17 August 2016

Charts at 3:30 - A Really Dull Market

"Even the broader stock market has moved into the gray area beyond rationality, ruled by hype and 'adjusted' earnings and monkeyed accountings, financial engineering, and feverish hopes for central-bank market manipulation. Everyone loves a rigged market, as long as it’s rigged the right way. We’ve come to call it, consensual hallucination."

Wolf Richter

We have a break in the weather, and I do not wish to waste it watching this inconsequential nonsense today.

Without significant financial and political reform there will be no sustainable economic recovery.

Paul Krugman was a guest speaker on Bloomberg television today, and he is a willfully blind, walking, talking poster child for the credibility trap.

Have a pleasant evening.