$300 million


$3.85 million


$1.2 million

Those are sale prices (rounded), not asking prices. The stock market is not the only bubble by any means. Flood the economy with cheap money and you get massive speculation everywhere you look because investment becomes unattractive.

Friday’s jobs report seems to have been a surprise, at least judging by the overnight futures market. But it shouldn’t have been, given the widespread weakness in other, more timely, economic data. The economy is weak, despite every attempt to paint it otherwise, and the Japanese end game play is clearly demonstrating the futility of QE as a remedy. Not that Ms. Yellen will be deterred, of course, because dogma trumps reality in her world. The tide of deflation is sweeping over the world and she will doubtless take King Cnut’s seat at the water’s edge. Yes, Cnut was deliberately demonstrating his impotence over the tide.

“All the inhabitants of the world should know that the power of kings is vain and trivial, and that none is worthy the name of king but He whose command the heaven, earth and sea obey by eternal laws”

One hopes that this whole mess will be a learning moment for mainstream economists. But one rather doubts it. Will Ms Yellen leave her chair like Cnut, or allow the rising waters to close over her head?

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