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RE: Stock market euphoria
JWR,
You know I agree with you 99% of the time, but when it comes to stock “markets” I will have to concur with Joel Skousen: “No economic collapse until nuclear war”. Without an actual nuclear exchange or some equally calamitous event, the central banks will continue to buy equities and bonds infinitum and inflate an even bigger bubble. As long as the Fed can “print” money out of thin air and buy actual assets this will never stop. Even though the 10Y has spiked to 2.58%, this morning’s rumor of China slowing or halting their purchases of Treasuries has only moved the Dow 30 points to the downside as of 11:30amEST, and it will most likely be green by the close. The .01% will not allow their multi-generational wealth and control to evaporate overnight. We may become like the zombie economy of Japan where the BOJ now owns 45% of the Nikkei 225, but this is a slow grind that will take decades. Barring an unhinged act that foments a global war, there is simply too much to lose for the “owners” of this planet to allow a collapse at any point in the foreseeable future.
There is no reason not to have the opportunity to profit from the “irrational exuberance”.