by Andrew Hoffman, Miles Franklin:
[Today] it took mere minutes for such bliss to be ruined – by not just the gold Cartel, but a global political, economic, and monetary system so rigged, deformed, and destructive, it pains me to even consider the nightmare its inevitable implosion will engender. Heck, even Citigroup’s Head of Global Strategy admitted so much this week; albeit, without touching the bigger issue of Central bank-led market manipulation.
“If there were any lingering doubts, this week’s gyrations demonstrate it is central bank liquidity, not fundamentals, driving markets. Almost all fixed income investors we meet bought into this idea some time ago. In equities, there are still a few holdouts – but the longer downward revisions to earnings estimates are met with record highs in markets, the more widely accepted the idea becomes.”
And not just market-wise – where real losses will not only be catastrophic, but historic – but socially; as sadly, despite an era of unprecedented technological innovation, humanity’s greatest traits are slowly but surely being replaced by greed, complacency, and sloth.
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