by Andrew Hoffman, Miles Franklin:
It’s Wednesday morning and sovereign debt yields – U.S. Treasuries included – are again plumbing multi-year or in some cases all-time lows; as globally speaking, the “most damning proof yet of QE failure” couldn’t be more plain to see. In other words, from East to West, fixed income markets are anticipating “QE to Infinity” amidst the worst economic backdrop – and outlook – of our lifetimes. Part and parcel of such madness, everyone from money managers to corporate treasurers (as exemplified by record largely debt-funded stock repurchases) to sovereign wealth funds themselves are piling into stocks at record valuations, yielding an MSM mania comprising the worst imaginable aspects of 1999 and 2007 – and ironically, thanks to record margin debt, the lowest investor “net worth” ever recorded!
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