at higher and higher prices. The world has truly gone mad.

Are NFTs Dumb, a Scam, or Secretly Useful? – Reason.com

The herd will surely be separated from their money when this everything bubble bursts. The concept of risk has been bastardized and ignored, for now. Greed will surely turn to fear and no one sees it coming. The “experts” will continue to declare “buy now or miss out on the riches”. I’m sure these bubbles will burst, but I have no idea when…

…click on the above link to read the rest of the article…

Disoreder Will Come–As Confucious Warned

DISORDER WILL COME – AS CONFUCIUS WARNED

 

When bubbles burst, we will discover how very few superior men there actually are – as defined by Confucius:

“The superior man, when resting in safety, does not forget that danger may come. When in a state of security he does not forget the possibility of ruin. When all is orderly, he does not forget that disorder may come. Thus his person is not endangered, and his States and all their clans are preserved.” – Confucius

Superior man can exist at many different levels in society, not necessarily linked to money or investments. There will be many people without money who are prepared at an intellectual or psychological level. These people are probably the happiest since sadly many wealthy people worry about their money all the time rather than enjoy it.

In this piece I am talking primarily about preparedness in relation to one’s wealth.

PS Important Postscript at the end of the article.

FOCUS ON WEALTH PRESERVATION

The investors we meet in our business are people who are risk averse and therefore very much focus on wealth preservation. These investors buy physical gold because they are concerned about the excessive risks in markets. They want to protect and insure their wealth against unprecedented financial and currency risk. Like ourselves, these investors consider physical precious metals, stored outside a fragile banking system, as the ultimate form of wealth preservation.

But investment gold represents less than 0.5% of world financial assets. This means that a minuscule percentage of investors insure their wealth in gold. This is clearly surprising bearing in mind that over 5,000 years gold is the only money that has survived.

…click on the above link to read the rest of the article…

Egon von Greyerz, gold switzerland, inflation, risk, gold, precious metals, wealth, financial bubble, bubble, currency, banking system

Ponzis Go Boom!!!

For the past few years, I have been critical of the Ponzi Sector. To me, these are businesses that sell a dollar for 80 cents and hope to make it up in volume. Just because Amazon (AMZN – USA) ran at a loss early on, doesn’t mean that all businesses will inflect at scale. In fact, many of the Ponzi Sector companies seem to have declining economics at scale—largely the result of intense competition with other Ponzi companies who also have negligible costs of capital.

I recently wrote about how interest rates are on the rise. If capital will have a cost to it, I suspect that the funding shuts off to the Ponzi Sector—buying unprofitable revenue growth becomes less attractive if you have other options. Besides, when you can no longer use presumed negative interest rates in your DCF, these businesses have no value. I believe the top is now finally in for the Ponzi Sector and a multi-year sector rotation is starting. However, interest rates are only a small piece of the puzzle.

Conventional wisdom says that the internet bubble blew up due to increasing interest rates. This may partly be true, but bubbles are irrational—rates shouldn’t matter—it is the psychology that matters. I believe two primary forces were at play that finally broke the internet bubble; equity supply and taxes. Look at a deal calendar from the second half of 1999. The number of speculative IPOs went exponential. Most IPOs unlock and allow restricted shareholders to sell roughly 180 days from the IPO. Is it any surprise that things got wobbly in March of 2020 and then collapsed in the months after that? Line up the un-lock window with the IPOs. It was a crescendo of supply—even excluding stock option exercises and secondary offerings…

…click on the above link to read the rest of the article…

adventures in capitalism, ponzi, interest rates, bubble, financial markets, psychology, speculation,

Yield Curve Control: Bubbles And Stagnation

Yield Curve Control: Bubbles And Stagnation

Central banks do not manage risk, they disguise it. You know you live in a bubble when a small bounce in sovereign bond yields generates an immediate panic reaction from central banks trying to prevent those yields from rising further. It is particularly more evident when the alleged soar in yields comes after years of artificially depressing them with negative rates and asset purchases.

It is scary to read that the European Central Bank will implement more asset purchases to control a small love in yields that still left sovereign issuers bonds with negative nominal and real interest rates. It is even scarier to see that market participants hail the decision of disguising risk with even more liquidity. No one seemed to complain about the fact that sovereign issuers with alarming solvency problems were issuing bonds with negative yields. No one seemed to be concerned about the fact that the European Central Bank bought more than 100% of net issuances from Eurozone states. What shows what a bubble we live in is that market participants find logical to see a central bank taking aggressive action to prevent bond yields from rising… to 0.3% in Spain or 0.6% in Italy.

