But what’s notable about this melt-up is that it’s missing a compelling narrative. Every past asset price mania required a feel-good mantra that convinced the masses “This time is different!”...
Here is hollowed-out America, an economy of ever-greater financial wealth piling up in the hands of the few while tens of millions of wage-earners can't afford what was available to everyone, even the working class, in previous eras.
"The only solution is to keep injecting liquidity, which explains why around 60% of central banks are easing globally. Higher interest rates and QT are virtually impossible in a world of debt."
Today, we face infinite monetary inflation as a final solution to 150 years of monetary failures. The coming systemic and monetary collapse will mark the final collapse of fiat currencies...
"Any foray into the land of 2-handle 10s will be a short-lived venture as dip-buying is an omnipresent theme which promises to be with us for the foreseeable future."
"The Wall Street Journal wrote an article that said “Bridgewater Bets Big on Market Drop.” It’s wrong. I want to make clear that we don’t have any such net bet that the stock market will fall."
For all the hype surrounding the listing in the early days, when the $2-trillion valuation was not yet a subject of dispute from non-Saudi institutions, now it seems Riyadh has chosen to focus on home investors...
...obviously now, the poles have reversed and the deleveraging, relatively low consuming, fixed income elderly are the majority of annual population growth...
