Fed Has “No Credibility” About “Staying on Top of Ticking Monetary Bomb.”
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.
Stocks, bonds, art, housing, VC portfolios of billion-dollar startups… everything’s on the line.
How many years does it take to save up for a down payment in these US cities? Are you sitting down?
Mohamed El-Erian has second thoughts.
“I wonder whether we’re not living in a new world in which governments no longer control as much as they think they control.”
Here are the cities and the state where investors are the new majority.
Junk bonds in “extreme overvaluation,” covenant quality drops to record low, old money getting whacked as new money pours in.
And he offers an insanely good chart of the Hot Money.
Central banks have succeeded in generating a planet-wide mania.