The Eurozone, the US, the UK, and Switzerland should “give up cash at the same time.”
We’ve been waiting for a crash of stock prices. And waiting. And waiting. It still hasn’t come. The S&P 500 hit another all-time high. But the real action is in the bond market.
“But nothing is normal in China anymore.”
Stocks, bonds, art, housing, VC portfolios of billion-dollar startups… everything’s on the line.
“I wonder whether we’re not living in a new world in which governments no longer control as much as they think they control.”
Never before has an agency of a state anywhere in the world pleasured speculators with such stupendous windfalls.
Something is going on in the shipping business – and beyond – to create this gloom.
And he offers an insanely good chart of the Hot Money.
Central banks have succeeded in generating a planet-wide mania.
I can’t even begin to think of all the unintended consequences this will bring about.