"This floating rate, rotating global bubble economy we’ve built since the early ’70s is one where speculation and luck are rewarded while work is scorned as a sucker’s bet...It is this system, more than anything, that is the source of our inequality issues and political turmoil."
Today's story may not be stocks, but rather rates as the 10Y Treasury yield is now climbing above 2.6% for the first time since March, a key psychological level and Gundlach's "redline": "We are going to change the regime probably within the next 2-3 months."
"A thunderdous tweet twitters around the globe as Tax Reform causes a gigantic flying saucer to descend from the sky, and alight upon the small Californian town of Cupertino. Let joy be unconfined as the crew announce they will pay $40 bln in taxes, spend billions on contracts to local suppliers, and create thousands of jobs across America."
"It’s become an enormously damaging industry that very few people are looking at seriously...Just as with ‘blood diamonds,’ the gold issue ... brings together money laundering, forced prostitution, drug traffickers, human trafficking and child slavery..."