Remarkably thin volumes.
This market is hardly resilient to say the least. But it is capable of selectively ignoring reality, denial-wise, until the facts become overly intrusive to its smug and complacent repetition of the unsustainable, floating higher on the swelling monetization of the Fed.
To that extent it reminds me of the economics profession, which is quite adept at eluding reality when it does not fit its models and fashions, muttering to itself within deep wells of subjectivity, calling its jabbering science.
In Egypt's sandy silence, all alone,
Stands a gigantic Leg, which far off throws
The only shadow that the Desert knows:
"I am great OZYMANDIAS," saith the stone,
"The King of Kings; this mighty City shows
The wonders of my hand."— The City's gone,
Nought but the Leg remaining to disclose
The site of this forgotten Babylon.
We wonder, and some Hunter may express
Wonder like ours, when through the wilderness
Where London stood, holding the wolf in chase,
He meets some fragment huge, and stops to guess
What powerful but unrecorded race,
Once dwelt in that annihilated place.
Horace Smith, Ozymandias, 1818