This is the evidence of a massive bubble.

If the European Central Bank was not there to repurchase all Eurozone sovereign issuances, what yield would investors demand for Spain, Italy or Portugal? Three, four, five times the current level on the 10-year? Probably. That is why developed central banks are trapped in their own policy. They cannot hint at normalizing even when the economy is recovering strongly, and inflation is rising.

Market participants may be happy thinking these actions will drive equities and risky assets higher, but they also make economic cycles weaker, shorter, and more abrupt.

…click on the above link to read the rest of the article…

 

Powell, Do You Even Know What The Economy Is?

Powell, Do You Even Know What The Economy Is?

To Clarify, Main Street Is Not Wall Street

After all the destructive policies we have seen coming out of the Eccles Building, it may be time to ask Fed Chairman Jerome Powell, “Do you even know what the economy is?” All the easing and stimulus has taken us to a place we could call Bubbleville. It has bolstered asset prices and speculation but done little to help Main Street or generate a strong economy. This destructive force was unleashed long before Covid-19 came into the picture and hanging our economic misfortunes on the pandemic may sound reasonable but is far from accurate.History shows that misguided financial policies often end in  a crisis, in this case, it is likely to play out in massive inflation. Milton Friedman knew a bit about this, he said; The government benefits the first from new money creationmassively increases its imbalances, and blames inflation on the last recipients of the new money created, savers and the private sector, so it “solves” the inflation created by the government by taxing citizens again. Inflation is taxation without legislation. 

https://www.youtube.com/watch?v=PeIeFUJ9EY

A comical Progressive Insurance commercial has a smooth-faced fella going on about his beard and apologizing for how he looks. Finally, a coworker asks him, “Jamie, do you even know what a beard is?” Over the months we have watched Fed Chairman Jerome Powell time and time again cut rates and increase the Fed’s balance sheet. This has hurt savers, forced investors into risky investments in search of yield, damaged the dollar, encouraged politicians to spend like drunken sailors, and increased inequality.

…click on the above link to read the rest of the article…

bruce wilds, advancing time blog, jerome powell, fed, us federal reserve, bubble, financial policies, fed balance sheet, inflation, taxation, inequality

Mission Accomplished: Fed Officially Blows The Biggest Ever Bubble

Mission Accomplished: Fed Officially Blows The Biggest Ever Bubble

Mission Accomplished:

Stocks managed gains on the month (4th month in a row) – Nasdaq best, Dow worst…

Source: Bloomberg

And note that despite the epic surge in the mega tech stocks overnight… Yes, that is AAPL up 10%!! (GOOGL -4%)…MSFT  managed to rally back to unch after rumors of it buying TikTok…

Apple is up $170BN today, more than the market cap of Oracle, more than the GDP of Hungary; Apple’s value increase today would be the 33rd biggest company in the S&P500.

Nasdaq was not a one-way street today as CNBC stunningly remarked “nasdaq has now gone negative which is quite interesting…”

And you have to laugh at this – The Dow scraped by today… as AAPL’s insane squeeze higher dominated the rest of the entire index…

Source: Bloomberg

but that will change when AAPL splits.

BUT, it was in currency, commodity, credit, and crypto land that the real fun and games took place.

Bonds were bid pretty much all month with the long-end notably outperforming…

Source: Bloomberg

… and pushing to new record low yields…

Source: Bloomberg

Some highlights:

  • 2Y Treasury yields fell for the 8th month in a row
  • 30Y Treasury yields fell for the 5th month this year
  • 2s30s Curve flattened by the most since August 2019

Source: Bloomberg

Still a long way down for stocks if bonds are right…

Source: Bloomberg

Gold and silver screamed higher on the month.

  • Silver’s best month since 1979 (when the Hunt Brothers tried to corner the market)
  • Gold’s best month since 2011

Spot Gold reached a new record above Sept 2011 and Futures topped $2000…

Source: Bloomberg

Silver’s at its highest since June 2013…

Source: Bloomberg

Oil’s up for the 3rd month in a row, but has largely trod water all month…

Source: Bloomberg

…click on the above link to read the rest of the article…

Weekly Commentary: Bubble Meets Pandemic Consequences

Weekly Commentary: Bubble Meets Pandemic Consequences

For posterity, some numbers: Over the past three weeks (14 sessions), the S&P500 gained 11.5%. The KBW Bank Index surged 36.1%, with the NYSE Financials up 23.9%. The Dow Transports rose 27.2% in 14 sessions, with the Bloomberg Americas Airlines Index up 75.8%.

