Loading ...Re Spending….Great analogy , re spending dead person etc.
Fwiw…I have come to the conclusion, that they have taken what Greenspan found out, that u can use the Futures mkts, to move cash values, so that asset prices do what u want them to do, in order to give the appearance, that the mkt agrees with yr policies.
Greenspan did it a lot, especially after he spoke, which is how he got the reputation as a Mkt God…the mkts didn’t move because of what he said, they moved because they were forced to react that way, by trading Futures.
They have gone one or two stages further, they now react/influence 24/7, hence we see the mkts constantly ‘reconfirming’ policy, no matter how mad the policy is……the one weak link could be long term rates…..but even they are not as free as they were, hence the absence of Bond Vigilantes….. Check the German stock mkt…record Hi’s despite the collapse of Chinese demand and a country politically at war, with the Greens waiting to takover/ have massive influence…then look at France…way worse than Germany, yet it’s mkt is at record Hi’s as well….no way is any of that ‘natural’