Pumping In Prospect

Economic news from around the world overnight and domestically this morning has been uniformly disappointing to the promoters of “inflation,” “growth” and other iconic ideals.

Yet despite the obvious decline in prospects for these cherished ideals, markets are bullish and cheerful. Of course, because their failure to achieve any of their objectives means that central banks can be counted on to print even more money and continue to depress investment in order to maintain consumption. This is called “insanity” unless it is accompanied by academic credentials which allow one to ignore actual data and operate only in the world of Platonic ideals.

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