Over this period, the broader market significantly outperformed the S&P500. The small cap Russell 2000 jumped 19.9% and the S&P400 Midcaps 21.1%. The Philadelphia Oil Services Index surged 50.0%. The Homebuilders (XHB) jumped 26.2% and the Bloomberg REIT index rose 22.5%. The average stock (Value Line Arithmetic Index) surged 25.3% in three weeks.

Over three weeks, United Airlines rose 113%, American Airlines 106%, Norwegian Cruise Line 105%, Royal Caribbean Cruises 85%, CIT Group 86%, Delta Air Lines 78%, Simon Property Group 73%, L Brands 72%, Boeing 71%, Carnival Corp 68%, Macy’s 68%, Alaska Air Group 67%, Kimco Realty 66%, Gap 62%, and Southwest Airlines 60%.

The Nasdaq Composite rose 8.9% over the past three weeks to close this week at all-time highs. The Semiconductors jumped 17.8% to end Friday at record highs. The Nasdaq100 (NDX) gained 7.3% in three weeks to new highs.

June 5 – Bloomberg (Sarah Ponczek): “The latest U.S. jobs report will go down in history as the data that shocked economists. And the market. Forecasts for a drop of 7.5 million in payrolls were met with the reality of a 2.5 million increase in May, supporting the view that the world’s largest economy may be more resilient than previously thought. A stock market already up 40% in a record period of time rallied further, with particular pockets going haywire. From a blowup in the momentum factor trade to a surge in small-cap shares, here’s a sample of what was happening under the equity market’s surface Friday. The momentum factor, which in essence bets that the recent winners will keep on winning, got pummeled Friday. At its lows, a Dow Jones market neutral momentum portfolio that goes long the highest momentum stocks and shorts those with the least momentum dropped 9% — the worst day since at least 2002.”

…click on the above link to read the rest of the article…

Overpriced Stocks May Be Bubble Ready to Pop

Overpriced Stocks May Be Bubble Ready to Pop

overpriced stocks

Even if local and state governments hadn’t shut down businesses in attempts to mitigate the coronavirus, the U.S. economy was still set up to take on a number of economic challenges.

But now, there’s one additional challenge being considered by billionaire David Tepper: over-inflated stock prices:

Billionaire hedge fund investor David Tepper told CNBC on Wednesday the stock market is one of the most overpriced he’s ever seen, only behind 1999. His comments sent stocks to a session low… He also said some Big Tech stocks like Amazon, Facebook and Alphabet may be “fully valued.”

If we take Mr. Tepper’s concern at face value, the U.S. could be on the verge of another major stock bubble explosion.

He did add that he thought stocks were even more overvalued in 1999, but of course time will tell if that ends up being true.

Tepper also had words of warning on the Fed’s recent infusion of liquidity into the markets, saying, “The market is pretty high and the Fed has put a lot of money in here… There’s been different misallocation of capital in the markets… The market is by anybody’s standard pretty full.”

If the market is “pretty full,” then good fundamentals can’t be in play. Another CNBC piece reinforced this observation by comparing 30 million unemployment claims to the still-rallying stock market:

Stocks, though, are rallying in the face of historically awful economic numbers, in a bet on higher profit margins and an aggressive recovery that seems increasingly risky.

At some point, profits and other business fundamentals have to justify a company’s stock price. Media hype alone can’t cut it for the long term.

This chart from the same CNBC article further reinforces the idea that fundamentals are not yet factored into stock prices:

…click on the above link to read the rest of the article…

They’re All High on Fed Fairy Dust

They’re All High on Fed Fairy Dust

Everybody realizes the US economy is in a bad spot. But most people still seem to believe it will bounce right back once we deal with the coronavirus.

They’re all high on Federal Reserve fairy dust.

US GDP contracted by 4.8% in the first quarter. It was the first negative GDP reading since a 1.1% decline in the first quarter of 2014 and it was the lowest level since the 8.4% plunge in Q4 of 2008.

And the worst is yet to come.

The Q1 GDP number only captures the first couple of weeks of coronavirus-inspired government lockdowns of the economy. In fact, in January Donald Trump and others were telling us that it was the best economy in the history of the world. That was also in the first quarter.

The first-quarter GDP print came in even worse than expected. Economists were projecting a contraction of 3.5 to 4%. The precipitous and rapid plunge in economic activity not only reflects the impacts of turning off the economy in the midst of coronavirus; it also reveals just how fragile the economy was before the pandemic.

Back in January, President Trump called it the greatest economy in history. Trump continued to talk up the economy during the State of the Union address, taking credit for the “strong” economic growth. At the time, Peter Schiff said nobody should be taking credit for the condition of the US economy. In fact, economic growth wasn’t much different than it was when Obama was president.

