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And I can remember some pretty stupid stock markets:
- 1987 as bond yields flew and stocks said it would all be OK.
- 2000 as worthless tech firms were worth more than Croesus.
- 2008 as stocks said China was decoupling from the US.
- 2020 when stocks said COVID would be alright Jack.
But today is arguably the stupidest of all. At issue is a US economy that refuses to slow fast enough to kill an inflation pulse, principally because stocks refuse to fall enough to stop household spending!
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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