The End Is Nigh

Back home again. Didn’t miss much – the stock market continues to be driven ever higher and higher in the face of massive technical divergences, to say nothing of fundamentals at extremes of overvaluation and risk. It is also amazing to see that, while both Goldman and ECRI show an economy in contraction, the government propaganda of growth and soon-to-be-rising interest rates still is widely accepted. Even the Atlanta Fed’s GDPnow Q1 forecast is down to 1.2% (real, annualized). And falling. No-one wants to look reality in the eye.

Seems that Syriza has rolled over with all four paws in the air. I don’t believe it, not Yanis’ style let alone Tsipras’. As the French general said, “Guelquefois il faut reculer pour mieux sauter.”

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