The only difference is we had to borrow even more money to achieve the same level of fake GDP growth that we did under Obama. The reality is nobody should be taking credit for the current US economy. The question is who deserves the blame?”

…click on the above link to read the rest of the article…

Doug Noland: There’s No New Bubble Coming To Save Us

Doug Noland: There’s No New Bubble Coming To Save Us

In this week’s Credit Bubble Bulletin, Doug Noland points out the ominous truth that the world’s governments have run out of new financial bubbles to inflate.

The result, as John Rubino sums up perfectly, “This time is different, in a very bad way.”

Here’s an excerpt from the much longer article, that should be read in its entirety:

Please Don’t Completely Destroy…

I’ve been dreading this. In the midst of all the policy responses to the collapse of the mortgage finance Bubble, I recall writing something to the effect: “I understand we can’t allow the system to collapse, but please don’t inflate another Bubble.” It was obvious early on that policymakers had every intention to reflate Bubbles.

There was a failure to grasp the most critical lessons from that terrible boom and bust episode: Aggressive monetary stimulus foments market distortions, while promoting risk-taking, leveraged speculation and latent risk intermediation dysfunction. Years of deranged finance ensured unprecedented economic imbalances and deep structural impairment. There was no predicting a global pandemic. Yet today’s acute financial and economic fragility – and the risk of financial collapse – are directly traceable to years of negligent monetary management.

I have to adjust my message for this post-Bubble backdrop: I understand we can’t allow the system to collapse, but Please Don’t Completely Destroy the Soundness of Central Bank Credit and Government Debt. Does anyone realize what’s at stake?

I don’t see another Bubble on the horizon. Each reflationary Bubble must be greater in scope than the last. Mortgage finance was used for post-“tech” Bubble reflation. Policymakers unleashed the “global government finance Bubble” during post-mortgage finance Bubble reflation. Massive international inflation of central bank Credit and sovereign debt went to the heart of global finance – the very foundation of “money” and Credit.

…click on the above link to read the rest of the article…

No, The Fed Will Not “Save the Market”–Here’s Why

No, The Fed Will Not “Save the Market”–Here’s Why

The greater the excesses, speculative euphoria and moral hazard, the greater the reversal.

A very convenient conviction is rising in the panicked financial netherworld that the Federal Reserve and its fellow dark lords will “save the market” from COVID-19 collapse. They won’t. 

I already explained why in The Fed Has Created a Monster Bubble It Can No Longer Control (February 16, 2020) but it bears repeating.

Contrary to naive expectations, the Fed’s primary job isn’t inflating stock market and housing bubbles, though punters are forgiven for assuming that, given the Fed has inflated three gargantuan bubbles in a row, each of which burst (1999-2000, 2007-08 and now 2019-2020).

The Fed’s real job is protecting the banking/financial sector from a richly deserved and long overdue implosion. Blowing speculative asset bubbles is a two-fer, enabling rapacious, parasitic financiers and banks to profit from debt-serfs borrowing and gambling in rigged casinos (take your pick: student loan casino, housing casino, stock market casino, commodities casino, currency casino, etc.).

Blowing guaranteed-to-burst bubbles also generates a bogus PR cover, the Fed’s beloved “wealth effect,” an idiots’ delight belief that the greater the speculative bubble, the more tax donkeys and debt serfs will spend, spend, spend on defective junk and low-value services they don’t need–in essence, speeding up the global supply chain from China et al. to the local landfill, all in service of Corporate America profits.

The Fed’s secondary interest is maintaining some measure of control over the financial sector and the real-world economy it ruthlessly exploits. Just as the Fed gets panicky if interest rates start getting away from its control, the Fed also gets nervous when its speculative bubbles get away from it via infinite moral hazard:

…click on the above link to read the rest of the article…

When Bubbles Pop, Only the First Sellers Escape Being Bagholders

When Bubbles Pop, Only the First Sellers Escape Being Bagholders

Hapless bagholders have two options: buy the dip and be destroyed, or hang on hoping for a reversal and be destroyed.

One often overlooked characteristic of the current stock market bubble is the extremely small exit for sellers trying to avoid becoming hapless bagholders. Bubbles always present small exits because once sentiment turns, buyers vanish and so price goes over the waterfall and crashes on the rocks below (accompanied by the screams of all the punters who reckoned they’d exit at the top).

But modern markets have characteristics which have diminished the exit to a tiny hole in the wall. These include:

1. The dominance of index funds. When shares of the index are sold, every constituent stock gets sold. This triggers cascades of selling that overwhelm “buy the dip” buying.

