"The World Has Gone Mad": Albert Edwards Shows How "Trickle Down" QE Works In One Chart | Zero Hedge: and yet the S&P 500 is trading at all time highs. How is that possible?
Perhaps instead of trying to explain or justify it, one should just go with the flow and indeed, Albert Edwards starts off his latest letter by pointing out the obvious: "the world has gone mad." Here's why:
it’s not just equities rising to record highs… Christie’s US recently sold two pairs of late 1990s tortoiseshell sunglasses for $2,750, massively outstripping their $200-300 estimate. The ‘Not-QE4’ liquidity splurge has sent risk assets bananas, so the economic narrative has become one in which the US economy is “robust”. No it isn’t. And labour’s fightback has a recessionary downside.
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