“Today government – and its central banks – utilize the private sector for policy purposes. Tomorrow, government may see fit to move those levers directly. In the meantime, there can be no doubt – as we have observed – that the plan is to take the stock market a good deal higher. While equity purists shall object that when earnings decouple from prices a crash is near, we would beg to differ. Volatility is certainly headed our way. But not necessarily an earth shattering crash, or not yet anyway. Markets are strange beasts. Pumped up by modern fiat money, they can go higher than one might expect – and then stay down longer, as well, as Japanese markets have.”
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