2. Computers do most of the trading, and the algorithms are set to follow trends with extreme ferocity. Once the trend is “sell,” the program selling will self-reinforce the cascade.

3. Central banks have generated a mesmerizing moral-hazard propaganda field that implicitly suggests “we’ll never stocks go down again, ever!” Yet the only way central banks can causally intervene is to buy stocks directly in size, i.e. in the trillions of dollars. (Recall U.S. stocks are around $35 trillion, global stock markets about $85 trillion. Yes, buying futures contracts through proxies works in stable markets, but not so much in panic cascades of selling.)

Beneath the illusory stability, modern markets are extremely illiquid, meaning that when the bubble pops and punters/money managers try to sell, there are no buyers at any price.

…click on the above link to read the rest of the article…

The Violent Collision of Market Fantasy and Viral Reality

The Violent Collision of Market Fantasy and Viral Reality

When the stampede tumbles off the cliff, buyers vanish and markets go bidless.

The shock wave unleashed in China on January 23 is about to hit the U.S. economy and shatter everything that is fragile and fantasy, starting with the U.S. stock market. The shock wave is still reverberating through the vulnerable Chinese economy, toppling all that is fragile: auto sales, sales of empty flats in Ghost Cities, shadow banking loans that cannot be paid, workers’ wages that won’t be paid, businesses that won’t re-open, supply chains dependent on marginal enterprises and most saliently, the faith of the people in their hubris-soaked, self-serving leadership.

The fantasy in the U.S. is that the shock wave doesn’t exist. Since the shock wave has been hurtling with undimmed force toward the shores of all-mighty American complacency beneath the Pacific, unseen, America’s laughable fantasy has spread through the thundering stampede triggered by the fools in the Federal Reserve in early October.

Not only is America’s economy invulnerable, so is its stock market. This fantasy has fueled a blow-off-top bubble of such classic proportions that even the fools in the Fed recognize it as a bubble. And even the fools in the Fed know blow-off-top bubbles always burst, and with rough symmetry: if the bubble rocketed higher in six weeks, it will crash to Earth in about six weeks.

If we look at the Fed’s balance sheet, we can discern the Fed fools’ implicit attempt to engineer a “soft landing,” i.e. stocks will remain at a permanently high plateau.The Fed balance sheet has gone nowhere for six weeks while the stampede in stocks gathered momentum:12/25/19 $4.165 trillion


1/1/20 $4.173 trillion
1/8/20 $4.149 trillion
1/15/20 $4.175 trillion
1/22/20 $4.145 trillion
1/29/20 $4.151 trillion
2/5/20 $4.166 trillion

…click on the above link to read the rest of the article…

Prelude to Crisis

Prelude to Crisis

“The Federal Reserve is running the risk of fomenting an eventual financial crisis by easing banking regulations at the same time that it’s cut interest rates…say some former Fed officials, including ex-Vice Chairman Alan Blinder and financial stability experts Daniel Tarullo and Nellie Liang.”
– Bloomberg article on December 17th, 2019

______________________________________________________________________________________________________

INTRODUCTION

When we published the first edition of our Bubble 3.0 series in December 2017, the S&P 500 had ballooned to then-record-highs. Most pundits at the time turned a blind eye to some of the more concerning aspects of the market, and our view of a pending implosion was very much in the minority. Fast-forwarding a few quarters, and several corners of the market that looked unstoppable in late-2017 did in fact collapse. The poster child for the flushing out that we forewarned about was Bitcoin, whose price fell from nearly $20,000 to just over $3,000 in less than twelve months.

Source: Bloomberg, Evergreen Gavekal

But the fringe investment that gained incredible steam at the end of 2017 wasn’t the only corner of the market to melt down in less than a year. The S&P 500 also fell by almost 20% toward the end of 2018, teetering on the cusp of – and barely avoiding – the first bear market in nearly a decade.

Source: Bloomberg, Evergreen Gavekal

It was at this point that we encouraged readers to begin methodically accumulating shares of high-quality companies. As most market observers are aware, the US stock market reversed course soon after, breaking through several key resistance points and reaching new highs time and time again over the course of the last twelve months. This happened despite escalating conflict in the Middle East, ballooning corporate and sovereign debt, the impeachment of President Donald Trump, global fears of a widespread coronavirus outbreak, and deepening tensions amongst some of the world’s most influential and well-armed superpowers.

…click on the above link to read the rest of the article…

Olduvai IV: Courage
In progress...

Olduvai II: Exodus
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